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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 4, 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

SPYM tops the group over the trailing twelve months with a 21.08% total return, against IVV at 21.07%, SPY at 20.97% and VOO at 21.07%. Across the 10-year window, SPYM has the strongest compounding at 15.36% 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
IVV13.39%21.07%21.29%12.78%15.31%14.97%15.0%0.991.43-18.8%
SPY13.34%20.97%21.20%12.70%15.24%14.91%15.3%0.971.41-18.8%
SPYM13.38%21.08%21.28%12.78%15.36%14.94%14.9%1.001.44-18.7%
VOO13.37%21.07%21.29%12.77%15.32%14.99%14.9%1.001.44-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 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 youngest fund's first trading day — 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$773.92 as of September 4, 2026$770.19 as of September 4, 2026$90.67 as of September 4, 2026$708.01 as of September 4, 2026
Distribution rate1.03%0.99%1.05%1.11%
Distribution Safety Score™ 100100100100
Safety-Adjusted Yield 1.03%0.99%1.05%1.11%
Expense ratio0.03%0.0945%0.02%0.03%
AUM$871B$805B$157B$1041B
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$1.9956$1.9035$0.239$1.9622
Ex-dividend date06/15/202606/18/202606/12/202606/26/2026
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iShares
ETFs466
Total AUM$4668B

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$2129B

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$4654B

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.

VOO offers the highest reported yield at 1.11%, followed by SPYM at 1.05%, IVV at 1.03%, SPY at 0.99%.

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 ($1041B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment: IVV generates ~$8.58/month, SPY generates ~$8.25/month, SPYM generates ~$8.75/month, VOO generates ~$9.25/month at current distribution rates.

IVV yield1.03%
SPY yield0.99%
SPYM yield1.05%
VOO yield1.11%

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 $871B in assets. SPY is managed by State Street (launched 01/22/1993) with $805B 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 $1041B in assets.

IVV AUM$871B
SPY AUM$805B
SPYM AUM$157B
VOO AUM$1041B
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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 — $770.19 for SPY against $90.67 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. VOO 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 ~$8.58/month ($103.00/year). $10,000 in SPY yields ~$8.25/month ($99.00/year). $10,000 in SPYM yields ~$8.75/month ($105.00/year). $10,000 in VOO yields ~$9.25/month ($111.00/year).

More comparisons to explore

IVV vs SPY vs SPYM vs VOO — at a glance

Generated September 5, 2026.

Overview

These four ETFs all track the S&P 500 Index and deliver broad exposure to 500 large-cap U.S. companies. All four are functionally equivalent core S&P 500 vehicles; choosing among them hinges on cost and fund size rather than strategy.

How they differ

The biggest difference is expense ratio: SPYM charges 0.02%, IVV and VOO both charge 0.03%, and SPY trails at 0.0945%. VOO is by far the largest with $1041B in assets, followed by IVV at $871B, and SPYM at $157B. Inception dates span from SPY's 01/22/1993 to VOO's 09/07/2010, though all four have deep track records. Distribution rates cluster tightly between 1.05% and 0.99%, reflecting the same underlying index; the slight variation reflects timing differences in dividend capture and cash management.

Who each is best for

IVV: Fits investors seeking the iShares ecosystem and willing to accept a modest cost disadvantage versus the cheapest option in exchange for iShares' infrastructure and integration with other iShares holdings.

SPY: Designed for investors who prioritize the longest inception history and State Street's custody, though the 0.0945% expense ratio means ongoing cost drag relative to lower-fee peers.

VOO: Suits investors building around Vanguard's ecosystem or those who value the largest pool of assets and most established institutional adoption among S&P 500 core holdings.

Key risks to know

  • Concentration in mega-cap equities. All four track the S&P 500 equally, so they share exposure to the index's heavy weighting in a handful of the largest technology and financial companies. Holdings overlap completely; diversification must come from combining these funds with other asset classes, not from comparing across this group. Over 30 years, the difference compounds, but both are low enough that fund closure, merger, or structural change poses a greater risk than fee erosion.
  • Liquidity and AUM stability. VOO's $1041B vastly exceeds SPYM's $157B, making VOO less vulnerable to fund closures or forced mergers driven by declining assets. Smaller funds can be rolled into larger ones with minimal friction, but it remains a structural risk for lower-AUM alternatives.
  • Market-cap index drift. The S&P 500 is a rules-based index that rebalances quarterly. All four will drift in unison as the index changes composition, so none offers protection against sector concentration shifts within large-cap equities.

Bottom line

If you prioritize the lowest ongoing expense drag, SPYM stands out at 0.02%; if you value the largest fund and institutional adoption, VOO is the natural hub at $1041B. The difference between any two of these funds is measured in basis points, not percentages — all four will deliver S&P 500 returns with minimal tracking error. Past performance does not predict future results; over long holding periods, fee minimization typically outweighs other factors in a commodity index fund.

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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