IVV vs SPY: fees, holdings and returns

IVV and SPY both track the S&P 500 and hold the same about 500 large US companies. IVV charges a lower yearly fee. SPY trades in far larger amounts each day. Over the same dates since May 2000, IVV returned about 8.6% a year and SPY returned about 8.5% a year.

Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 20, 2026.

IVV

Yearly fee
0.03%
about $3 on $10,000
Return per year
8.6%
since May 2000
Worst drop
−55.3%
since 2000
Started trading
May 2000
iShares (BlackRock)

SPY

Yearly fee
0.0945%
about $9.45 on $10,000
Return per year
8.5%
since May 2000
Worst drop
−55.2%
since 2000
Started trading
Jan 1993
SPDR (State Street)

Key points

  • IVV costs less: 0.03% a year against 0.0945%.
  • IVV started trading in May 2000. SPY started in January 1993.
  • Worst drops since 2000: IVV −55.3%, SPY −55.2%.
  • Daily correlation: 0.99 (1 means they always move together).

What is the difference between IVV and SPY?#

The holdings are the same, so cost and structure set them apart. SPY started in 1993 as a unit investment trust, which holds dividends as cash until it pays them out and cannot lend out its shares. IVV is a regular fund from iShares that can put dividends to work right away. Over long holds the lower fee adds up in IVV’s favor, all else equal. SPY’s huge trading volume and options market matter most to big, active traders.

FactIVVSPY
Full nameiShares Core S&P 500 ETFState Street SPDR S&P 500 ETF Trust
IssueriShares (BlackRock)SPDR (State Street)
Expense ratio0.03% a year0.0945% a year
Started tradingMay 15, 2000January 22, 1993
TracksS&P 500 IndexS&P 500 Index
Holdings505 holdings as of October 15, 2026504 holdings as of October 15, 2026
TypeUS stocks, ETFUS stocks, ETF

Fund facts checked on the iShares (BlackRock) IVV page and the SPDR (State Street) SPY page.

Is IVV or SPY cheaper?#

IVV costs less: 0.03% a year against 0.0945%. On $10,000, that is about $3 a year for IVV and $9.45 for SPY. The fund takes its fee out of its own value a little each day, so you never get a bill.

IVV vs SPY performance over the same dates#

$10k$20k$50k2001200520092013201720212025
IVVSPYGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from May 2000 to October 2026, the dates both traded. IVV returned about 8.6% a year and SPY returned about 8.5% a year. IVV came out ahead over this period, which does not mean it will again.

MeasureIVVSPY
$10,000 grew to$87,687$86,962
Total return776.9%769.6%
Return per year (CAGR)8.6%8.5%
Worst drop from a high−55.3%−55.2%
Volatility (how much it swings)18.9%19.1%
Last 12 months15.8%15.8%
Last 3 years, per year23.8%23.7%
Last 5 years, per year12.8%12.7%
Last 10 years, per year15.5%15.5%

Prices through October 20, 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.

IVV and SPY returns by year#

YearIVVSPY
2026 (part of the year)13.7%13.7%
202517.8%17.7%
202424.9%24.9%
202326.3%26.2%
2022−18.2%−18.2%
202128.8%28.7%
202018.4%18.3%
201931.3%31.2%
2018−4.5%−4.6%
201721.8%21.7%
201611.5%12.0%
20151.3%1.2%
201413.6%13.5%
201332.3%32.3%
201216.1%16.0%
20111.9%1.9%
201015.1%15.1%
200926.6%26.4%
2008−37.0%−36.8%
20075.3%5.1%
200615.9%15.8%
20054.9%4.8%
200410.8%10.7%
200328.5%28.2%
2002−21.5%−21.6%
2001−12.0%−11.8%
2000 (part of the year)−6.1%−6.3%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. IVV’s worst fall was −55.3%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012.

SPY’s worst fall was −55.2%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012.

Their daily moves had a correlation of 0.99. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

Why people choose IVV or SPY#

IVV. Long-term investors often pick IVV for its lower yearly fee on the same index.

SPY. Traders often pick SPY because so much trades each day and its options market is the busiest of any fund.

Strategies that hold IVV or SPY#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like IVV and SPY#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: IVV alternatives and SPY alternatives.

Test a mix of IVV and SPY#

Open the builder, add IVV and SPY, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for IVV and SPY, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Are IVV and SPY the same?#

They track the same index, the S&P 500, so they hold the same companies. They differ in yearly fee, in how the fund is set up, and in how much trades each day.

Why is SPY’s fee higher than IVV’s?#

SPY is the oldest US ETF and kept its trust structure and fee, while newer funds such as IVV cut fees to compete for long-term investors.

Which is cheaper, IVV or SPY?#

IVV costs less: 0.03% a year against 0.0945%. Fees come from each issuer and were checked on October 16, 2026.

Which did better, IVV or SPY?#

From May 2000 to October 2026, IVV returned about 8.6% a year and SPY returned about 8.5% a year, with dividends reinvested. Their worst drops were −55.3% and −55.2%. Past returns do not tell you what comes next.

Sources#