SPY vs VOO: Same S&P 500 Index, Very Different Costs
Both track the same 500 companies. The only real difference is what you pay — and over 30 years, that gap adds up to thousands of dollars.
SPY and VOO both track the S&P 500 and own virtually the same 503 stocks in the same proportions. The meaningful difference is the expense ratio: VOO charges 0.03% per year while SPY charges 0.0945% — more than three times as much. On a $50,000 investment over 20 years at 8% annual returns, that gap compounds to roughly $3,600 in additional fees paid to SPY. For long-term buy-and-hold investors, VOO is the straightforward winner. SPY's advantage — tighter bid-ask spreads and the world's highest trading volume — matters only if you're an active trader executing large orders throughout the day.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 SPY vs VOO: Key Facts Side by Side
| Metric | SPY | VOO |
|---|---|---|
| Fund Name | State Street SPDR S&P 500 ETF Trust | Vanguard S&P 500 ETF |
| Issuer | State Street | Vanguard |
| Tracks Index | S&P 500 | S&P 500 |
| Expense Ratio | 0.09% | 0.03% ✓ |
| Cost per $10K/yr | $9.45 | $3.00 |
| AUM | $809.2B | $1,600.2B |
| Holdings | 503 | 503 |
| Inception | 1993 | 2010 |
| 1-Year Return | +16.96% | +16.97% |
| 3-Year Return | +23.19% | +23.30% |
| 5-Year Return | +13.84% | +13.91% |
| Dividend Yield | 0.99% | 1.06% |
| Holdings Overlap | ~100% — both track the S&P 500 — see full overlap → | |
| Avg Bid-Ask Spread | 0.00% | 0.00% |
AUM and returns updated Oct 15, 2026 from ETF BFF database; expense ratios verified against issuer filings. Returns are annualised. Not investment advice.
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📊 SPY vs VOO: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want focused large-cap US stock exposure via S&P 500
- already use State Street and prefer staying within one fund family
- want the lowest fees: saves ~$6/yr per $10K vs SPY
- want focused large-cap US stock exposure via S&P 500
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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