SPY vs VOO Stock Comparison: AI Score, Valuation, Performance and Upside
SPY and VOO both track the S&P 500 index and will produce nearly identical returns before expenses. The primary differences are cost (VOO wins at 0.03% vs 0.0945%) and liquidity (SPY wins with vastly superior trading volume and options markets). For long-term investors, VOO's lower expense ratio is the clear advantage; for traders and institutions needing maximum liquidity, SPY is irreplaceable.
SPY vs VOO is essentially a question of who you are as an investor — if you trade frequently or need options liquidity, SPY; if you are a long-term buy-and-hold investor, VOO's lower cost is the only rational choice.
VOO holds the edge across 5 of 5 key metrics in this comparison. VOO has delivered stronger 1-year price return (+26.79% vs +26.75% for SPY).
- →need the most liquid ETF for institutional-size intraday trading without moving the market
- →use S&P 500 ETF options for hedging, income generation, or tactical exposure
- →want the deepest options chain with the tightest bid-ask spreads
- →are managing portfolios where intraday execution quality matters more than annual expense ratio
- →are long-term buy-and-hold investors for whom the 0.0645% lower expense ratio compounds meaningfully
- →are building tax-advantaged retirement accounts (401k, IRA) where liquidity is not a concern
- →value Vanguard's unique mutual ownership structure aligning fund economics with investors
- →want the most cost-efficient access to S&P 500 passive returns over a multi-decade horizon
| Metric | SPY | VOO |
|---|---|---|
| ETF score | 87.0 | 90.0 |
| Latest close | $746.74 | $688.11 |
| 1M return | +2.04% | +2.00% |
| 6M return | +12.14% | +12.13% |
| 1Y return | +26.75% | +26.79% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SPY | VOO |
|---|---|---|
| 1Y ago | $12.85K (+28.5%) started 2025-06-18 | $12.83K (+28.3%) started 2025-06-18 |
| 5Y ago | $20.73K (+107.3%) started 2021-06-18 | $20.78K (+107.8%) started 2021-06-18 |
| 10Y ago | $50.21K (+402.1%) started 2016-06-20 | $50.87K (+408.7%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
| Metric | SPY | VOO |
|---|---|---|
| Expense ratio | 0.09% | 0.03% |
| Total assets (AUM) | $783.8B | $1.7T |
| Dividend yield | 0.98% | 1.03% |
| Trailing P/E | 26.74 | 26.85 |
| Beta | 1.02 | 1.02 |
| 52-week change | 26.75% | 26.79% |
| Metric | SPY | VOO |
|---|---|---|
| 1Y return | +26.75% | +26.79% |
| 6M return | +12.14% | +12.13% |
| 1M return | +2.04% | +2.00% |
| 1Y Sharpe ratio | 1.62 | 1.63 |
| Beta | 1.02 | 1.02 |
| Dividend yield | 0.98% | 1.03% |
| 5Y CAGR | +14.00% | +14.06% |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SPY | VOO |
|---|---|---|---|
| 1Y | Growth | +26.75% | +26.79% |
| CAGR | +26.77% | +26.81% | |
| Sharpe ratio | 1.62 | 1.63 | |
| Max drawdown | 8.88% | 8.90% | |
| Max daily drop | 2.70% | 2.69% | |
| Max wkly drop | 3.82% | 3.79% | |
| 5Y | Growth | +92.56% | +93.04% |
| CAGR | +14.00% | +14.06% | |
| Sharpe ratio | 0.59 | 0.60 | |
| Max drawdown | 24.50% | 24.52% | |
| Max daily drop | 5.85% | 5.80% | |
| Max wkly drop | 11.50% | 11.45% | |
| 10Y | Growth | +321.77% | +324.44% |
| CAGR | +15.49% | +15.56% | |
| Sharpe ratio | 0.64 | 0.64 | |
| Max drawdown | 33.72% | 33.99% | |
| Max daily drop | 10.94% | 11.74% | |
| Max wkly drop | 17.97% | 18.11% |
| Category | SPY | VOO |
|---|---|---|
| Fund name | State Street SPDR S&P 500 ETF Trust | Vanguard S&P 500 ETF |
| Type | ETF | ETF |
| Expense ratio | 0.09% | 0.03% |
| Total assets (AUM) | $783.8B | $1.7T |
| Dividend yield | 0.98% | 1.03% |
- →Most liquid ETF in the world — ideal for institutional intraday trading and options strategies
- →Largest options market with the tightest bid-ask spreads in the ETF universe
- →Trust structure has the longest operating history (since 1993) with proven performance
- →0.03% expense ratio is among the lowest available for S&P 500 ETF exposure
- →Open-end fund structure allows intraday dividend reinvestment reducing cash drag vs SPY
- →Backed by Vanguard's mutual ownership structure aligning interests with investors
- →0.0945% expense ratio is 3x more expensive than VOO for long-term buy-and-hold investors
- →Unit investment trust structure cannot reinvest dividends intraday, creating slight cash drag
- →For retirement accounts or long-term holders, the expense ratio difference costs meaningful money
- →Lower daily volume than SPY means slightly wider bid-ask spreads for large trades
- →Not the preferred vehicle for options strategies due to lower options open interest
- →Functionally identical to SPY for long-term investors except for expense ratio
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