Better S&P 500 ETF: State Street's SPY vs. Vanguard's VOO
VOO 與 SPY 追蹤相同的 S&P 500 指數，且 nearly identical performance and sector exposure，重點差異在於 expense ratio、assets under management 以及 trading liquidity.
Both funds seek to replicate the performance of the S&P 500 Index, capturing the returns of 500 leading U.S. companies across all major sectors. This comparison explores how these two giants stack up on cost, liquidity, risk, and portfolio construction so investors can decide which approach best fits their goals.
Metric
| 指標 | VOO | SPY |
|---|---|---|
| Issuer | Vanguard | SPDR |
| Expense ratio | 0.03% | 0.09% |
| 1‑yr return (as of 2026‑02‑27) | 17.3% | 17.3% |
| Dividend yield | 1.1% | 1.1% |
| Beta | 1.00 | 1.00 |
| AUM | $1.5 兆美元 | $698.3 億美元 |
VOO 提供較低的 expense ratio，且 AUM 更大，對成本敏感的投資人具吸引力；SPY 則以 unmatched trading liquidity 為核心優勢，日均成交量近 8100 萬，適合頻繁交易的投資者。
Both funds share the same top holdings and sector weights, with no notable quirks or structural differences. VOO holds 505 stocks while SPY holds 503 stocks; however, their sector allocations—technology (約 34%)、financials (約 13%)、communication services (約 11%)—are essentially identical. Top holdings are also mirror images: Nvidia (NASDAQ:NVDA) 7.32%、Apple (NASDAQ:AAPL) 6.63%、Microsoft (NASDAQ:MSFT) 4.96%.
Both ETFs avoid sector or thematic tilts, do not employ leverage or screening overlays, making them straightforward vehicles for broad‑market exposure.
For investors with a set it and forget it mindset, VOO’s low expense ratio makes it the preferred choice for long‑term wealth accumulation, whereas SPY’s superior liquidity is ideal for day traders and active managers.
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Robert Izquierdo holds positions in Apple, Microsoft, and Nvidia; The Motley Fool also holds and recommends shares of Apple, Microsoft, Nvidia, and the Vanguard S&P 500 ETF.
分析師觀點
從我多年の投資顧問經驗而言，若以長期持有與成本效益為優先，我傾向於推薦 VOO；相對於此，SPY 雖然流動性更佳，但其稍高的 expense ratio 會在長期累積上產生可觀的差異。Accordingly, 投資者應依照自身的交易頻率與投資目標，慎重選擇適合的ETF。