Compare/Updated Nov 9, 2026, refreshed every trading day
SPY vs VOO
State Street SPDR S&P 500 ETF against Vanguard S&P 500 ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
VOO did better over the period: $1,000 invested on Nov 11, 2022 would be worth $1,950 today, versus $1,939 for SPY, producing total returns of 95.0% and 93.9%, respectively. VOO also led over three years, one year, YTD, three months and six months, while the funds matched over one month. The main reason is VOO’s lower 0.03% expense ratio versus SPY’s 0.09%, which can modestly improve long-term compounding. Both funds had identical 13.5% volatility over the last 12 months and nearly perfect daily correlation of 0.998, so their risk and market exposure were effectively the same. SPY’s worst drawdown was slightly deeper at -18.8%, compared with VOO’s -18.7%. VOO appears more efficient for long-term S&P 500 exposure; SPY remains the larger-trading, highly established alternative.
- Price is above its 200-day average ($729); 50-day at $765.
- RSI 35, neutral. Supertrend says sell. ADX 18, so the trend is weak.
- Price is above its 200-day average ($669); 50-day at $703.
- RSI 35, neutral. Supertrend says sell. ADX 18, so the trend is weak.
Head to head
Which has returned more, SPY or VOO?
SPY beat VOO in 16 of the last 48 months; VOO won the other 32. The typical monthly gap was 0.02 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.998
- correlation of daily moves, 4 years
- 1.02
- SPY move per 1% in VOO
- 0.999
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.02 points.
When did they diverge?
| Month | SPY | VOO | Gap |
|---|---|---|---|
| August 2026 | +2.4% | +2.7% | -0.23 pts |
| September 2024 | +2.1% | +2.2% | -0.07 pts |
| November 2024 | +6.0% | +5.9% | +0.07 pts |
| December 2024 | -2.4% | -2.3% | -0.07 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SPY and VOO?
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