VFVA vs. SPY

Last updated Aug 2, 2026

VFVA (Vanguard U.S. Value Factor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VFVA is a Mid Cap Value Equities fund actively managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. VFVA is actively managed, while SPY is passively managed. Over the past 5 years, VFVA returned 12.45%/yr vs 12.76%/yr for SPY. Their 0.73 correlation means they have sometimes moved together and sometimes differently. VFVA charges 0.13%/yr vs 0.09%/yr for SPY.

Performance

VFVA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Value Factor ETF (VFVA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFVA achieves a 19.47% return, which is significantly higher than SPY's 10.13% return.

VFVA

• 1D: -0.14%
• 1M: 4.08%
• 6M: 14.51%
• YTD: 19.47%
• 1Y: 37.96%
• 3Y*: 16.39%
• 5Y*: 12.45%
• 10Y*: —
• ALL TIME*: 10.75%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
VFVA Vanguard U.S. Value Factor ETF	$2.76M	$2.45M	$1.67M

VFVA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	19.47%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-18.90%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-5.54%

Correlation

The correlation between VFVA and SPY is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.73

Over the past year, the correlation between VFVA and SPY has dropped to 0.52 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

VFVA vs. SPY - Sectors Allocation Comparison

Sectors	VFVA	SPY
Financial Services	25.7%	12.5%
Healthcare	14.9%	9.4%
Technology	14.5%	36.9%
Consumer Cyclical	13.1%	8.9%
Industrials	7.6%	7.6%
Energy	7.3%	3.4%
Consumer Defensive	7.1%	4.8%
Communication Services	6.2%	9.7%
Basic Materials	3.3%	1.9%
Real Estate	0.4%	2.0%
Utilities	-	2.6%

Return for Risk

VFVA vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VFVA

VFVA Risk / Return Rank: 92
VFVA Sharpe Ratio Rank: 92
VFVA Sortino Ratio Rank: 93
VFVA Omega Ratio Rank: 90
VFVA Calmar Ratio Rank: 92
VFVA Martin Ratio Rank: 90

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VFVA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Value Factor ETF (VFVA) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VFVA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.52	+0.89
Sortino ratio: Return per unit of downside risk	3.49	2.11	+1.38
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.15
Calmar ratio: Return relative to maximum drawdown	4.19	2.20	+1.98
Martin ratio: Return relative to average drawdown	14.15	9.40	+4.75

VFVA vs. SPY - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 2.40, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VFVA and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VFVA vs. SPY - Drawdown Comparison

The maximum VFVA drawdown since its inception was -48.58%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VFVA and SPY.

Drawdown Indicators

	VFVA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.58%	-55.19%	+6.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-8.88%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.07%	-18.76%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-24.50%	+0.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.29%	-1.40%	+0.11%
Average Drawdown Average peak-to-trough decline	-7.24%	-9.01%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.08%	+0.44%

Volatility

VFVA vs. SPY - Volatility Comparison

Vanguard U.S. Value Factor ETF (VFVA) has a higher volatility of 4.31% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that VFVA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFVA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.58%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	10.14%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	12.89%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	17.18%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	17.95%	+6.25%

VFVA vs. SPY - Expense Ratio Comparison

VFVA has a 0.13% expense ratio, which is higher than SPY's 0.09% 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

VFVA vs. SPY - Dividend Comparison

VFVA's dividend yield for the trailing twelve months is around 1.77%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VFVA Vanguard U.S. Value Factor ETF	1.77%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFVA and SPY in my portfolio?

VFVA and SPY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFVA or SPY?

VFVA has higher volatility (4.31%) compared to SPY (3.58%). In terms of maximum drawdown, VFVA dropped -48.58% vs SPY's -55.19%.

Which ETF is better, VFVA or SPY?

On 5-year performance, SPY leads with 12.76% vs 12.45% for VFVA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFVA or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 12.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFVA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.13% for VFVA.

Which ETF pays a higher dividend yield, VFVA or SPY?

VFVA has the higher dividend yield at 1.77%, compared with 1.01% for SPY.

What is the main difference between VFVA and SPY?

VFVA is categorized as Mid Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.13% for VFVA and 0.09% for SPY.

Which has better risk-adjusted returns?

VFVA currently has the higher Sharpe Ratio (2.40 vs 1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.