SPY vs VOO Stock Comparison: AI Score, Valuation, Performance and Upside
SPY and VOO both track the S&P 500 index and will produce nearly identical returns before expenses. The primary differences are cost (VOO wins at 0.03% vs 0.0945%) and liquidity (SPY wins with vastly superior trading volume and options markets). For long-term investors, VOO's lower expense ratio is the clear advantage; for traders and institutions needing maximum liquidity, SPY is irreplaceable.
SPY vs VOO is essentially a question of who you are as an investor — if you trade frequently or need options liquidity, SPY; if you are a long-term buy-and-hold investor, VOO's lower cost is the only rational choice.
VOO holds the edge across 5 of 5 key metrics in this comparison. VOO has delivered stronger 1-year price return (+14.80% vs +14.79% for SPY).
- need the most liquid ETF for institutional-size intraday trading without moving the market
- use S&P 500 ETF options for hedging, income generation, or tactical exposure
- want the deepest options chain with the tightest bid-ask spreads
- are managing portfolios where intraday execution quality matters more than annual expense ratio
- are long-term buy-and-hold investors for whom the 0.0645% lower expense ratio compounds meaningfully
- are building tax-advantaged retirement accounts (401k, IRA) where liquidity is not a concern
- value Vanguard's unique mutual ownership structure aligning fund economics with investors
- want the most cost-efficient access to S&P 500 passive returns over a multi-decade horizon
| Metric | SPY | VOO |
|---|---|---|
| ETF scorei | 27.3 | 27.4 |
| Latest closei | $766.81 | $704.78 |
| 1M returni | -1.04% | -1.06% |
| 3M returni | -0.14% | -0.14% |
| 6M returni | +5.02% | +5.04% |
| 1Y returni | +14.79% | +14.80% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SPY | VOO |
|---|---|---|
| 1Y ago | $11.6K (+16.0%) started 2025-11-04 | $11.61K (+16.1%) started 2025-11-04 |
| 5Y ago | $18.75K (+87.5%) started 2021-11-05 | $18.87K (+88.7%) started 2021-11-05 |
| 10Y ago | $50K (+400.0%) started 2016-11-07 | $50.59K (+405.9%) started 2016-11-07 |
Hypothetical — past performance does not guarantee future results.
| Metric | SPY | VOO |
|---|---|---|
| Expense ratioi | 0.09% | 0.03% |
| Total assets (AUM)i | $796.87B | $1.74T |
| Dividend yieldi | 1.00% | 1.07% |
| Trailing P/Ei | 24.40 | 24.34 |
| Betai | 1.02 | 1.02 |
| 52-week change | 14.79% | 14.80% |
| Metric | SPY | VOO |
|---|---|---|
| 1Y returni | +14.79% | +14.80% |
| 6M returni | +5.02% | +5.04% |
| 3M returni | -0.14% | -0.14% |
| 1M returni | -1.04% | -1.06% |
| 1Y Sharpe ratio | 0.79 | 0.80 |
| Betai | 1.02 | 1.02 |
| Dividend yieldi | 1.00% | 1.07% |
| 5Y CAGR | +11.85% | +11.92% |
Over the past year, SPY and VOO have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SPY | VOO |
|---|---|---|---|
| 1Y | Growthi | +14.79% | +14.80% |
| CAGRi | +14.80% | +14.81% | |
| Volatilityi | 12.81% | 12.76% | |
| Sharpe ratioi | 0.79 | 0.80 | |
| Sortino ratioi | 1.15 | 1.16 | |
| Max drawdowni | 8.88% | 8.90% | |
| Current drawdowni | 1.58% | 1.59% | |
| Avg drawdowni | 1.46% | 1.46% | |
| Ulcer Indexi | 2.14% | 2.14% | |
| Max daily dropi | 2.58% | 2.59% | |
| Max wkly dropi | 3.82% | 3.79% | |
| 5Y | Growthi | +74.98% | +75.52% |
| CAGRi | +11.85% | +11.92% | |
| Volatilityi | 17.18% | 16.94% | |
| Sharpe ratioi | 0.48 | 0.49 | |
| Sortino ratioi | 0.69 | 0.70 | |
| Max drawdowni | 24.50% | 24.52% | |
| Current drawdowni | 1.58% | 1.59% | |
| Avg drawdowni | 5.59% | 5.59% | |
| Ulcer Indexi | 8.45% | 8.46% | |
| Max daily dropi | 5.85% | 5.80% | |
| Max wkly dropi | 11.50% | 11.45% | |
| 10Y | Growthi | +321.26% | +324.08% |
| CAGRi | +15.48% | +15.56% | |
| Volatilityi | 17.96% | 18.03% | |
| Sharpe ratioi | 0.64 | 0.65 | |
| Sortino ratioi | 0.90 | 0.90 | |
| Max drawdowni | 33.72% | 33.99% | |
| Current drawdowni | 1.58% | 1.59% | |
| Avg drawdowni | 4.31% | 4.31% | |
| Ulcer Indexi | 7.16% | 7.17% | |
| Max daily dropi | 10.94% | 11.74% | |
| Max wkly dropi | 17.97% | 18.11% |
| Category | SPY | VOO |
|---|---|---|
| Fund name | State Street SPDR S&P 500 ETF Trust | Vanguard S&P 500 ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.09% | 0.03% |
| Total assets (AUM)i | $796.87B | $1.74T |
| Dividend yieldi | 1.00% | 1.07% |
- Most liquid ETF in the world — ideal for institutional intraday trading and options strategies
- Largest options market with the tightest bid-ask spreads in the ETF universe
- Trust structure has the longest operating history (since 1993) with proven performance
- 0.03% expense ratio is among the lowest available for S&P 500 ETF exposure
- Open-end fund structure allows intraday dividend reinvestment reducing cash drag vs SPY
- Backed by Vanguard's mutual ownership structure aligning interests with investors
- 0.0945% expense ratio is 3x more expensive than VOO for long-term buy-and-hold investors
- Unit investment trust structure cannot reinvest dividends intraday, creating slight cash drag
- For retirement accounts or long-term holders, the expense ratio difference costs meaningful money
- Lower daily volume than SPY means slightly wider bid-ask spreads for large trades
- Not the preferred vehicle for options strategies due to lower options open interest
- Functionally identical to SPY for long-term investors except for expense ratio
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