What does the 0.04% versus 0.03% expense ratio mean for these value ETFs?

The expense ratio is the annual fee charged to manage the fund. SPYV charges 0.04% and VTV charges 0.03%. This difference of 0.01 percentage points is small, but fees reduce net returns over long periods. A lower fee, like VTV's, theoretically leaves more money with the investor compared to SPYV, assuming all other factors are equal. For example, on a £10,000 investment, the annual cost difference is £1. While negligible for small sums, this compounding difference becomes more relevant for larger portfolios or extended holding periods, directly impacting long-term net outcomes.

How do these large-cap value ETFs differ from standard S&P 500 funds?

Standard S&P 500 funds track the entire index, including high-growth technology firms. SPYV and VTV specifically target the value segment, which generally includes companies perceived as cheaper relative to their earnings or book value. This focus results in different sector exposures. Unlike the standard index's heavy tech weighting, value ETFs often hold more financials, healthcare, and energy stocks. Although specific index tracking details are not available for these funds, their categories indicate a distinct tilt towards mature, established companies, offering a different risk and return profile than growth-oriented portfolios.

Why do SPYV and VTV show different top holdings despite being value funds?

Value investing is not a uniform strategy. Different index providers and fund managers use distinct criteria to define 'value'. SPYV and VTV hold different top positions because they likely track specific indices with unique selection rules. SPYV's top holding is AAPL at 8.24%, whereas VTV's is MU at 3.94%. These differences highlight how the two funds categorise companies. AAPL is considered a value stock by SPYV's methodology but may not fit VTV's criteria. This variation affects portfolio diversification and the types of market exposures investors receive, reflecting the nuanced nature of value classification across different providers.

Which fund has greater liquidity and asset size?

VTV is significantly larger, with $191.1 billion in net assets, compared to SPYV's $36.3 billion. Larger asset bases generally indicate greater liquidity, which can lead to tighter bid-ask spreads during trading. Both funds are well-capitalised enough for most retail investors, but VTV's substantial size suggests it might offer slightly better trading efficiency in very large block trades. Investors often consider asset size as a proxy for fund stability and liquidity, although both SPYV and VTV exceed the minimum thresholds typically required for institutional or retail trading without significant market impact or pricing irregularities.

How do the dividend yields of SPYV and VTV compare?

VTV offers a dividend yield of 1.85%, slightly higher than SPYV's 1.69%. Both yields are modest, typical for large-cap value ETFs which balance income with growth potential. A higher yield can benefit investors seeking regular cash flow, but yield differences of 0.16 percentage points are relatively minor. Distributions are not guaranteed and can change based on the underlying companies' earnings and payout policies. Investors should consider that while VTV provides marginally more income, the total return potential depends on both price appreciation and these dividend payments over the long term.

What are the key similarities in the top 10 holdings of both ETFs?

While there are differences, both funds share several major large-cap names in their top 10 holdings. Specifically, XOM, WMT, CVX, and BAC appear in both SPYV and VTV portfolios. This overlap suggests that despite potentially different indexing methodologies, both funds capture exposure to established industrial, consumer staple, energy, and financial sector leaders. The presence of these shared holdings indicates a degree of core similarity in their value strategy, providing investors with exposure to these blue-chip companies regardless of which specific fund they choose for their large-cap value allocation.

How does sector exposure differ between SPYV and VTV based on top holdings?

Although full sector weights are not available, the top holdings reveal distinct sector concentrations. SPYV's portfolio is heavily influenced by AAPL (8.24%) and AMZN (3.93%), indicating a significant Information Technology or Consumer Discretionary tilt depending on classification. In contrast, VTV's top holdings include MU, JPM, and BRK.B, suggesting stronger exposure to Financials and Industrials or Technology depending on specific company classifications. This implies SPYV may behave more similarly to the broader market's tech-driven sectors, while VTV offers a more traditional value profile with a stronger emphasis on financial institutions and established industrial firms.

What unique company exposures differentiate these two funds?

Each fund offers distinct top holdings not present in the other's top 10. SPYV includes TSLA and COST, which introduces exposure to consumer discretionary and alternative technology narratives often classified as value by certain providers. VTV, on the other hand, holds JNJ, ABBV, and CSCO, adding significant healthcare and telecommunications equipment exposure. Additionally, VTV holds BRK.B and JPM, reinforcing its financial sector focus. These unique components mean investors will receive different sector balances and company-specific risks depending on which fund they select, influencing portfolio diversification and potential returns.

How does the expense ratio impact net returns for investors?

The expense ratio is deducted from the fund's assets, directly reducing net returns. With SPYV at 0.04% and VTV at 0.03%, the difference is 0.01%. While this seems minor, over decades, these small fees compound. An investor in VTV keeps 0.01% more of their returns annually compared to an investor in SPYV. This advantage is purely mechanical and independent of market performance. For cost-conscious investors building long-term portfolios, choosing the fund with the lower expense ratio, like VTV, provides a slight structural edge in accumulating wealth through reduced annual costs.

What should investors know about the inception dates of these funds?

SPYV was launched on Sep 25, 2000, while VTV began trading on Jan 26, 2004. Both funds have extensive track records spanning over two decades, providing ample data for analysing their performance through various market cycles. However, their different inception dates mean they may have encountered different economic environments in their early years. Neither fund's index tracked is currently available for detailed review, so investors must rely on their stated categories and holdings to understand their historical behaviour and suitability for long-term value investing strategies.

Why are specific index tracking details unavailable for this comparison?

The ground truth data provided indicates that the specific index tracked and the sector weights for both SPYV and VTV are currently unavailable. This limits the ability to perform a precise, line-by-line comparison of their underlying methodologies or current market exposures beyond their top holdings. Investors should be aware that without this information, the full context of how each fund selects its constituents and manages sector allocations cannot be assessed. Consequently, decisions should rely on the available metrics such as expense ratios, net assets, yields, and top holdings.

SPYV vs VTV

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

This page compares SPYV and VTV, contrasting their 0.04% and 0.03% expense ratios, holdings, and 1.69% and 1.85% dividend yields while examining how each tracks the S&P 500 Value Index. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPYV

Metric

VTV

0.04%

Expense Ratio

0.03%

1.69%

Dividend Yield

1.85%

$36.32B

Net Assets

$191.07B

438

Holdings

319

Sep 25, 2000

Inception Date

Jan 26, 2004

–

Index Tracked

–

Large Value

Fund Category

Large Value

VTV costs about $1.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SPYV	VTV
XOMExxonMobil Holdings Corporation	2.26%	2.43%
WMTWalmart Inc.	1.60%	1.67%
CVXChevron Corporation	1.39%	1.42%
BACBank of America Corporation	1.26%	1.44%

Discover More Comparisons

SPYV vs VOOV

Compare SPYV and VOOV, two large-cap value ETFs. Analyse their expense ratios, dividend yields, top holdings, and tracking of the S&P 500 Value index.

SPYV vs VOO

Compare SPYV and VOO ETFs. Review expense ratios, top holdings, dividend yields, and market segment tracking to understand their distinct investment profiles.

SPYV vs VTI

Compare SPYV and VTI on expense ratios, net assets, dividend yields, and top holdings. Review large-cap value versus total market tracking details here.

Investment Analysis

SPYV

Pros

The low 0.04% expense ratio reduces ongoing costs, aiding long-term net returns.
With 36.3 billion dollars in assets, the fund offers solid trading liquidity.
Holding major names like Apple ensures exposure to large-cap quality and tech.

Considerations

A 1.69% yield is modest, providing limited income for dividend-focused investors.
Significant tech exposure in a value fund may raise consistency questions.
The index tracked and sector weights are currently unavailable for detailed analysis.

VTV

Pros

The 0.03% expense ratio is slightly lower, maximizing net returns for investors.
With 191.1 billion in assets, liquidity and trading spreads should be excellent.
Holding Berkshire Hathaway and JPMorgan provides classic large-cap financial sector exposure.

Considerations

The 1.85% yield remains moderate, offering only average income generation.
Specific index tracked and sector weights are not available for review.
Top holdings like Micron may introduce cyclical semiconductor volatility to the fund.

About SPYV and VTV

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.

VTV (VTV)

The Vanguard Value ETF (VTV) is a large-cap value fund designed to track the performance of US large-capitalisation companies considered to have value characteristics. Launched in January 2004, it currently holds a diverse portfolio of 319 stocks. With a very low expense ratio of just 0.03%, it offers investors a cost-effective way to access established US companies that may be trading at lower prices relative to their fundamental metrics. The fund has accumulated net assets of approximately USD 191.07 billion, indicating significant liquidity and investor confidence. It currently provides a dividend yield of 1.85%. While value strategies can offer potential advantages during market rotations, like all investments, the value of shares can fall as well as rise, and returns are not guaranteed. This fund is generally suitable for investors seeking diversified exposure to the US large-cap value segment as part of a broader portfolio strategy.

Buy SPYV or VTV in Nemo

🆓

Zero Commission

Trade stocks, ETFs, and more with zero commission. Keep more of your returns.

🔒

Trusted & Regulated

Part of Exinity Group 2015, serving over a million customers globally.

💰

6% Interest on Cash

Earn 6% AER on uninvested cash with daily interest payments.

SPYV vs VTV

Fund Snapshot