Data as of Oct 28, 2026.
SPY vs VNQ: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to VNQ's +4.8%; 2% 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 $35.9bn on Sep 30, 2026 for Vanguard Real Estate ETF.
Pair scorecard
SPY costs 0.04 points a year less; their one-year returns differ by 8.8 points; SPY is far larger, $809.2bn against $35.9bn.
| Measure | SPY | VNQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +4.8% |
| Drawdown | ||
| Below its high | 8.3%, high on Jul 28, 2026 | |
| Benchmark | ||
| What it tracks | S&P 500 Index | MSCI US Investable Market Real Estate 25/50 Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.13% |
| Net assets, as of Sep 30, 2026 | $809.2bn | $35.9bn |
| Holdings | ||
| Holdings in common | 2% | |
| Top ten holdings, share of the fund | 38.1% | 55.8% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Oct 8, 2004 to Oct 23, 2026 · 1,150 weekly returnsSPY returned more: +911.9% to +364.5%. SPY swung less: 17.4% to 25.0%. SPY fell less at its worst: −54.6% to −72.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SPY | VNQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +911.9% | +364.5% | SPY | Price change plus distributions, reinvested. |
| Annualized | +11.0% | +7.2% | SPY | Total return as a yearly rate. |
| Price return | +575.5% | +80.5% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.4% | 25.0% | SPY | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.3% | 17.3% | SPY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −54.6% | −72.5% | SPY | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.58 | 0.33 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.83 | 0.48 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.20 | 0.10 | SPY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,150 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and VNQ hold 2% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
2% in common
Only in one fund ↓
Side by side
SPY and VNQ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and VNQ do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and VNQ follows MSCI US Investable Market Real Estate 25/50 Index.
- Holdings in common. 2% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPY returned +13.6% and VNQ +4.8% with distributions reinvested, a gap of 8.8 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%.
VNQ
VNQ tracks an index of US real estate. Over the year to Oct 28, 2026 it returned +4.8% with distributions reinvested. The prospectus expense ratio is 0.13% a year. By its holdings published by its issuer as of Sep 30, 2026, 63% of the fund by weight is stocks the S&P 500 also holds, across 141 positions, with the top ten at 55.8%. It sat 8.3% below its high of Jul 28, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, SPY or VNQ?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and VNQ +4.8%.
- Which is cheaper, SPY or VNQ?
- SPY is cheaper, by 0.04 percentage points a year. That is about $4 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 VNQ, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-vnq
ETFIQ. (Oct 28, 2026). SPY against VNQ. Retrieved from https://etfiq.com/compare/any/spy-vs-vnq
[SPY against VNQ (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-vnq)
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