SPY5.MI vs. VUSA.MI

Last updated Jun 5, 2026

SPY5.MI (SPDR S&P 500 UCITS ETF) and VUSA.MI (Vanguard S&P 500 UCITS ETF) are both S&P 500 funds tracking the S&P 500 Index, from State Street and Vanguard respectively. Both are passively managed. Over the past 5 years, SPY5.MI returned 14.76%/yr vs 14.76%/yr for VUSA.MI. With a 1.00 correlation, they move nearly in lockstep. SPY5.MI charges 0.09%/yr vs 0.07%/yr for VUSA.MI.

Performance

SPY5.MI vs. VUSA.MI - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR S&P 500 UCITS ETF (SPY5.MI) and Vanguard S&P 500 UCITS ETF (VUSA.MI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPY5.MI having a 11.35% return and VUSA.MI slightly lower at 11.33%.

SPY5.MI

• 1D: -0.17%
• 1M: 5.29%
• YTD: 11.35%
• 6M: 11.48%
• 1Y: 25.74%
• 3Y*: 18.91%
• 5Y*: 14.76%
• 10Y*: 14.92%

VUSA.MI

• 1D: -0.12%
• 1M: 5.18%
• YTD: 11.33%
• 6M: 11.48%
• 1Y: 25.64%
• 3Y*: 18.89%
• 5Y*: 14.76%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY5.MI vs. VUSA.MI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPY5.MI SPDR S&P 500 UCITS ETF	11.35%	4.37%	33.74%	22.06%	-14.63%	40.85%	7.39%	24.21%
VUSA.MI Vanguard S&P 500 UCITS ETF	11.33%	4.38%	33.56%	22.33%	-14.74%	40.98%	7.47%	24.35%

Correlation

The correlation between SPY5.MI and VUSA.MI is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019	1.00

The correlation between SPY5.MI and VUSA.MI has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

SPY5.MI vs. VUSA.MI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPY5.MI

SPY5.MI Risk / Return Rank: 71
SPY5.MI Sharpe Ratio Rank: 70
SPY5.MI Sortino Ratio Rank: 68
SPY5.MI Omega Ratio Rank: 72
SPY5.MI Calmar Ratio Rank: 73
SPY5.MI Martin Ratio Rank: 69

VUSA.MI

VUSA.MI Risk / Return Rank: 70
VUSA.MI Sharpe Ratio Rank: 70
VUSA.MI Sortino Ratio Rank: 68
VUSA.MI Omega Ratio Rank: 71
VUSA.MI Calmar Ratio Rank: 73
VUSA.MI Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPY5.MI vs. VUSA.MI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 UCITS ETF (SPY5.MI) and Vanguard S&P 500 UCITS ETF (VUSA.MI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SPY5.MI	VUSA.MI	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.25	+0.02
Sortino ratio: Return per unit of downside risk	3.07	3.05	+0.02
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	3.59	3.59	0.00
Martin ratio: Return relative to average drawdown	12.74	12.69	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY5.MI vs. VUSA.MI - Sharpe Ratio Comparison

The current SPY5.MI Sharpe Ratio is 2.27, which is comparable to the VUSA.MI Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of SPY5.MI and VUSA.MI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPY5.MI	VUSA.MI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.25	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.96	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.96	+0.13

Drawdowns

SPY5.MI vs. VUSA.MI - Drawdown Comparison

The maximum SPY5.MI drawdown since its inception was -33.59%, roughly equal to the maximum VUSA.MI drawdown of -33.68%. Use the drawdown chart below to compare losses from any high point for SPY5.MI and VUSA.MI.

Drawdown Indicators

	SPY5.MI	VUSA.MI	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-33.68%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-7.15%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-23.07%	-23.11%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.07%	-23.11%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-33.59%	—	—
Current Drawdown Current decline from peak	-0.41%	-0.43%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.19%	-4.52%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.02%	0.00%

Volatility

SPY5.MI vs. VUSA.MI - Volatility Comparison

SPDR S&P 500 UCITS ETF (SPY5.MI) and Vanguard S&P 500 UCITS ETF (VUSA.MI) have volatilities of 2.66% and 2.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY5.MI	VUSA.MI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.64%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	7.48%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	11.41%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.06%	15.18%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	16.93%	-0.54%

SPY5.MI vs. VUSA.MI - Expense Ratio Comparison

SPY5.MI has a 0.09% expense ratio, which is higher than VUSA.MI's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY5.MI vs. VUSA.MI - Dividend Comparison

SPY5.MI's dividend yield for the trailing twelve months is around 0.89%, more than VUSA.MI's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.MI SPDR S&P 500 UCITS ETF	0.89%	0.99%	1.02%	1.22%	1.43%	0.95%	1.37%	1.44%	2.25%	1.60%	1.58%	1.69%
VUSA.MI Vanguard S&P 500 UCITS ETF	0.87%	0.97%	0.99%	1.26%	1.45%	1.02%	1.43%	1.46%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPY5.MI and VUSA.MI in my portfolio?

With a correlation of 0.99, SPY5.MI and VUSA.MI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPY5.MI or VUSA.MI?

On fees, VUSA.MI is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPY5.MI or VUSA.MI?

VUSA.MI is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY5.MI.

What is the main difference between SPY5.MI and VUSA.MI?

Both ETFs track S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.09% for SPY5.MI and 0.07% for VUSA.MI.