What are ETFs and how do they work?

Exchange-Traded Funds (ETFs) are investment funds that hold a basket of assets, such as stocks, and trade on stock exchanges like individual companies. SPYD and SPYV are examples of ETFs that track segments of the S&P 500. They offer diversified exposure with the flexibility to buy or sell throughout the trading day at market prices. Unlike mutual funds, ETFs generally have lower fees and provide intraday liquidity, making them popular for both beginner and experienced investors seeking broad market participation.

What is the expense ratio in an ETF?

The expense ratio represents the annual cost of managing an investment fund, expressed as a percentage of your investment. For SPYD, the expense ratio is 0.07%, and for SPYV, it is 0.04%. This fee covers operating costs, including management and administrative expenses, which are deducted from the fund's assets. A lower expense ratio means a smaller portion of your investment is used to cover these costs, potentially enhancing long-term returns. Understanding these fees is crucial for comparing investment efficiency.

Why do sector weights matter for these funds?

Sector weights represent the percentage of a fund's assets allocated to different industry groups, such as healthcare or technology. For SPYD and SPYV, sector weight details are currently listed as not available. Investors typically analyze sector weights to understand potential concentration risks. High allocations in a single sector can lead to volatility if that industry faces headwinds. Without this data, assessing the specific risk profile of each fund remains challenging, requiring investors to rely on other metrics like holdings for insights.

What do these ETFs track?

SPYD focuses on high-dividend stocks within the S&P 500, aiming for income generation. Its category is Mid-Cap Value, with a dividend yield of 4.37%. SPYV tracks a large value style approach within the S&P 500, categorized as Large Value, and has a lower yield of 1.69%. Both funds target value-oriented segments but differ in their specific emphasis: SPYD prioritises dividend income, while SPYV focuses on broader value characteristics.

How much do the fees differ over time?

SPYV has an expense ratio of 0.04%, while SPYD charges 0.07%. This creates a difference of 0.03 percentage points annually. Although this difference appears small, the compounding effect can influence returns over extended periods, particularly in low-growth scenarios. For example, on a $10,000 investment, SPYV would cost $4 a year compared to SPYD's $7. For long-term holdings, investors often consider these lower costs as a factor for potentially enhanced net returns.

How do top holdings impact income?

SPYD's top holdings include names like HPQ, ACN, and TGT, with each holding a small percentage (1.80% or less), contributing to a 4.37% dividend yield. This broad but fragmented exposure reduces the risk from any single stock's performance. SPYV's top holdings include AAPL at 8.24%, which generally pays a lower dividend relative to its price, contributing to SPYV's lower yield of 1.69%. The composition of these holdings directly influences the funds' respective dividend incomes.

Do SPYD and SPYV have overlapping holdings?

Yes, SPYD and SPYV share one common holding in their respective top ten lists: CVX (Chevron). For SPYD, CVX represents 1.43% of its assets, while for SPYV, it accounts for 1.39%. Despite sharing this one holding, the broader portfolios are distinct, with SPYD leaning towards income-generating names and SPYV including high-cap value names like Apple. This minimal overlap indicates that the two funds pursue different investment strategies and risk profiles.

Which fund is better for income goals?

SPYD is designed for higher income generation, evidenced by its 4.37% dividend yield compared to SPYV's 1.69%. If your goal is regular cash flow from an investment portfolio, SPYD's structure targets this outcome through higher-yielding holdings within the S&P 500. SPYV is typically associated with broader value investing objectives, where income is secondary to capital appreciation relative to the wider market. These descriptions are factual observations of the fund data.

How do value and high dividend strategies differ?

Value investing aims to buy stocks trading below their intrinsic value, focusing on fundamentals like P/E ratios. SPYV represents this strategy. High-dividend investing targets companies with a history of paying out consistent, high amounts of dividends, represented by SPYD. These strategies are distinct but can overlap. High-dividend stocks may be value stocks, but value stocks are not always high-dividend stocks. The goal of SPYD is income, whereas SPYV aims for growth from undervalued assets.

What does 'Mid-Cap Value' imply for SPYD?

SPYD is categorised as Mid-Cap Value in the provided data. This suggests the fund may contain a mix of mid-sized companies or value stocks that are currently trading at a lower relative valuation. However, since it tracks the S&P 500, which is a large-cap index, this classification often relates to the factor tilts or the specific subset of stocks selected based on dividend yields and value metrics within that universe.

Is SPYV's large asset base relevant?

SPYV has net assets of $36.3 billion compared to SPYD's $7.4 billion. While both funds are large enough for most retail investors, SPYV's larger asset base contributes to greater trading volume. This high liquidity typically results in tighter bid-ask spreads, meaning investors can enter and exit positions with potentially lower transaction costs and less price impact compared to less liquid funds.

What educational disclaimer applies to this comparison?

This comparison of SPYD and SPYV is for educational purposes only and should not be interpreted as financial advice, investment recommendations, or an offer to buy or sell securities. Figures are drawn from Yahoo Finance data as of September 22, 2026. Investment in ETFs carries risks, including potential loss of principal. Investors should consult a qualified financial advisor to determine if any ETF aligns with their individual financial situation, risk tolerance, and investment goals before making decisions.

SPYD vs SPYV

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

SPYD and SPYV are ETFs focusing on high-dividend and large value stocks respectively. SPYD yields 4.37% with a 0.07% expense ratio, while SPYV yields 1.69% with a 0.04% expense ratio. This page compares fees, holdings, dividends, and market tracking methods, helping you understand each fund's approach to investing in the S&P 500 universe. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPYD

Metric

SPYV

0.07%

Expense Ratio

0.04%

4.37%

Dividend Yield

1.69%

$7.38B

Net Assets

$36.32B

Holdings

438

Oct 21, 2015

Inception Date

Sep 25, 2000

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Index Tracked

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Mid-Cap Value

Fund Category

Large Value

SPYV costs about $3.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SPYD	SPYV
CVXChevron Corporation	1.43%	1.39%

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Investment Analysis

SPYD

Pros

Low 0.07 per cent expense ratio keeps annual costs modest for a diversified dividend fund.
Large $7.4 billion asset base supports adequate liquidity and trading volume.
Current 4.37 per cent dividend yield provides substantial ongoing income generation.

Considerations

Top ten holdings account for only 14.5 per cent, indicating broad but fragmented exposure.
High dividend yields may signal value traps in sectors like financials or real estate.
Since 2015 inception, the fund has a shorter performance record than value peers.

SPYV

Pros

Ultra-low 0.04 per cent expense ratio makes it one of the cheapest value ETFs.
Massive $36.3 billion in assets ensures excellent liquidity and tight bid-ask spreads.
Long track record since 2000 provides ample data for assessing value style performance.

Considerations

Top holdings include high-growth names like Apple, diluting pure value style exposure.
Modest 1.69 per cent dividend yield offers significantly less income than the SPYD fund.
Sector weights are currently not available, preventing detailed analysis of underlying industry risks.

About SPYD and SPYV

SPYD (SPYD)

The SPDR Portfolio S&P 500 High Dividend ETF aims to track an index of U.S. companies within the S&P 500 that have relatively higher dividend yields. Designed for income-focused investors, it provides exposure to established companies often considered value-oriented. With a low expense ratio of 0.07%, this fund is cost-efficient for those seeking consistent income generation. It holds a diversified portfolio of approximately 81 securities, balancing risk across various sectors. Launched in October 2015, the fund has grown to net assets of $7.38 billion. Its current dividend yield is 4.37%, making it an attractive option for investors prioritising regular cash flow. However, as with any investment, capital values can fluctuate, and past performance does not guarantee future results. Suitable for long-term investors comfortable with equity risk.

SPYV (SPYV)

The SPDR Portfolio S&P 500 Value ETF is designed to provide investors with exposure to large-capitalisation companies that are considered value-oriented. This fund seeks to track the performance of the S&P 500 Value Index, which includes a subset of the broader S&P 500 index. With a very low expense ratio of 0.04%, it is an affordable option for those looking to diversify their portfolios. The fund holds 438 different stocks and currently has net assets of USD 36.32 billion. Investors should note that while the fund has a dividend yield of 1.69%, there is no guarantee of returns, and the value of investments can fluctuate. It is important to consider your own risk tolerance and investment objectives before making any investment decisions.

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SPYD vs SPYV

Fund Snapshot