Sep 9, 2010 – Nov 12, 2026, VOO sets the start date
Growth of $10,000
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Key metrics · Sep 9, 2010 – Nov 12, 2026
| Return | SPY | VOO |
|---|---|---|
| Final balance | $90,881 | $91,947 |
| Total return | +808.81% | +819.47% |
| CAGR | +14.62% | +14.70% |
| 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 (daily, annualized) | 16.92% | 16.97% |
| Risk-adjusted | SPY | VOO |
|---|---|---|
| Sharpe ratio | 0.89 | 0.90 |
| Sortino ratio | 1.26 | 1.26 |
| Calmar ratio | 0.43 | 0.43 |
Trailing returns · Sep 9, 2010 – Nov 12, 2026
| Period | SPY | VOO | SPY − VOO |
|---|---|---|---|
| YTD | +11.89% | +11.94% | −0.05% |
| 1Y | +11.99% | +12.07% | −0.08% |
| 3Y | +21.23% | +21.32% | −0.09% |
| 5Y | +11.62% | +11.69% | −0.07% |
| 10Y | +15.14% | +15.22% | −0.07% |
| 15Y | +14.64% | +14.72% | −0.08% |
Rolling returns · Sep 9, 2010 – Nov 12, 2026
| Period | SPY median | VOO median | More often ahead |
|---|---|---|---|
| 1Y | +16.01% | +16.09% | VOO 91% |
| 3Y | +13.52% | +13.60% | VOO 99% |
| 5Y | +13.60% | +13.68% | VOO >99% |
| 10Y | +13.51% | +13.59% | VOO >99% |
Worst drawdowns · SPY · Sep 9, 2010 – Nov 12, 2026
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −33.7% | Feb 2020 | Mar 2020 | Aug 2020 | 6 months |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 | 1.9 years |
| −19.3% | Sep 2018 | Dec 2018 | Apr 2019 | 7 months |
| −18.8% | Feb 2025 | Apr 2025 | Jun 2025 | 4 months |
| −18.6% | Apr 2011 | Oct 2011 | Feb 2012 | 9 months |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −34.0% | Feb 2020 | Mar 2020 | Aug 2020 | 6 months |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 | 1.9 years |
| −19.5% | Sep 2018 | Dec 2018 | Apr 2019 | 7 months |
| −18.8% | Apr 2011 | Oct 2011 | Feb 2012 | 9 months |
| −18.7% | Feb 2025 | Apr 2025 | Jun 2025 | 4 months |
Annual returns
| Year | SPY | VOO | SPY − VOO |
|---|---|---|---|
| 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% |
| 2026to Nov 12 | +11.89% | +11.94% | −0.05% |
Holdings overlap
As of Jun 30, 2026
503 holdings in common, of 503 in SPY and 504 in VOO
| Largest in common | SPY | VOO | Overlap |
|---|---|---|---|
| NVDANVIDIA Corporation | 7.52% | 7.51% | 7.51% |
| AAPLApple Inc. | 6.59% | 6.59% | 6.59% |
| MSFTMicrosoft Corporation | 4.30% | 4.30% | 4.30% |
| AMZNAmazon.com, Inc. | 3.62% | 3.62% | 3.62% |
| GOOGLAlphabet Inc. | 3.25% | 3.25% | 3.25% |
| AVGOBroadcom Inc. | 2.77% | 2.77% | 2.77% |
| GOOGAlphabet Inc. | 2.59% | 2.59% | 2.59% |
| MUMicron Technology, Inc. | 2.02% | 2.02% | 2.02% |
| METAMeta Platforms, Inc. | 1.92% | 1.92% | 1.92% |
| TSLATesla, Inc. | 1.84% | 1.84% | 1.84% |
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 14.6% a year from Sep 2010 to Nov 2026, against 14.7% for VOO. Both fell furthest in 2020, SPY by 33.7% and VOO by 34.0%. VOO beat SPY in 14 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.