Dividend comparison
VOO vs SPY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard S&P 500 ETF and State Street SPDR S&P 500 ETF, side by side. Updated October 24, 2026.
- Fees. VOO is cheaper at 0.03% a year versus 0.09% for SPY. On $10,000 that is $6 a year less in fees.
- Income. Their trailing yields are almost the same: 1.06% for VOO and 0.99% for SPY. Both pay quarterly.
- Performance. Over the last 5 years, VOO returned 79.4% versus 78.9% for SPY, with dividends reinvested. $10,000 would have grown to $17,941 in VOO and $17,888 in SPY.
- Risk. Their worst declines over the last 5 years were similar: -24.5% for VOO and -24.5% for SPY from peak to trough.
- Diversification. VOO holds 505 positions and SPY holds 504. The ten largest positions make up 39.1% of VOO and 38.5% of SPY.
- Overlap. At least 73% of the two portfolios overlap by weight, across 98 shared holdings. Owning both adds little diversification.
- Dividend growth. VOO grew its yearly payout 6.8% a year over the last 4 years, versus 6.4% for SPY.
- Size. VOO is the larger fund with $1.7 trillion in assets, against $820.7 billion for SPY.
Bottom line: VOO has the edge on these figures, with lower fees. SPY does not lead on any of the measures compared here. With 73% overlap, most investors would hold one or the other rather than both.
| Metric | VOO Vanguard S&P 500 ETF | SPY State Street SPDR S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 1.06% | 0.99% |
| Dividend / share (TTM) | $7.43 | $7.53 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $1.8226 on Sep 30, 2026 | $1.9035 on Jul 31, 2026 |
| Ex-dividend date | Sep 28, 2026 | Sep 18, 2026 |
| Next payment | — | $1.8888 on Oct 30, 2026 |
| Dividend growth (CAGR) | 6.8% over 4 yrs | 6.4% over 4 yrs |
| Price | $698.58 | $759.97 |
| Dividend growth streak | 5 years | 16 years |
| Beta | 1.01 | 1.01 |
| Max drawdown (5Y) | -24.5% | -24.5% |
| Market cap | $1.70T | $813.99B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.03% | 0.09% |
| Assets under management | $1.70T | $820.69B |
| Number of holdings | 505 | 504 |
| Top 10 concentration | 39.1% | 38.5% |
VOO
$8.86/mo
$106 /yr at 1.06% yield
SPY
$8.25/mo
$99 /yr at 0.99% yield
| Year | VOO | SPY |
|---|---|---|
| 2025 | $7.0678 | $7.2533 |
| 2024 | $6.7035 | $7.0056 |
| 2023 | $6.3572 | $6.5091 |
| 2022 | $5.9467 | $6.1723 |
| 2021 | $5.4367 | $5.6618 |
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
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
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
| Period | VOO | SPY |
|---|---|---|
| 1 month | -1.02% | -1.02% |
| 3 months | 3.21% | 2.95% |
| Year to date | 12.36% | 12.04% |
| 1 year | 14.44% | 14.07% |
| 3 years | 87.36% | 86.95% |
| 5 years | 79.41% | 78.88% |
- VOO
- SPY
Both series indexed to 100 on 2021-10-23 using the adjusted closing price series. Past performance does not guarantee future results.
- VOO
- SPY
| Largest shared holdings | VOO weight | SPY weight |
|---|---|---|
| NVDANVIDIA Corp | 8.39% | 8.04% |
| AAPLApple Inc | 7.38% | 7.51% |
| MSFTMicrosoft Corp | 5.78% | 5.92% |
| AMZNAmazon.com Inc | 3.71% | 3.85% |
| GOOGLAlphabet Inc | 3.07% | 2.94% |
| AVGOBroadcom Inc | 2.54% | 2.40% |
| GOOGAlphabet Inc | 2.45% | 2.35% |
| METAMeta Platforms Inc | 2.43% | 2.30% |
| MUMicron Technology Inc | 1.83% | 1.54% |
| TSLATesla Inc | 1.52% | 1.63% |
VOO505 holdings total
Quick verdict
VOO has the edge on these figures, with lower fees. SPY does not lead on any of the measures compared here. With 73% 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.