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Dividend Vision

ETF Comparison

SPY vs VOO: The Same S&P 500 in Two Different Wrappers

A head-to-head of SPDR S&P 500 ETF Trust and Vanguard S&P 500 ETF covering fees, structure, liquidity, and tracking.

Updated October 2, 2026

How these figures are calculated: methodology.

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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

SPY has lagged VOO over the trailing twelve months, posting a 16.38% total return against 16.45%. The lead holds up over 10 years too: VOO has compounded at 15.46% a year, against 15.37% for SPY. 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Sep 2010Volatility Sharpe Sortino Max drawdown
SPY13.54%16.38%23.14%13.63%15.37%14.85%15.2%1.081.57-18.8%
VOO13.59%16.45%23.23%13.71%15.46%14.93%14.8%1.111.61-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “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.
MetricSPYVOO
Full nameSPDR S&P 500 ETF TrustVanguard S&P 500 ETF
IssuerState StreetVanguard
Last Close$769.64 as of October 2, 2026$707.54 as of October 2, 2026
Distribution rate0.98%1.03%
Trailing 12-month yield0.99%1.05%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 0.98%1.03%
Expense ratio0.0945%0.03%
AUM$817B$1041B
Distribution frequencyQuarterlyQuarterly
Underlying indexS&P 500 IndexS&P 500 Index
ObjectiveTrack the S&P 500 Index before expenses.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date01/22/199309/07/2010
Beta1.01.0
Last dividend$1.88883$1.8226
Ex-dividend date09/18/202609/28/2026

Bottom lineSPY and VOO are nearly interchangeable — both track the S&P 500 with very similar cost and risk. The clearest tie-breaker is cost: VOO is cheaper at 0.03% vs 0.0945%.

Same S&P 500, unit investment trust versus index fund

SPY and VOO hold the same index. SPY is a unit investment trust; VOO is a Vanguard fund share class. Fee and structure are the split.

SPYVOO
StructureUnit investment trustIndex fund share class
Expense ratio0.0945%0.03%
Distribution rate0.98%1.03%
Fund size$817B$1041B
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State Street
ETFs179
Total AUM$2146B

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.

See all State Street ETFs
Vanguard
ETFs116
Total AUM$4676B

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

SPY (SPDR S&P 500 ETF Trust) and VOO (Vanguard S&P 500 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

VOO offers the higher yield at 1.03% vs 0.98% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.0945%.

VOO is the larger fund by assets ($1041B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPY would generate roughly $24.50 cash per distribution, while VOO would produce $25.75 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPY yield0.98%
VOO yield1.03%
Cash diff on $10K$1.25

Cost & efficiency

Over 10 years on $10,000, SPY would cost approximately $95 in fees vs $30 for VOO (simplified, not compounded). The $64.50 difference may be offset by yield or performance.

SPY ER0.0945%
VOO ER0.03%

Strategy & risk

Both SPY and VOO wrap S&P 500 Index with similar strategies (large cap and large cap). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.

SPY beta1.0
VOO beta1.0

Fund details

SPY is managed by State Street (launched 01/22/1993) with $817B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1041B in assets.

SPY AUM$817B
VOO AUM$1041B
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Frequently asked questions

If SPY and VOO hold the same stocks, what is different?

Both track the S&P 500. SPY (SPDR S&P 500 ETF Trust) is a unit investment trust, which holds dividends as cash until they are paid out. VOO (Vanguard S&P 500 ETF) is a share class of a Vanguard index fund. Cost is 0.0945% versus 0.03%; size is $817B versus $1041B. Distributions are 0.98% and 1.03% as of October 2026. For a long hold the fee is the difference; for active trading, liquidity is.

What is the current distribution rate for SPY and VOO?

SPY currently distributes 0.98% and VOO 1.03%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SPY or VOO better for dividend income?

It depends on your goals. VOO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both SPY and VOO?

You can, but expect significant overlap. Both funds use similar strategies on S&P 500 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is SPY or VOO safer?

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: SPY 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 lower fees, SPY or VOO?

SPY has an expense ratio of 0.0945% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SPY vs VOO generate?

At current rates, $10,000 in SPY would generate roughly $24.50 cash per distribution ($98.00 annually). The same in VOO would produce about $25.75 cash per distribution ($103.00 annually).

Which has performed better historically, SPY or VOO?

SPY has lagged VOO over the trailing twelve months, posting a 16.38% total return against 16.45%. The lead holds up over 10 years too: VOO has compounded at 15.46% a year, against 15.37% for SPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPY vs VOO — at a glance

Generated October 3, 2026.

Overview

SPY and VOO are both ETFs that track the S&P 500 Index, holding the same 500 large-cap U.S. stocks in the same weights. Their pricing and slight operational differences create a meaningful gap in cost efficiency despite identical underlying exposure.

How they differ

The most significant difference is the expense ratio: VOO charges 0.03% versus SPY's 0.0945%, a gap of 0.06%. On a $100,000 position held for ten years, that difference compounds to roughly $945 in cumulative fees favoring VOO. VOO also holds more assets—$1041B compared to SPY's $817B—which may allow it to operate at lower per-share costs. The distribution rates differ slightly: VOO yields 1.03% while SPY yields 0.98%, though both pay quarterly. Both funds track the identical underlying index with a beta of 1.0, so performance before fees should be nearly identical.

Who each is best for

SPY: Investors with existing familiarity or trading integration with the SPDR ecosystem, or those who value the longest track record and highest trading volume for same-day execution. The 33 years-year history provides the longest real-world operating record.

VOO: Investors prioritizing cost efficiency over seniority, since the 0.03% expense ratio compounds meaningfully over decades.

Key risks to know

  • Index concentration: Both funds replicate the S&P 500's sector and stock-level concentration; a severe downturn in mega-cap technology or financials directly impacts returns with no diversification benefit beyond the index itself.
  • Market-cycle timing: Both funds track a trailing index with a one- to two-day lag; investors buying near market peaks capture that delay in rebalancing, though the effect is typically small.
  • Tax treatment equivalence: Both are ETFs and offer in-kind creation/redemption, so tax efficiency should be comparable, but individual trading patterns and holding periods determine realized outcomes.

Bottom line

If you prioritize lowest long-term cost, VOO's 0.03% expense ratio and $1041B in assets create a structural advantage over SPY's 0.0945% fee. If you value the longest operating history and deepest trading liquidity in the broadest market, SPY's 33 years-year track record and massive share volume offer practical benefits. Both track identical index constituents, so the choice hinges on fee sensitivity and trading preferences rather than fundamentals. Past performance doesn't predict future results.

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

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.