Dividend comparison
SPY vs IVV: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and iShares Core S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. IVV is cheaper at 0.03% a year versus 0.09% for SPY. On $10,000 that is $6 a year less in fees.
- Income. IVV pays more income, yielding 1.09% over the last twelve months versus 0.98% for SPY. That is about $11 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPY returned 81.3% versus 80.1% for IVV, with dividends reinvested. $10,000 would have grown to $18,129 in SPY and $18,014 in IVV.
- Risk. Their worst declines over the last 5 years were similar: -24.5% for SPY and -24.5% for IVV from peak to trough.
- Diversification. SPY holds 504 positions and IVV holds 504. The ten largest positions make up 38.7% of SPY and 38.6% of IVV.
- Overlap. At least 75% of the two portfolios overlap by weight, across 96 shared holdings. Owning both adds little diversification.
- Dividend growth. IVV grew its yearly payout 8.8% a year over the last 4 years, versus 6.4% for SPY.
Bottom line: IVV has the edge on these figures, with lower fees and faster dividend growth. SPY does not lead on any of the measures compared here. With 75% overlap, most investors would hold one or the other rather than both.
| Metric | SPY State Street SPDR S&P 500 ETF | IVV iShares Core S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 0.98% | 1.09% |
| Dividend / share (TTM) | $7.53 | $8.40 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $1.9035 on Jul 31, 2026 | $2.2026 on Sep 18, 2026 |
| Ex-dividend date | Sep 18, 2026 | Sep 15, 2026 |
| Next payment | $1.8888 on Oct 30, 2026 | — |
| Dividend growth (CAGR) | 6.4% over 4 yrs | 8.8% over 4 yrs |
| Price | $769.05 | $772.35 |
| Dividend growth streak | 16 years | 4 years |
| Beta | 1.01 | 1.00 |
| Max drawdown (5Y) | -24.5% | -24.5% |
| Market cap | $813.99B | $880.18B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.09% | 0.03% |
| Assets under management | $816.57B | $883.68B |
| Number of holdings | 504 | 504 |
| Top 10 concentration | 38.7% | 38.6% |
SPY
$8.15/mo
$98 /yr at 0.98% yield
IVV
$9.06/mo
$109 /yr at 1.09% yield
| Year | SPY | IVV |
|---|---|---|
| 2025 | $7.2533 | $8.0399 |
| 2024 | $7.0056 | $7.6453 |
| 2023 | $6.5091 | $6.8988 |
| 2022 | $6.1723 | $6.3933 |
| 2021 | $5.6618 | $5.7272 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What SPY vs IVV actually do
It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.
Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.
Core holding, trading vehicle
It holds the full index at market-cap weights and, like VOO, is structured as an open-end fund, so it can reinvest income internally and lend out securities. Differences against the other S&P 500 trackers come down to fee, share price, spread and where the fund trades commission-free, not to what is inside it. Tracking difference between the cheap S&P 500 funds is small enough that platform and tax considerations usually decide the choice.
Suits an investor who wants core S&P 500 exposure and already holds other iShares funds or trades on a platform where iShares is cheapest. There is no income case for it beyond the index's own dividends.
Core holding
| Period | SPY | IVV |
|---|---|---|
| 1 month | 0.97% | 0.97% |
| 3 months | 3.63% | 3.43% |
| Year to date | 13.37% | 12.76% |
| 1 year | 15.51% | 14.49% |
| 3 years | 88.86% | 87.50% |
| 5 years | 81.29% | 80.14% |
- SPY
- IVV
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- SPY
- IVV
| Largest shared holdings | SPY weight | IVV weight |
|---|---|---|
| NVDANVIDIA CORP | 7.93% | 7.91% |
| AAPLAPPLE INC | 7.55% | 7.54% |
| MSFTMICROSOFT CORP | 5.98% | 5.97% |
| AMZNAMAZON.COM INC | 3.89% | 3.88% |
| GOOGLALPHABET INC CL A | 3.05% | 3.04% |
| GOOGALPHABET INC CL C | 2.44% | 2.44% |
| AVGOBROADCOM INC | 2.40% | 2.40% |
| METAMETA PLATFORMS INC CLASS A | 2.35% | 2.34% |
| TSLATESLA INC | 1.57% | 1.56% |
| MUMICRON TECHNOLOGY INC | 1.54% | 1.54% |
SPY504 holdings total
Quick verdict
IVV has the edge on these figures, with lower fees and faster dividend growth. SPY does not lead on any of the measures compared here. With 75% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.