SPY vs VOO: Which ETF Is Better in 2026?
A metric-by-metric comparison of State Street SPDR S&P 500 ETF Trust (SPY) and Vanguard S&P 500 ETF (VOO) — both US Large Cap Blend funds — using ETFValuer's daily-updated rankings.
Educational content — not financial advice. Data as of July 5, 2026. ~5 minute read.
The Verdict
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — VOO scores higher: 75.0 (Grade B+) versus 72.7 for SPY. That doesn't make SPY a bad fund; it means VOO currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Head-to-Head: Every Metric
| SPY | VOO | |
|---|---|---|
| Category | US Large Cap Blend | US Large Cap Blend |
| Expense ratio | 0.09% | 0.03% |
| Fund size (AUM) | $783.8B | $1.70T |
| Dividend yield | 0.76% | 0.79% |
| 1-year return | +21.92% | +22.04% |
| 3-year return | +75.83% | +76.32% |
| Volatility | 12.55% | 12.49% |
| Max drawdown | -18.76% | -18.69% |
| Sharpe ratio | 1.35 | 1.36 |
| ETFValuer score | 72.7 | 75.0 |
| Grade | B | B+ |
| Rank (of ~150) | #28 | #21 |
Bold marks the better value in each row. "Better" is directional only (e.g. lower cost, higher return) — it isn't a recommendation by itself. See the full methodology.
Cost
VOO is the cheaper fund, charging 0.03% a year versus 0.09% for SPY — a gap of 0.06 percentage points (about $6.45/year on a $10,000 position) that compounds meaningfully over a multi-decade holding period. See the Fee Drag Calculator for the exact dollar impact at your investment size and horizon.
Performance & Risk
Over the trailing 3 years, VOO returned +76.32% versus +75.83% for SPY — a gap of about 0.5 percentage points. On risk, VOO has held up better historically, with a shallower max drawdown (-18.69% vs. -18.76%). VOO currently has the better risk-adjusted return (Sharpe ratio of 1.36 vs. 1.35), meaning it delivered more return per unit of volatility taken on.
Frequently Asked Questions
Is SPY or VOO better?
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — VOO scores higher: 75.0 (Grade B+) versus 72.7 for SPY. That doesn't make SPY a bad fund; it means VOO currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Which has the lower expense ratio, SPY or VOO?
VOO currently has the lower expense ratio (0.03% vs. 0.09%).
Can I hold both SPY and VOO?
Since SPY and VOO are both US Large Cap Blend funds, they likely hold significant overlapping positions — owning both usually adds cost and complexity without meaningfully improving diversification. Pick one rather than holding both at full weight.
Go deeper on either fund
Full daily-updated metrics, holdings context, and category peers.