Data as of Oct 28, 2026.
SPY vs VLUE: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to VLUE's +54.7%; 13% of their weight is in the same names.
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Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $9.4bn on Oct 28, 2026 for iShares MSCI USA Value Factor ETF.
Pair scorecard
SPY costs 0.06 points a year less; their one-year returns differ by 41.1 points; SPY is far larger, $814.8bn against $9.3bn.
| Measure | SPY | VLUE |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +54.7% |
| Benchmark | ||
| What it tracks | S&P 500 Index | MSCI USA Enhanced Value Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.15% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $9.3bn |
| Holdings | ||
| Holdings in common | 13% | |
| Top ten holdings, share of the fund | 38.1% | 42.8% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Apr 26, 2013 to Oct 23, 2026 · 704 weekly returnsEach against its own benchmark: SPY against VOO, Sep 17, 2010 to Oct 23, 2026; VLUE against MLRG, Apr 26, 2013 to Oct 23, 2026.
SPY returned more: +504.1% to +429.0%. SPY swung less: 15.9% to 18.3%. SPY fell less at its worst: −31.8% to −37.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPY | VLUE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +504.1% | +429.0% | SPY | Price change plus distributions, reinvested. |
| Annualized | +14.2% | +13.1% | SPY (slight) | Total return as a yearly rate. |
| Price return | +380.3% | +280.4% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 15.9% | 18.3% | SPY | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.0% | 12.7% | SPY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −37.5% | SPY | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 96.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.0% | 98.4% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.79 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.80 | 0.66 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 1.15 | 0.95 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | 0.121 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.45 | 0.35 | SPY | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | MLRG | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −0.2% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.51 | −0.07 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.3% to +0.1% | −4.7% to +4.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.15 | −0.01 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 8.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 704 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and VLUE hold 13% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
13% in common
Only in one fund ↓
Side by side
SPY and VLUE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and VLUE do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and VLUE follows MSCI USA Enhanced Value Index.
- Holdings in common. 13% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPY returned +13.6% and VLUE +54.7% with distributions reinvested, a gap of 41.1 points.
Data as of Oct 28, 2026.
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SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
VLUE
VLUE tracks the MSCI USA Value Factor. Over the year to Oct 28, 2026 it returned +54.7% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 97% of the fund by weight is stocks the S&P 500 also holds, across 148 positions, with the top ten at 42.8%.
Questions people ask
- Which returned more over the last year, SPY or VLUE?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and VLUE +54.7%.
- Which is cheaper, SPY or VLUE?
- SPY is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against VLUE, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-vlue
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