Dividend comparison

VOO vs SPY: Which Is Better for Income?

Side-by-side yield, projected income, and dividend fundamentals for Vanguard S&P 500 ETF and State Street SPDR S&P 500 ETF. Updated July 26, 2026.

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Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricVOO
Vanguard S&P 500 ETF
SPY
State Street SPDR S&P 500 ETF
Dividend yield (TTM)——
Dividend / share (TTM)——
Price$679.14$738.93
Payout ratio (TTM)——
Dividend growth streak5 years16 years
Beta1.001.00
Market cap$1.69T$791.97B
ExchangeAMEXAMEX
Expense ratio0.03%0.09%
Assets under management$1.70T$780.71B
Number of holdings505504
Top 10 concentration36.3%36.9%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

VOO

—/mo

Yield data unavailable

SPY

—/mo

Yield data unavailable

Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What VOO vs SPY actually do

VOO
Vanguard's S&P 500 tracker, holding the 500 large-cap US companies in the index at their market-cap weights.

It replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.

Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.

Core holding

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

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

Performance
Trailing returns from the adjusted closing price series.
PeriodVOOSPY
1 month0.80%0.78%
3 months3.76%3.50%
Year to date8.95%8.36%
1 year17.81%16.80%
3 years69.25%67.48%
5 years80.27%78.23%
  • VOO
  • SPY
75132190202120222023202420252026180178

Both series indexed to 100 on 2021-07-24 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • VOO
  • SPY
0%10%20%29%39%Technology38.6%39.1%Financial Services11.4%12.2%Communication Services9.9%10.4%Consumer Cyclical9.5%9.2%Healthcare8.9%8.8%Industrials8.5%7.7%Consumer Defensive4.5%4.5%Energy3.0%3.2%Utilities2.2%1.8%Real Estate1.8%1.5%Other1.9%1.8%
Top 10 holdings
Largest positions by portfolio weight.

VOO505 holdings total

NameWeight
NVDANVIDIA Corp7.50%
AAPLApple Inc6.57%
MSFTMicrosoft Corp4.29%
AMZNAmazon.com Inc3.61%
GOOGLAlphabet Inc3.24%
AVGOBroadcom Inc2.77%
GOOGAlphabet Inc2.58%
MUMicron Technology Inc2.01%
METAMeta Platforms Inc1.91%
TSLATesla Inc1.83%

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.94%
AAPLAPPLE INC7.41%
MSFTMICROSOFT CORP4.45%
AMZNAMAZON.COM INC3.59%
GOOGLALPHABET INC CL A2.92%
AVGOBROADCOM INC2.92%
GOOGALPHABET INC CL C2.36%
METAMETA PLATFORMS INC CLASS A2.09%
MUMICRON TECHNOLOGY INC1.75%
LLYELI LILLY + CO1.47%

Quick verdict

Compare the metrics above, then add both tickers to a Dividend Wealth portfolio to see combined income forecasts and diversification impact.

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Frequently asked questions

Is VOO or SPY better for dividend income?
Compare yield, payout sustainability, and how each fund or stock fits your income goals. Use Dividend Wealth to model both holdings inside a real portfolio forecast.
What is the difference between VOO and SPY?
Vanguard S&P 500 ETF (VOO) is an ETF listed on AMEX. State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, price, payout ratio, dividend growth streak, beta, and market cap when available.
Can I hold both VOO and SPY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VOO vs SPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VOO and SPY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.