VOO Calculator

VOO vs. SPY

Both funds track the S&P 500 — here’s what actually differs between them.

At a glance

TickerFundIssuerIndex trackedExpense ratio
VOOVanguard S&P 500 ETFVanguardS&P 5000.03%
SPYSPDR S&P 500 ETF TrustState StreetS&P 5000.09%

Data last verified: pending verification

Same index, different cost and structure

VOO and SPY both aim to track the S&P 500 index, so their underlying holdings are essentially identical. Tracks the same S&P 500 index as VOO, but as an older, higher-cost unit investment trust. Over long holding periods, the lower expense ratio tends to matter more than any difference in trading liquidity for a typical individual investor.

Which should you choose?

If you’re a long-term, buy-and-hold investor making regular contributions, the lower ongoing cost of VOO is generally the more relevant factor. If you actively trade large positions or use S&P 500 options, SPY’s exceptional liquidity is the more established choice among professional traders.

Use the VOO calculator to project how a VOO investment could grow — since SPY tracks the same index, the price growth assumptions are broadly comparable, though SPY’s slightly higher expense ratio would modestly reduce net returns relative to VOO.

More comparisons

  • VOO vs. IVV — another S&P 500 ETF, this time from BlackRock
  • VOO vs. VTI — large-cap only vs. the total U.S. stock market

Frequently asked questions

Both track the S&P 500 index, so their holdings and long-run performance are effectively the same. The differences are in cost and legal structure: VOO is a Vanguard open-end ETF, while SPY is an older unit investment trust (UIT) from State Street, which historically carries a higher expense ratio and can't reinvest dividends immediately the way a standard ETF can.

This calculator provides hypothetical estimates for educational purposes only and is not financial, tax, or investment advice. Past performance does not guarantee future results. voocalculator.app is not affiliated with, endorsed by, or sponsored by The Vanguard Group. VOO is a trademark of its respective owner. See our full disclaimer.