SPY vs VOO
Sep 9, 2010 – Sep 23, 2026, VOO sets the start date
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| SPY | $92,164 | 14.85% | −33.72% | 0.91 |
| VOO | $92,723 | 14.90% | −33.99% | 0.91 |
| SPY | VOO | |
|---|---|---|
| Final balance | $92,164 | $92,723 |
| CAGR | 14.85% | 14.90% |
| Max drawdown | −33.72% | −33.99% |
| Sharpe ratio | 0.91 | 0.91 |
Loading the growth chart…
Growth of $10,000
- SPY
- VOO
Trailing returns
Annualized past 1Y
| Period | SPY | VOO | SPY − VOO |
|---|---|---|---|
| YTD | 13.47% | 13.52% | −0.04% |
| 1Y | 17.02% | 17.07% | −0.05% |
| 3Y | 22.75% | 22.85% | −0.09% |
| 5Y | 13.12% | 13.19% | −0.07% |
| 10Y | 15.33% | 15.41% | −0.08% |
| 15Y | 15.59% | 15.64% | −0.05% |
Metrics
| Return | SPY | VOO |
|---|---|---|
| Final balance | $92,164 | $92,723 |
| Total return | 821.64% | 827.23% |
| CAGR | 14.85% | 14.90% |
| Calendar years | SPY | VOO |
| Best year | 32.31% | 32.39% |
| Worst year | −18.18% | −18.17% |
| Positive years | 13 of 15 | 13 of 15 |
| Risk | SPY | VOO |
| Max drawdown | −33.72% | −33.99% |
| Longest drawdown | 1.9 years | 1.9 years |
| Volatility (annualized) | 16.92% | 16.97% |
| Risk-adjusted | SPY | VOO |
| Sharpe ratio | 0.91 | 0.91 |
| Sortino ratio | 1.28 | 1.28 |
| Calmar ratio | 0.44 | 0.44 |
| Return | SPY | VOO |
|---|---|---|
| Final balance | $92,164 | $92,723 |
| Total return | 821.64% | 827.23% |
| CAGR | 14.85% | 14.90% |
| Calendar years | SPY | VOO |
| Best year | 32.31% | 32.39% |
| Worst year | −18.18% | −18.17% |
| Positive years | 13 of 15 | 13 of 15 |
| Risk | SPY | VOO |
|---|---|---|
| Max drawdown | −33.72% | −33.99% |
| Longest drawdown | 1.9 years | 1.9 years |
| Volatility (annualized) | 16.92% | 16.97% |
| Risk-adjusted | SPY | VOO |
| Sharpe ratio | 0.91 | 0.91 |
| Sortino ratio | 1.28 | 1.28 |
| Calmar ratio | 0.44 | 0.44 |
Worst drawdowns
| Decline | Peak | Bottom | Recovered |
|---|---|---|---|
| −33.7% | Feb 2020 | Mar 2020 | Aug 2020 |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 |
| −19.3% | Sep 2018 | Dec 2018 | Apr 2019 |
| −18.8% | Feb 2025 | Apr 2025 | Jun 2025 |
| −18.6% | Apr 2011 | Oct 2011 | Feb 2012 |
| Decline | Peak | Bottom | Recovered |
|---|---|---|---|
| −34.0% | Feb 2020 | Mar 2020 | Aug 2020 |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 |
| −19.5% | Sep 2018 | Dec 2018 | Apr 2019 |
| −18.8% | Apr 2011 | Oct 2011 | Feb 2012 |
| −18.7% | Feb 2025 | Apr 2025 | Jun 2025 |
Annual returns
| Year | SPY | VOO | SPY − VOO |
|---|---|---|---|
| 2010* | +14.58% | +14.78% | −0.20% |
| 2011 | +1.89% | +1.90% | 0.00% |
| 2012 | +15.99% | +15.99% | 0.00% |
| 2013 | +32.31% | +32.39% | −0.08% |
| 2014 | +13.46% | +12.93% | +0.54% |
| 2015 | +1.23% | +1.33% | −0.09% |
| 2016 | +12.00% | +12.17% | −0.17% |
| 2017 | +21.71% | +21.77% | −0.07% |
| 2018 | −4.57% | −4.50% | −0.07% |
| 2019 | +31.22% | +31.37% | −0.14% |
| 2020 | +18.33% | +18.32% | +0.01% |
| 2021 | +28.73% | +28.79% | −0.07% |
| 2022 | −18.18% | −18.17% | 0.00% |
| 2023 | +26.18% | +26.32% | −0.15% |
| 2024 | +24.89% | +24.98% | −0.09% |
| 2025 | +17.72% | +17.82% | −0.10% |
| 2026* | +13.47% | +13.52% | −0.04% |
* Partial year
Rolling returns
| Period | SPY median | VOO median | More often ahead |
|---|---|---|---|
| 1Y | 16.01% | 16.06% | VOO 85% |
| 3Y | 13.45% | 13.53% | VOO 77% |
| 5Y | 13.62% | 13.61% | VOO 61% |
| 10Y | 13.47% | 13.51% | VOO >99% |
About SPY vs VOO
Both track the S&P 500. SPY, launched in 1993, is a unit investment trust, so it holds its dividends as cash until it pays them out and can't lend out the stocks it holds. VOO, launched in 2010, is an ordinary fund that reinvests dividends as they arrive and lends out its stocks. The small gap between their returns comes mostly from their fees and that structure.
SPY returned 14.85% a year from Sep 2010 to Sep 2026, against 14.90% for VOO. Both fell furthest in 2020, SPY by 33.7% and VOO by 34.0%. VOO beat SPY in 13 of 15 full years and in nearly every rolling 10-year period.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The comparison starts on Sep 9, 2010, when VOO's prices begin.