VONV vs. SPYV

Last updated Aug 4, 2026

VONV (Vanguard Russell 1000 Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - VONV is a Large Cap Value Equities fund tracking the Russell 1000 Value Index, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, VONV returned 11.63%/yr vs 11.82%/yr for SPYV. Their 0.95 correlation means they have historically moved very closely together. VONV charges 0.06%/yr vs 0.04%/yr for SPYV.

Performance

VONV vs. SPYV - Performance Comparison

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

Returns By Period

In the year-to-date period, VONV achieves a 21.78% return, which is significantly higher than SPYV's 10.77% return. Both investments have delivered pretty close results over the past 10 years, with VONV having a 11.63% annualized return and SPYV not far ahead at 11.82%.

VONV

• 1D: 0.96%
• 1M: 3.00%
• 6M: 15.57%
• YTD: 21.78%
• 1Y: 34.27%
• 3Y*: 18.96%
• 5Y*: 12.07%
• 10Y*: 11.63%
• ALL TIME*: 12.16%

SPYV

• 1D: 0.58%
• 1M: 1.27%
• 6M: 7.26%
• YTD: 10.77%
• 1Y: 21.98%
• 3Y*: 14.77%
• 5Y*: 11.75%
• 10Y*: 11.82%
• ALL TIME*: 7.89%

*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)
SPYV SPDR Portfolio S&P 500 Value ETF	$131.39M	$118.35M	$146.42M
VONV Vanguard Russell 1000 Value ETF	$71.92M	$88.86M	$95.94M

VONV vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONV Vanguard Russell 1000 Value ETF	21.78%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%
SPYV SPDR Portfolio S&P 500 Value ETF	10.77%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between VONV and SPYV is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.95

The correlation between VONV and SPYV has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

VONV vs. SPYV - Sectors Allocation Comparison

Sectors	VONV	SPYV
Technology	19.9%	21.7%
Financial Services	18.6%	15.1%
Healthcare	12.7%	12.2%
Consumer Cyclical	10.9%	10.6%
Industrials	10.5%	10.9%
Consumer Defensive	7.5%	8.8%
Energy	5.5%	6.6%
Utilities	3.9%	4.5%
Real Estate	3.8%	3.3%
Basic Materials	3.4%	3.3%
Communication Services	3.3%	2.9%

Return for Risk

VONV vs. SPYV — Risk / Return Rank

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

VONV

VONV Risk / Return Rank: 95
VONV Sharpe Ratio Rank: 96
VONV Sortino Ratio Rank: 96
VONV Omega Ratio Rank: 95
VONV Calmar Ratio Rank: 94
VONV Martin Ratio Rank: 95

SPYV

SPYV Risk / Return Rank: 89
SPYV Sharpe Ratio Rank: 90
SPYV Sortino Ratio Rank: 90
SPYV Omega Ratio Rank: 88
SPYV Calmar Ratio Rank: 87
SPYV Martin Ratio Rank: 89

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.

VONV vs. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Value ETF (VONV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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.

	VONV	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	3.05	2.24	+0.81
Sortino ratio: Return per unit of downside risk	4.25	3.14	+1.11
Omega ratio: Gain probability vs. loss probability	1.55	1.41	+0.14
Calmar ratio: Return relative to maximum drawdown	5.05	3.55	+1.50
Martin ratio: Return relative to average drawdown	21.69	13.74	+7.95

VONV vs. SPYV - Sharpe Ratio Comparison

The current VONV Sharpe Ratio is 3.05, which is higher than the SPYV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of VONV and SPYV, 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

VONV vs. SPYV - Drawdown Comparison

The maximum VONV drawdown since its inception was -38.21%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for VONV and SPYV.

Drawdown Indicators

	VONV	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-38.21%	-58.45%	+20.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-6.22%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-17.54%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-17.89%	-0.98%
Max Drawdown (10Y) Largest decline over 10 years	-38.21%	-36.89%	-1.32%
Current Drawdown Current decline from peak	0.00%	-0.56%	+0.56%
Average Drawdown Average peak-to-trough decline	-3.87%	-8.66%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.60%	-0.02%

Volatility

VONV vs. SPYV - Volatility Comparison

Vanguard Russell 1000 Value ETF (VONV) has a higher volatility of 2.76% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.59%. This indicates that VONV's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VONV	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.59%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	7.16%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	9.89%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	14.31%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	16.89%	+0.32%

VONV vs. SPYV - Expense Ratio Comparison

VONV has a 0.06% expense ratio, which is higher than SPYV's 0.04% 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

VONV vs. SPYV - Dividend Comparison

VONV's dividend yield for the trailing twelve months is around 1.54%, less than SPYV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
VONV Vanguard Russell 1000 Value ETF	1.54%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%

Frequently Asked Questions

Can I hold both VONV and SPYV in my portfolio?

With a correlation of 0.90, VONV and SPYV 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, VONV or SPYV?

VONV has higher volatility (2.76%) compared to SPYV (2.59%). In terms of maximum drawdown, VONV dropped -38.21% vs SPYV's -58.45%.

Which ETF is better, VONV or SPYV?

On 10-year performance, SPYV leads with 11.82% vs 11.63% for VONV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VONV or SPYV?

Over the 10-year period, SPYV has performed better with a 11.82% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONV or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.06% for VONV.

Which ETF pays a higher dividend yield, VONV or SPYV?

SPYV has the higher dividend yield at 1.68%, compared with 1.54% for VONV.

What is the main difference between VONV and SPYV?

VONV is categorized as Large Cap Value Equities, while SPYV is S&P 500. VONV tracks Russell 1000 Value Index, while SPYV tracks S&P 500 Value Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.06% for VONV and 0.04% for SPYV.

Which has better risk-adjusted returns?

VONV currently has the higher Sharpe Ratio (3.05 vs 2.24), 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.