SPY vs VOO: fees, holdings and returns

SPY and VOO both track the S&P 500, so they hold the same 500 or so companies. VOO charges less each year. SPY is older and trades in much larger amounts each day, which matters most to big and very active traders. Over the same dates since September 2010, SPY returned about 14.8% a year and VOO returned about 14.8% a year.

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

SPY

Yearly fee
0.0945%
about $9.45 on $10,000
Return per year
14.8%
since September 2010
Worst drop
−33.7%
since 2010
Started trading
Jan 1993
SPDR (State Street)

VOO

Yearly fee
0.03%
about $3 on $10,000
Return per year
14.8%
since September 2010
Worst drop
−34.0%
since 2010
Started trading
Sep 2010
Vanguard

Key points

  • VOO costs less: 0.03% a year against 0.0945%.
  • SPY started trading in January 1993. VOO started in September 2010.
  • Worst drops since 2010: SPY −33.7%, VOO −34.0%.
  • Daily correlation: 1.00 (1 means they always move together).

What is the difference between SPY and VOO?#

The holdings are the same, so the main differences are cost and structure. SPY started in 1993 and is set up as a unit investment trust. That older setup holds dividends as cash until it pays them out. VOO is a regular fund run by Vanguard, set up in 2010, and it can put dividends to work right away. Over many years, the lower fee and this small cash drag can add up to a small gap in favor of VOO.

FactSPYVOO
Full nameState Street SPDR S&P 500 ETF TrustVanguard S&P 500 ETF
IssuerSPDR (State Street)Vanguard
Expense ratio0.0945% a year0.03% a year
Started tradingJanuary 22, 1993September 7, 2010
TracksS&P 500 IndexS&P 500 Index
Holdings504 holdings as of October 15, 2026505 holdings as of September 30, 2026
TypeUS stocks, ETFUS stocks, ETF

Fund facts checked on the SPDR (State Street) SPY page and the Vanguard VOO page.

Is SPY or VOO cheaper?#

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

SPY vs VOO performance over the same dates#

$10k$20k$50k20112013201520172019202120232025
SPYVOOGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from September 2010 to October 2026, the dates both traded. SPY returned about 14.8% a year and VOO returned about 14.8% a year. VOO came out ahead over this period, which does not mean it will again.

MeasureSPYVOO
$10,000 grew to$91,616$92,175
Total return816.2%821.7%
Return per year (CAGR)14.8%14.8%
Worst drop from a high−33.7%−34.0%
Volatility (how much it swings)16.9%16.9%
Last 12 months16.8%16.8%
Last 3 years, per year22.0%22.1%
Last 5 years, per year12.8%12.9%
Last 10 years, per year15.4%15.5%

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.

SPY and VOO returns by year#

YearSPYVOO
2026 (part of the year)12.8%12.8%
202517.7%17.8%
202424.9%25.0%
202326.2%26.3%
2022−18.2%−18.2%
202128.7%28.8%
202018.3%18.3%
201931.2%31.4%
2018−4.6%−4.5%
201721.7%21.8%
201612.0%12.2%
20151.2%1.3%
201413.5%12.9%
201332.3%32.4%
201216.0%16.0%
20111.9%1.9%
2010 (part of the year)14.6%14.8%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. SPY’s worst fall was −33.7%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020.

VOO’s worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020.

Their daily moves had a correlation of 1.00. 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 SPY or VOO#

SPY. Traders often pick SPY because huge amounts trade every day, so buying and selling large amounts is cheap, and its options market is very active.

VOO. Long-term investors often pick VOO because of its lower yearly fee for the same index.

Strategies that hold SPY or VOO#

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 SPY and VOO#

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

Test a mix of SPY and VOO#

Open the builder, add SPY and VOO, 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 SPY and VOO, 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 SPY and VOO the same?#

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

Why is SPY priced differently from VOO?#

Each fund picked a different starting share price. The price of one share does not make a fund cheap or expensive. What matters is the percent change.

Which is cheaper, SPY or VOO?#

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

Which did better, SPY or VOO?#

From September 2010 to October 2026, SPY returned about 14.8% a year and VOO returned about 14.8% a year, with dividends reinvested. Their worst drops were −33.7% and −34.0%. Past returns do not tell you what comes next.

Sources#