Dividend comparison

VTI vs SPY: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Morningstar Total Stock Market ETF and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.

VTI vs SPY: key differences
The short answer, from the latest data on this page.
  • Fees. VTI 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: 1.05% for VTI and 0.98% for SPY. Both pay quarterly.
  • Performance. Over the last 5 years, SPY returned 81.3% versus 72.2% for VTI, with dividends reinvested. $10,000 would have grown to $18,129 in SPY and $17,219 in VTI.
  • Risk. Their worst declines over the last 5 years were similar: -25.4% for VTI and -24.5% for SPY from peak to trough.
  • Diversification. VTI holds 3,598 positions and SPY holds 504. The ten largest positions make up 34.6% of VTI and 38.7% of SPY.
  • Overlap. At least 67% of the two portfolios overlap by weight, across 96 shared holdings.
  • Dividend growth. VTI grew its yearly payout 6.4% a year over the last 4 years, versus 6.4% for SPY.
  • Size. VTI is the larger fund with $2.3 trillion in assets, against $816.6 billion for SPY.

Bottom line: VTI fits better if you care most about lower fees and broader diversification. SPY fits better if you care most about stronger 5-year returns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricVTI
Vanguard Morningstar Total Stock Market ETF
SPY
State Street SPDR S&P 500 ETF
Dividend yield (TTM)1.05%0.98%
Dividend / share (TTM)$3.95$7.53
Payout frequencyQuarterlyQuarterly
Last dividend$0.9555 on Sep 30, 2026$1.9035 on Jul 31, 2026
Ex-dividend dateSep 28, 2026Sep 18, 2026
Next payment—$1.8888 on Oct 30, 2026
Dividend growth (CAGR)6.4% over 4 yrs6.4% over 4 yrs
Price$377.09$769.05
Dividend growth streak5 years16 years
Beta1.021.01
Max drawdown (5Y)-25.4%-24.5%
Market cap$2.30T$813.99B
ExchangeAMEXAMEX
Expense ratio0.03%0.09%
Assets under management$2.30T$816.57B
Number of holdings3598504
Top 10 concentration34.6%38.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

VTI

$8.72/mo

$105 /yr at 1.05% yield

SPY

$8.15/mo

$98 /yr at 0.98% yield

Dividend history
Total dividends paid per share in each calendar year. VTI pays quarterly; SPY pays quarterly.
YearVTISPY
2025$3.7566$7.2533
2024$3.6743$7.0056
2023$3.4128$6.5091
2022$3.1833$6.1723
2021$2.9303$5.6618
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 VTI vs SPY actually do

A single fund holding effectively the entire investable US stock market, roughly 3,500 companies from mega-cap down to micro-cap.

It tracks the CRSP US Total Market Index at market-cap weights, so the largest 500 names still dominate the return and it behaves much like an S&P 500 fund in practice. The difference is the long tail of mid, small and micro-cap companies that an S&P 500 fund leaves out entirely. Over a full cycle that tail changes the risk profile more than it changes the headline return, and dividend yield sits slightly below a large-cap-only fund because smaller companies pay out less.

Suits an investor who wants one holding to cover US equity without deciding where the size cutoff should sit. Not an income vehicle, and it adds no geographic diversification.

Core holding

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
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $17,219 in VTI and $18,129 in SPY.
PeriodVTISPY
1 month0.69%0.97%
3 months3.22%3.63%
Year to date13.43%13.37%
1 year15.24%15.51%
3 years87.48%88.86%
5 years72.19%81.29%
  • VTI
  • SPY
71131191202120222023202420252026172181

Both series indexed to 100 on 2021-10-20 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.
  • VTI
  • SPY
0%10%19%29%38%Technology38.2%38.4%Financial Services11.5%11.7%Healthcare9.9%9.6%Communication Services9.1%9.8%Consumer Cyclical8.5%8.8%Industrials8.5%8.0%Consumer Defensive4.2%4.7%Energy3.6%3.6%Real Estate2.2%1.7%Utilities1.9%2.0%Other2.3%1.9%
VTI vs SPY holdings overlap
At least 67% overlap by weight, with 96 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsVTI weightSPY weight
NVDANVIDIA Corp7.13%7.93%
AAPLApple Inc6.63%7.55%
MSFTMicrosoft Corp5.19%5.98%
AMZNAmazon.com Inc3.30%3.89%
GOOGLAlphabet Inc2.76%3.05%
AVGOBroadcom Inc2.28%2.40%
METAMeta Platforms Inc2.18%2.35%
GOOGAlphabet Inc2.18%2.44%
MUMicron Technology Inc1.64%1.54%
TSLATesla Inc1.36%1.57%
Top 10 holdings
Largest positions by portfolio weight.

VTI3598 holdings total

NameWeight
NVDANVIDIA Corp7.13%
AAPLApple Inc6.63%
MSFTMicrosoft Corp5.19%
AMZNAmazon.com Inc3.30%
GOOGLAlphabet Inc2.76%
AVGOBroadcom Inc2.28%
METAMeta Platforms Inc2.18%
GOOGAlphabet Inc2.18%
MUMicron Technology Inc1.64%
TSLATesla Inc1.36%

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

Quick verdict

VTI fits better if you care most about lower fees and broader diversification. SPY fits better if you care most about stronger 5-year returns. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how VTI vs SPY fits with the rest of your holdings. Free to start — no credit card required for the trial.

Frequently asked questions

Is VTI or SPY better for dividend income?
It depends on your goals. VTI currently yields 1.05% Trailing Twelve Months (TTM) while SPY yields 0.98%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between VTI and SPY?
Vanguard Morningstar Total Stock Market ETF (VTI) 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, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, VTI or SPY?
VTI has the lower expense ratio. VTI charges 0.03% a year and SPY charges 0.09%, a difference of $6 a year on a $10,000 investment.
Which has performed better, VTI or SPY?
Over the last 5 years, SPY has the higher total return with dividends reinvested: VTI returned 72.2% and SPY returned 81.3%. Past performance does not predict future returns.
Which is riskier, VTI or SPY?
Measured by the worst peak-to-trough decline over the last five years, VTI has been riskier: VTI fell as much as 25.4% and SPY as much as 24.5%. Their betas are 1.02 and 1.01.
How much do VTI and SPY overlap?
At least 67% of the two portfolios overlap by weight, across 96 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do VTI and SPY pay dividends?
Both pay quarterly. The most recent payments were $0.9555 for VTI and $1.9035 for SPY.
How much income does $10,000 in VTI vs SPY generate?
At current TTM yields, $10,000 in VTI would generate roughly $8.72 per month ($105 annually). The same amount in SPY would produce about $8.15 per month ($98 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VTI 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 VTI vs SPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VTI 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.