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.
- 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.
| Metric | VTI 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 frequency | Quarterly | Quarterly |
| Last dividend | $0.9555 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) | 6.4% over 4 yrs | 6.4% over 4 yrs |
| Price | $377.09 | $769.05 |
| Dividend growth streak | 5 years | 16 years |
| Beta | 1.02 | 1.01 |
| Max drawdown (5Y) | -25.4% | -24.5% |
| Market cap | $2.30T | $813.99B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.03% | 0.09% |
| Assets under management | $2.30T | $816.57B |
| Number of holdings | 3598 | 504 |
| Top 10 concentration | 34.6% | 38.7% |
VTI
$8.72/mo
$105 /yr at 1.05% yield
SPY
$8.15/mo
$98 /yr at 0.98% yield
| Year | VTI | SPY |
|---|---|---|
| 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 |
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
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
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 | VTI | SPY |
|---|---|---|
| 1 month | 0.69% | 0.97% |
| 3 months | 3.22% | 3.63% |
| Year to date | 13.43% | 13.37% |
| 1 year | 15.24% | 15.51% |
| 3 years | 87.48% | 88.86% |
| 5 years | 72.19% | 81.29% |
- VTI
- SPY
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- VTI
- SPY
| Largest shared holdings | VTI weight | SPY weight |
|---|---|---|
| NVDANVIDIA Corp | 7.13% | 7.93% |
| AAPLApple Inc | 6.63% | 7.55% |
| MSFTMicrosoft Corp | 5.19% | 5.98% |
| AMZNAmazon.com Inc | 3.30% | 3.89% |
| GOOGLAlphabet Inc | 2.76% | 3.05% |
| AVGOBroadcom Inc | 2.28% | 2.40% |
| METAMeta Platforms Inc | 2.18% | 2.35% |
| GOOGAlphabet Inc | 2.18% | 2.44% |
| MUMicron Technology Inc | 1.64% | 1.54% |
| TSLATesla Inc | 1.36% | 1.57% |
VTI3598 holdings total
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.
Frequently asked questions
Is VTI or SPY better for dividend income?
What is the difference between VTI and SPY?
Which is cheaper, VTI or SPY?
Which has performed better, VTI or SPY?
Which is riskier, VTI or SPY?
How much do VTI and SPY overlap?
How often do VTI and SPY pay dividends?
How much income does $10,000 in VTI vs SPY generate?
Can I hold both VTI and SPY?
Where can I compare VTI vs SPY with my full portfolio?
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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.