What do the terms 'growth' and 'value' mean in the context of SPYG and SPYV?

Growth funds, like SPYG, typically target companies expected to increase earnings above average, often with lower dividends. Value funds, like SPYV, seek undervalued companies with solid fundamentals, often offering higher yields. SPYG reflects a growth approach, while SPYV embodies a value focus, both tracking segments of the S&P 500. Their contrasting styles mean they serve different investor expectations regarding capital appreciation versus income and valuation cycles.

What is an expense ratio and how does it apply to SPYG and SPYV?

An expense ratio is the annual fee charged by an ETF, expressed as a percentage of assets. It covers management and operational costs. Both SPYG and SPYV charge a 0.04% expense ratio, meaning investors pay 4 cents annually for every $100 invested. Since the fees are identical, differences in net returns between these funds stem primarily from performance and distribution policies, not costs. Always check the current prospectus for exact details.

What is dividend yield and how does it differ between these funds?

Dividend yield shows the annual dividend payout as a percentage of the share price. SPYV currently offers a 1.69% yield, reflecting its value orientation with income-generating stocks. SPYG provides a lower 0.47% yield, as growth companies typically reinvest earnings rather than distribute them. Yield levels influence investor cash flow expectations. These figures are based on recent data and may change, so review distributions regularly for accuracy.

Do SPYG and SPYV track the same index or strategy?

SPYG targets the growth-oriented segment of the S&P 500, while SPYV focuses on its value-oriented counterpart. Both funds aim to replicate their respective sub-indices, though the exact indices tracked are not specified in the provided data. This distinction means SPYG holds companies with rising revenue or earnings potential, whereas SPYV contains firms perceived as undervalued. The strategies are complementary rather than identical, offering different exposures within the same broad market universe.

Which sectors do SPYG and SPYV emphasise based on their top holdings?

SPYG's top holdings, including NVDA, MSFT, and AAPL, lean towards technology and communication services, consistent with its growth mandate. SPYV includes AAPL and AMZN but also features XOM, WMT, and MRK, suggesting a broader exposure to energy, consumer staples, and healthcare—typical of value investing. While sector weightings are not provided, the concentration in these leaders illustrates how growth and value strategies diverge in their preferred industries within the S&P 500 framework.

How much overlap exists between SPYG and SPYV's top holdings?

There is limited overlap between the top holdings of SPYG and SPYV. Only AAPL and AMZN appear in both funds' top 10. In SPYG, AAPL is weighted at 6.74% and AMZN at 3.63%, while in SPYV, AAPL is 8.24% and AMZN is 3.93%. This minimal overlap underscores the distinct portfolios of growth and value strategies. Despite both targeting the S&P 500, their holdings differ significantly, offering diverse exposure for investors combining both approaches.

How do SPYG and SPYV differ in size and maturity?

SPYG holds $55.0 billion in net assets, compared to SPYV's $36.3 billion, indicating SPYG's larger scale in the market. Both ETFs were launched on 25 September 2000, giving them a long operating record. Their similar inception dates mean both have navigated multiple market cycles. Asset size can affect trading liquidity, while operational history provides confidence in the fund's management and tracking reliability over time.

What is the difference in concentration risk between SPYG and SPYV?

Concentration risk refers to exposure to a single holding dominating the portfolio. SPYG has a notable concentration, with its top holding (NVDA) accounting for 14.78% of assets. In contrast, SPYV's largest holding (AAPL) represents 8.24% of its portfolio. While both hold large tech firms, SPYG's higher single-stock weight implies it may be more sensitive to the performance of NVDA, whereas SPYV is slightly more diversified across its value-oriented holdings.

What does the expense ratio mean for my returns over time?

The expense ratio reduces your returns by the annual fee. For a hypothetical $10,000 investment over 10 years, SPYG's 0.04% expense ratio amounts to $40 in fees, while SPYV's 0.04% also results in $40. Since these fees are identical, the impact is the same for both funds. The difference in cost is 0.00 percentage points. Lower fees allow more of the gross return to remain in your investment, but performance variance between growth and value styles will likely have a far larger impact on final returns than this small fee.

How do ETF distributions work for SPYG and SPYV?

ETFs distribute dividends received from underlying holdings, plus any capital gains, typically quarterly. SPYV, with a 1.69% yield, generally offers more frequent cash flow than SPYG, which yields 0.47%. Investors can receive these payouts as cash or reinvest them to purchase more shares. Distribution amounts vary based on the holdings' performance and declared dividends. High-turnover or capital gains events can also affect distributions, which are separate from the fund's net asset value growth.

What is the best way to track and compare the performance of these ETFs?

To track performance, compare the total return of SPYG and SPYV against their respective benchmark indices, which are currently listed as 'not available' in the provided data. You should look at their price charts and historical returns provided by platforms like Yahoo Finance. Since both funds aim to replicate their specific growth or value segments of the S&P 500, comparing their expense-adjusted returns against each other over time helps illustrate the divergence between growth and value factors in the market.

Which ETF might be more suitable for an investor focused on capital appreciation?

SPYG is the S&P 500 Growth ETF, which targets companies with strong earnings growth prospects. Investors focusing on capital appreciation often prefer growth funds like SPYG, which historically exhibit lower dividend yields (0.47%) but may offer higher potential price increases. Conversely, SPYV focuses on value stocks (yielding 1.69%) which may be more volatile or have lower growth rates but offer income. Choice depends on individual financial goals and risk tolerance.

SPYG vs SPYV

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

Compare SPDR Portfolio S&P 500 Growth ETF (SPYG) and SPDR Portfolio S&P 500 Value ETF (SPYV). This page examines fees, holdings, dividends and how each fund tracks its market focus. Both ETFs carry identical expense ratios but offer distinct portfolios. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPYG

Metric

SPYV

0.04%

Expense Ratio

0.04%

0.47%

Dividend Yield

1.69%

$55.00B

Net Assets

$36.32B

153

Holdings

438

Sep 25, 2000

Inception Date

Sep 25, 2000

–

Index Tracked

–

Large Growth

Fund Category

Large Value

Both funds charge the same annual fee.

Shared Top Holdings

Holding	SPYG	SPYV
AAPLApple Inc.	6.74%	8.24%
AMZNAmazon.com, Inc.	3.63%	3.93%

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Investment Analysis

SPYG

Pros

SPYG charges a low 0.04 percent annual expense ratio.
The fund holds $55.0 billion in net assets.
Its inception date on 25 September 2000 provides a long operating record.

Considerations

The dividend yield is low at 0.47 percent.
The top holding accounts for 14.78 percent of assets.
SPYG's index tracked is not available in the supplied data.

SPYV

Pros

SPYV charges a low 0.04 percent annual expense ratio.
Its dividend yield of 1.69 percent is higher than SPYG's 0.47 percent.
Its inception date on 25 September 2000 provides a long operating record.

Considerations

The fund holds $36.3 billion in net assets.
The largest holding accounts for 8.24 percent of assets.
SPYV's index tracked is not available in the supplied data.

About SPYG and SPYV

SPYG (SPYG)

The SPDR Portfolio S&P 500 Growth ETF offers investors a streamlined way to access large-cap companies within the S&P 500 index that exhibit growth characteristics. With an exceptionally low expense ratio of just 0.04%, this fund prioritises cost efficiency, making it an attractive option for long-term investors seeking broad exposure to growth-oriented sectors. Holding 153 stocks, it provides diversification across key growth leaders while maintaining a manageable portfolio size. Although its dividend yield of 0.47% is modest compared to income-focused funds, the primary aim here is capital appreciation driven by companies expected to outpace average market growth. As with any equity investment, values can rise and fall, and returns are not guaranteed. Investors should consider their own risk tolerance and investment objectives before allocating funds to this ETF, ensuring it aligns with their overall portfolio strategy.

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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SPYG vs SPYV

Fund Snapshot