VONE vs. SPY

Last updated Jun 3, 2026

VONE (Vanguard Russell 1000 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VONE is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VONE returned 15.33%/yr vs 15.57%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. VONE charges 0.08%/yr vs 0.09%/yr for SPY.

Performance

VONE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 ETF (VONE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VONE having a 11.34% return and SPY slightly higher at 11.69%. Both investments have delivered pretty close results over the past 10 years, with VONE having a 15.33% annualized return and SPY not far ahead at 15.57%.

VONE

• 1D: 0.22%
• 1M: 5.34%
• YTD: 11.34%
• 6M: 11.71%
• 1Y: 28.72%
• 3Y*: 22.40%
• 5Y*: 13.44%
• 10Y*: 15.33%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

VONE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONE Vanguard Russell 1000 ETF	11.34%	17.21%	24.51%	26.41%	-19.14%	26.49%	20.95%	31.12%	-4.84%	21.55%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VONE and SPY 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 (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010	0.98

The correlation between VONE and SPY has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

VONE vs. SPY - Sectors Allocation Comparison

Sectors	VONE	SPY
Technology	33.9%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.3%	10.3%
Industrials	9.2%	7.8%
Healthcare	8.7%	8.4%
Consumer Defensive	4.8%	4.8%
Energy	3.7%	3.6%
Utilities	2.3%	2.4%
Real Estate	2.2%	1.9%
Basic Materials	2.0%	1.8%

Return for Risk

VONE vs. SPY — Risk / Return Rank

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

VONE

VONE Risk / Return Rank: 72
VONE Sharpe Ratio Rank: 73
VONE Sortino Ratio Rank: 72
VONE Omega Ratio Rank: 72
VONE Calmar Ratio Rank: 66
VONE Martin Ratio Rank: 78

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

VONE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 ETF (VONE) 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.

	VONE	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.52	-0.11
Sortino ratio Return per unit of downside risk	3.31	3.42	-0.11
Omega ratio Gain probability vs. loss probability	1.43	1.46	-0.02
Calmar ratio Return relative to maximum drawdown	3.33	3.42	-0.08
Martin ratio Return relative to average drawdown	15.39	15.93	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VONE vs. SPY - Sharpe Ratio Comparison

The current VONE Sharpe Ratio is 2.41, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VONE 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.

Sharpe Ratios by Period

	VONE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.52	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.84	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.87	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.59	+0.27

Drawdowns

VONE vs. SPY - Drawdown Comparison

The maximum VONE drawdown since its inception was -34.66%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VONE and SPY.

Drawdown Indicators

	VONE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-55.19%	+20.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.88%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-18.76%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-24.50%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-33.72%	-0.94%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.91%	-9.05%	+5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.91%	+0.01%

Volatility

VONE vs. SPY - Volatility Comparison

Vanguard Russell 1000 ETF (VONE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.71% and 2.75%, 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

	VONE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.75%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	8.89%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	11.81%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	17.05%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	17.94%	+0.31%

VONE vs. SPY - Expense Ratio Comparison

VONE has a 0.08% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VONE vs. SPY - Dividend Comparison

VONE's dividend yield for the trailing twelve months is around 0.98%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VONE Vanguard Russell 1000 ETF	0.98%	1.07%	1.20%	1.40%	1.59%	1.16%	1.45%	1.65%	1.96%	1.69%	1.89%	1.89%

Frequently Asked Questions

Can I hold both VONE and SPY in my portfolio?

With a correlation of 0.99, VONE and SPY 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 is riskier, VONE or SPY?

SPY has higher volatility (2.75%) compared to VONE (2.71%). In terms of maximum drawdown, VONE dropped -34.66% vs SPY's -55.19%.

Which ETF is better, VONE or SPY?

On 10-year performance, SPY leads with 15.57% vs 15.33% for VONE. On fees, VONE is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VONE or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 15.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONE or SPY?

VONE is cheaper with a 0.08% expense ratio, compared with 0.09% for SPY.

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

VONE and SPY have nearly identical dividend yields, around 0.98%.

What is the main difference between VONE and SPY?

VONE is categorized as Large Cap Blend Equities, while SPY is S&P 500. VONE tracks Russell 1000 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.08% for VONE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.41), 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.