SPY alternatives and similar ETFs

SPY alternatives at a glance#

Each fund below can stand in for SPY, closest first. “Same index” funds hold the same stocks as SPY. “Related” funds make a different bet that often moves the same way.

Fees come from each fund company, checked on the dates shown on each fund’s page.

How SPY and its alternatives did over the same dates#

Each row measures the alternative and SPY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

Each SPY alternative, compared#

SPYM: State Street SPDR Portfolio S&P 500 ETF#

SPYM tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company.

It charges 0.02% a year, about $2 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY.

From November 2005 to October 2026, SPYM returned about 11.2% a year and SPY returned about 11.1% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the SPYM fund page for its returns by year and worst drop.

IVV: iShares Core S&P 500 ETF#

IVV tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY.

From May 2000 to October 2026, IVV returned about 8.5% a year and SPY returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the IVV fund page for its returns by year and worst drop.

VOO: Vanguard S&P 500 ETF#

VOO tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY.

From September 2010 to October 2026, VOO returned about 14.8% a year and SPY returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read SPY vs VOO for the full side-by-side, or the VOO fund page.

ITOT: iShares Core S&P Total U.S. Stock Market ETF#

ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 2,446 stocks, against 504 for SPY.

From January 2004 to October 2026, ITOT returned about 10.6% a year and SPY returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the ITOT fund page for its returns by year and worst drop.

SCHB: Schwab U.S. Broad Market ETF#

SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 2,409 stocks, against 504 for SPY.

From November 2009 to October 2026, SCHB returned about 14.2% a year and SPY returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the SCHB fund page for its returns by year and worst drop.

VTI: Vanguard Morningstar Total Stock Market ETF#

VTI is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 3,519 stocks, against 504 for SPY.

From June 2001 to October 2026, VTI returned about 9.7% a year and SPY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the VTI fund page for its returns by year and worst drop.

SCHX: Schwab U.S. Large-Cap ETF#

SCHX is a looser match. It holds the biggest US companies, weighted by size, while SPY holds about 500 large US companies in the S&P 500.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 749 stocks, against 504 for SPY.

From November 2009 to October 2026, SCHX returned about 14.4% a year and SPY returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the SCHX fund page for its returns by year and worst drop.

VV: Vanguard Morningstar Large-Cap ETF#

VV is a looser match. It holds the biggest US companies, weighted by size, while SPY holds about 500 large US companies in the S&P 500.

It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 421 stocks, against 504 for SPY.

From January 2004 to October 2026, VV returned about 11.0% a year and SPY returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00).

Read the VV fund page for its returns by year and worst drop.

SPY versions from other fund companies#

Some people keep all their funds with one company. Here is the closest fund to SPY from each other company on this page:

• iShares (BlackRock): IVV, iShares Core S&P 500 ETF (same index, 0.03% a year)
• Vanguard: VOO, Vanguard S&P 500 ETF (same index, 0.03% a year)
• Schwab: SCHB, Schwab U.S. Broad Market ETF (related fund, 0.03% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company’s index mutual fund, are not listed here.

How to choose between SPY and its alternatives#

• What it tracks. A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
• The fee. The difference is often small. On $10,000, SPY costs about $9.45 a year. SPYM costs about $2.
• History. An older fund has been through more bad markets, so you can see how far it fell.
• What you already own. Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

Swapping SPY to harvest a tax loss#

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a “substantially identical” security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or VTI, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in Publication 550.

Test SPY and its alternatives in a backtest#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add SPY and SPYM, and see how each would have done on the same dates, or how a mix of both would have done.

The details#

Alternatives are picked from facts, not from returns. First come funds that track the same index as SPY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like SPY over about the last five years come first. Returns and worst drops use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPY only on days both traded. Read what a backtest simulates for more on these measures.