What is the fee difference between SPY and VOO?

SPY has an expense ratio of 0.09% and VOO charges 0.03%. On a $10,000 investment that is about $9 a year for SPY and $3 for VOO, a gap of roughly $6 a year. The difference looks small, but it is charged every year and compounds over long holding periods.

Do SPY and VOO track the same index?

Yes. Both funds track the S&P 500, an index of large US companies. SPY lists 505 holdings and VOO lists 516, a small difference that comes from how each fund counts items such as multiple share classes of the same company, for example Alphabet's GOOGL and GOOG lines.

How much do the holdings of SPY and VOO overlap?

Almost completely. Both funds list the same 10 largest positions: NVIDIA, Apple, Microsoft, Amazon, Alphabet (two share classes), Broadcom, Meta Platforms, Micron Technology and Tesla. NVIDIA is about 8.07% of SPY and 8.08% of VOO. Because they follow the same index, the rest of the portfolio is nearly identical as well.

Which fund pays a higher dividend, SPY or VOO?

VOO shows a dividend yield of 1.04% against 0.99% for SPY. The underlying companies are the same, so the small gap mainly reflects VOO's lower expense ratio and timing differences in payouts. Neither fund is designed for income; both are broad market growth-and-income holdings.

Which suits a long-term investor and which suits a trader?

For a buy-and-hold investor, VOO's 0.03% fee means more of the index return stays in the account each year. SPY's very high trading activity and long history since 1993 make it a common choice for short-term traders and for options strategies. Both give the same S&P 500 exposure.

Which is larger and more liquid, SPY or VOO?

VOO is larger by net assets at $1.08 trillion versus $785.05 billion for SPY. Both are among the largest ETFs in the world, so buying and selling normal retail amounts is straightforward in either fund, and bid-ask spreads are typically tight during US market hours.

How are SPY and VOO taxed for a non-US investor?

Both are US-listed ETFs, so dividends paid to overseas investors may be subject to US withholding tax, and the rate depends on your country's tax treaty. Capital gains are usually taxed under your local rules. Tax treatment differs by country and account type, so check with a local adviser.

Can I hold both SPY and VOO?

You can, but there is little benefit. Both funds hold the same 500 or so companies in almost the same proportions, so owning both simply duplicates your exposure while paying two expense ratios. Most investors choose one fund based on cost, trading needs or which broker they use.

Does SPY's longer history matter?

SPY launched in January 1993 and VOO in September 2010, so SPY has traded through more market cycles. For an index fund, though, the track record that matters is the S&P 500 itself, which both funds follow. VOO's shorter history has not stopped it becoming the larger fund by assets.

SPY vs VOO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

SPY and VOO both track the S&P 500 and hold the same 10 largest stocks, led by NVIDIA, Apple and Microsoft. The key difference is cost: SPY charges 0.09% a year against 0.03% for VOO, or $9 versus $3 per $10,000 invested. SPY suits active traders who value its 1993 track record, while VOO suits long-term investors focused on low fees. Educational content, not financial advice.

SPY and VOO both track the S&P 500 and hold the same 10 largest stocks, led by NVIDIA, Apple and Microsoft. The key difference is cost: SPY charges 0.09% a year against 0.03% for VOO, or $9 versus $3 ...

Fund Snapshot

Key Fund Metrics

SPY

Metric

VOO

0.09%

Expense Ratio

0.03%

0.99%

Dividend Yield

1.04%

$785.05B

Net Assets

$1.08T

505

Holdings

516

Jan 22, 1993

Inception Date

Sep 7, 2010

S&P 500

Index Tracked

S&P 500

Large Blend

Fund Category

Large Blend

VOO costs about $6.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SPY	VOO
NVDANVIDIA Corporation	8.07%	8.08%
AAPLApple Inc.	7.51%	7.03%
MSFTMicrosoft Corporation	5.61%	5.70%
AMZNAmazon.com, Inc.	3.73%	3.84%
GOOGLAlphabet Inc.	3.09%	3.01%
AVGOBroadcom Inc.	2.50%	2.65%
GOOGAlphabet Inc.	2.47%	2.40%
METAMeta Platforms, Inc.	2.27%	1.90%
MUMicron Technology, Inc.	1.67%	1.63%
TSLATesla, Inc.	1.57%	1.57%

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Investment Analysis

SPY

Pros

Oldest US-listed ETF, trading since January 1993 with a long public track record.
Very large fund with $785.05 billion in net assets and heavy daily trading activity.
Tracks the full S&P 500 with 505 holdings and the same top 10 stocks as VOO.

Considerations

Expense ratio of 0.09% is three times higher than VOO's 0.03%.
Dividend yield of 0.99% sits slightly below VOO's 1.04%.
Costs more for the same index exposure, which compounds over decades of holding.

VOO

Pros

Expense ratio of just 0.03%, or about $3 a year per $10,000 invested.
Largest fund in this comparison with $1.08 trillion in net assets.
Slightly higher dividend yield at 1.04%, with 516 holdings covering the S&P 500.

Considerations

Shorter history than SPY, with an inception date of September 2010.
Fully concentrated in US large caps, with no international or small-cap exposure.
Top 10 holdings make up about 38% of the fund, led by NVIDIA at 8.08%.

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About SPY and VOO

SPY (SPY)

SPDR S&P 500 ETF Trust (SPY) is an exchange‑traded fund designed to track the S&P 500 index, offering investors broad exposure to large‑capitalisation US equities. It is widely used by retail and institutional investors for core portfolio allocation, tactical trading and hedging because of its deep liquidity and transparent holdings. SPY distributes dividends (typically quarterly) and reflects the performance of the underlying index, so returns move with the US large‑cap market. As with any equity product, value can fall as well as rise and past performance is not a guide to the future. Costs, tax considerations and suitability will depend on an individual’s circumstances; consult official documents and consider seeking independent advice where appropriate. This summary is general educational information and not personalised investment advice.

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

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SPY vs VOO

Fund Snapshot