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ETF Comparison

VOO vs IVV vs SPYM vs SPY: Which S&P 500 Fund Is Cheapest?

A side-by-side comparison of the four largest S&P 500 index funds — including SPYM, formerly SPLG — covering expense ratio, yield, assets, and fund structure.

Data updated September 22, 2026

Best for

  • IVVInvestors who want simple, diversified core exposure in one low-cost fund.
  • SPYInvestors who want simple, diversified core exposure in one low-cost fund.
  • SPYMInvestors who want simple, diversified core exposure in one low-cost fund.
  • VOOInvestors who want simple, diversified core exposure in one low-cost fund.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

VOO tops the group over the trailing twelve months with a 17.31% total return, against IVV at 17.30%, SPY at 17.23% and SPYM at 17.30%. Across the 10-year window, SPYM has the strongest compounding at 15.55% a year. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Sep 2010Volatility Sharpe Sortino Max drawdown
IVV14.14%17.30%23.14%13.85%15.49%14.97%15.0%1.101.60-18.8%
SPY14.09%17.23%23.04%13.77%15.42%14.91%15.3%1.071.57-18.8%
SPYM14.12%17.30%23.14%13.84%15.55%14.94%14.9%1.101.60-18.7%
VOO14.14%17.31%23.14%13.84%15.50%14.99%14.9%1.111.60-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2010” measures every fund from September 9, 2010 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricIVVSPYSPYMVOO
Full nameiShares Core S&P 500 ETFSPDR S&P 500 ETF TrustState Street SPDR Portfolio S&P 500 ETFVanguard S&P 500 ETF
IssueriSharesState StreetState StreetVanguard
Last Close$776.81 as of September 22, 2026$773.38 as of September 22, 2026$91.02 as of September 22, 2026$712.78 as of September 22, 2026
Distribution rate1.13%0.98%1.05%1.10%
Distribution Safety Score™ 100100100100
Safety-Adjusted Yield 1.13%0.98%1.05%1.10%
Expense ratio0.03%0.0945%0.02%0.03%
AUM$857B$803B$157B$1088B
Distribution frequencyQuarterlyQuarterlyQuarterlyQuarterly
Underlying indexS&P 500 IndexS&P 500 IndexS&P 500 IndexS&P 500 Index
ObjectiveSeeks to track the investment results of an index composed of large-capitalization U.S. equities, measuring the performance of the large-cap sector of the U.S. equity market as determined by S&P Dow Jones Indices.Track the S&P 500 Index before expenses.Tracks the S&P 500 Index, providing broad U.S. large-cap equity exposure at a low cost.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquityEquityEquity
Inception date05/15/200001/22/199311/08/200509/07/2010
Beta1.01.01.01.0
Last dividend$2.2026$1.8888$0.239$1.9622
Ex-dividend date09/15/202609/18/202609/11/202606/26/2026
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iShares
ETFs466
Total AUM$4638B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on IVV.

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State Street
ETFs179
Total AUM$2121B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPY and SPYM.

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Vanguard
ETFs116
Total AUM$4745B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

See all Vanguard ETFs

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Quick verdict

IVV (iShares Core S&P 500 ETF), SPY (SPDR S&P 500 ETF Trust), SPYM (State Street SPDR Portfolio S&P 500 ETF), VOO (Vanguard S&P 500 ETF) are dividend ETFs that take different approaches.

IVV offers the highest reported yield at 1.13%, followed by VOO at 1.10%, SPYM at 1.05%, SPY at 0.98%.

SPYM is the cheapest with an expense ratio of 0.02%, compared to 0.03% for IVV and 0.03% for VOO and 0.0945% for SPY.

VOO is the largest fund by assets ($1088B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment: IVV generates ~$28.25 cash per distribution, SPY generates ~$24.50 cash per distribution, SPYM generates ~$26.25 cash per distribution, VOO generates ~$27.50 cash per distribution at current distribution rates.

IVV yield1.13%
SPY yield0.98%
SPYM yield1.05%
VOO yield1.10%

Cost & efficiency

Over 10 years on $10,000: IVV costs ~$30, SPY costs ~$95, SPYM costs ~$20, VOO costs ~$30 in fees (simplified, not compounded).

IVV ER0.03%
SPY ER0.0945%
SPYM ER0.02%
VOO ER0.03%

Strategy & risk

IVV tracks S&P 500 Index; SPY tracks S&P 500 Index with a large cap approach; SPYM tracks S&P 500 Index with a large cap approach; VOO tracks S&P 500 Index with a large cap approach.

IVV beta1.0
SPY beta1.0
SPYM beta1.0
VOO beta1.0

Fund details

IVV is managed by iShares (launched 05/15/2000) with $857B in assets. SPY is managed by State Street (launched 01/22/1993) with $803B in assets. SPYM is managed by State Street (launched 11/08/2005) with $157B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1088B in assets.

IVV AUM$857B
SPY AUM$803B
SPYM AUM$157B
VOO AUM$1088B
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Frequently asked questions

Is SPLG the same as SPYM?

Yes — same fund, new ticker. State Street renamed the State Street SPDR Portfolio S&P 500 ETF from SPLG to SPYM; the index, holdings, and expense ratio carried over unchanged, and existing shareholders kept their position under the new symbol. So results for "SPLG" are answered by SPYM's numbers: 1.05% distribution yield at a 0.02% expense ratio, with $157B in assets as of September 2026.

Do VOO, IVV, SPYM, and SPY hold the same stocks?

Effectively yes. All four track the S&P 500, so their holdings and weights line up almost exactly and their returns differ mainly by cost and structure. SPY is the oldest and is organised as a unit investment trust, which means it cannot reinvest dividends internally between payment dates and cannot lend out securities; VOO, IVV, and SPYM are open-end funds without those constraints. In practice that shows up as a few basis points a year on top of the fee gap (VOO 0.03%, IVV 0.03%, SPYM 0.02%, SPY 0.0945% as of September 2026). Share price differs far more — $773.38 for SPY against $91.02 for SPYM — which only matters if you are investing small amounts without fractional shares.

Which of IVV, SPY, SPYM, and VOO is best for dividend income?

It depends on your goals. IVV currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between IVV, SPY, SPYM, and VOO?

IVV (iShares Core S&P 500 ETF) tracks S&P 500 Index, issued by iShares. SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach, issued by State Street. SPYM (State Street SPDR Portfolio S&P 500 ETF) tracks S&P 500 Index with a large cap approach, issued by State Street. VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index with a large cap approach, issued by Vanguard.

Can I hold IVV, SPY, SPYM, and VOO together?

Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which of IVV, SPY, SPYM and VOO is safest?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: IVV scores 100, SPY scores 100, SPYM scores 100, VOO scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has the lowest fees among IVV, SPY, SPYM, and VOO?

IVV has an expense ratio of 0.03%, SPY has an expense ratio of 0.0945%, SPYM has an expense ratio of 0.02%, VOO has an expense ratio of 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in IVV yields ~$28.25 cash per distribution ($113.00/year). $10,000 in SPY yields ~$24.50 cash per distribution ($98.00/year). $10,000 in SPYM yields ~$26.25 cash per distribution ($105.00/year). $10,000 in VOO yields ~$27.50 cash per distribution ($110.00/year).

More comparisons to explore

IVV vs SPY vs SPYM vs VOO — at a glance

Generated September 19, 2026.

Overview

All four securities are ETFs tracking the S&P 500 Index, delivering broad exposure to 500 large-cap U.S. companies. Each holds the same underlying index but competes on fund size, fee structure, and distribution mechanics.

How they differ

The biggest difference is cost: SPYM charges 0.02%, matching SPYM's ultra-low tier, while IVV and VOO both charge 0.03%, and SPY costs 0.0945%—a material gap that compounds over decades. VOO dominates in size with $1088B in assets, while SPYM trails at $157B, and SPY sits between them at $803B. Distribution yields are tightly clustered (SPY at 0.98%, SPYM at 1.05%, IVV at 1.13%, VOO at 1.10%), reflecting the same underlying index and quarterly payout frequency across all four. SPY is the oldest, having launched on 01/22/1993, while VOO is the newest at 09/07/2010; age correlates with accumulated assets but not performance, since all track the same benchmark.

SPY: Designed for traders and long-term holders who value the fund's three-decade history and exceptional liquidity; the highest expense ratio reflects SPY's premium, but its tight bid-ask spread often compensates for cost-conscious frequent traders.

SPYM: Appeals to cost-focused investors indifferent to fund age or relative size; SPYM's 0.02% expense ratio and $157B in assets provide the lowest drag on returns, albeit with slightly less trading volume than larger peers.

VOO: Matches investors aligned with Vanguard's ownership structure and brand philosophy; $1088B in assets makes it the largest and offers unmatched depth, with the 0.03% expense ratio competitive across all four.

  • S&P 500 concentration risk: All four funds hold identical underlying exposure, meaning sector imbalance (technology, financials, and healthcare represent roughly 50% of the index) is shared equally across all choices; no fund here diversifies away single-sector downturns.
  • Dividend reinvestment timing: Quarterly distributions create reinvestment-timing gaps; investors making large contributions mid-quarter may see fractionally different entry prices based on cash drag, though this effect is negligible at scale.

Bottom line

If you prioritize the lowest fee, SPYM and IVV/VOO edge ahead; if you value trading liquidity and three-decade track history, SPY and VOO lead. The performance difference between the cheapest and most expensive will be roughly 0.0945%% annually—meaningful over decades, trivial within a single year. Past performance does not predict future results, and all four track the same index, so the choice hinges on cost tolerance, fund size preference, and issuer familiarity rather than expected returns.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

What the distribution rate really tells you Why a high yield isn't high income How to read a fund's stats

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