Better S&P 500 ETF: State Street's SPY vs. Vanguard's VOO

VOO 和 SPY 追蹤同一個 S&P 500 指數，且 nearly identical performance 與 sector exposure.

VOO 提供 lower expense ratio，且 assets under management (AUM) 超過 $1.5 兆美元，而 SPY 以 unmatched trading liquidity 聞名。

兩檔基金持有相同的前 10 大持倉與 sector weights，沒有明顯的 quirks 或 structural differences.

Metric

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 trillion

$698.3 billion

Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.

VOO is more affordable with a lower expense ratio than SPY, while both funds offer the same dividend yield, making VOO appealing for cost-conscious investors who still want broad S&P 500 exposure.

Metric

VOO

SPY

Max drawdown (5 y)

(24.52%)

(24.49%)

Growth of $1,000 over 5 years

$1,762

$1,761

SPY holds 503 stocks and has tracked the S&P 500 since its 1993 launch, offering diversified exposure across technology (34%), financial services (13%), and communication services (11%). Its top holdings — Nvidia (NASDAQ:NVDA) at 7.32%, Apple (NASDAQ:AAPL) at 6.63%, and Microsoft (NASDAQ:MSFT) at 4.96% — mirror the index's heavyweights. With over 33 years of history and no notable quirks, SPY remains a mainstay for traders and institutions seeking deep liquidity.

VOO similarly reflects the S&P 500, holding 505 stocks with technology, financials, and communications as its largest sector allocations. Its top positions — Nvidia, Apple, and Microsoft — are nearly identical to SPY.

Both funds avoid sector or thematic tilts, and neither applies leverage or screening overlays, making them straightforward choices for broad-market exposure.

For more guidance on ETF investing, check out the full guide at this link.

Investing in the stocks of the S&P 500 Index is a great foundation for an investment portfolio. Both the Vanguard S&P 500 ETF (VOO) and State Street SPDR S&P 500 ETF Trust (SPY) are solid choices for doing so. But VOO and SPY possess subtle differences that can make one a better ETF than the other, depending on your investing goals.

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SPY has exited longer than VOO, so it has a longer track record. That said, SPY’s performance is nearly identical to VOO. But one key difference is that SPY’s trading volume is significantly higher than VOO’s. As of March 3, SPY’s average volume was nearly 81 million while VOO was far lower at about 10 million. This gives SPY unmatched liquidity, making it an ideal choice for day traders or any active investor who wants to make frequent trades.

VOO’s advantage is its very low expense ratio. This means it’s a better option for investors who have a “set it and forget it” mindset, and want to buy and hold for the long term. As a result, VOO is the superior choice for those who are investing for retirement.

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Robert Izquierdo has positions in Apple, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Apple, Microsoft, Nvidia, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

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分析師觀點

以我多年的市場經驗來看，VOO 的低費用與高規模使其更適合長期持有的退休投資人，而 SPY 雖流動性更佳，但對於追求成本效益的投資者而言，仍以 VOO 為首選。