Data as of Oct 28, 2026.
SPY vs VOE: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to VOE's +22.8%; 10% 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 $22.8bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap Value ETF.
Pair scorecard
VOE costs 0.04 points a year less; their one-year returns differ by 9.2 points; SPY is far larger, $809.2bn against $22.8bn.
| Measure | SPY | VOE |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +22.8% |
| Benchmark | ||
| What it tracks | S&P 500 Index | Morningstar US Mid Cap Value Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.05% |
| Net assets, as of Sep 30, 2026 | $809.2bn | $22.8bn |
| Holdings | ||
| Holdings in common | 10% | |
| Top ten holdings, share of the fund | 38.1% | 14.0% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Sep 1, 2006 to Oct 23, 2026 · 1,051 weekly returnsSPY returned more: +737.7% to +515.4%. SPY swung less: 17.9% to 20.4%. SPY fell less at its worst: −54.6% to −61.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SPY | VOE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +737.7% | +515.4% | SPY | Price change plus distributions, reinvested. |
| Annualized | +11.1% | +9.4% | SPY | Total return as a yearly rate. |
| Price return | +478.3% | +301.7% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.9% | 20.4% | SPY | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.7% | 14.5% | SPY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −54.6% | −61.2% | SPY | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.59 | 0.46 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.83 | 0.65 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.20 | 0.15 | SPY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,051 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and VOE hold 10% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
10% in common
Only in one fund ↓
Side by side
SPY and VOE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and VOE do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and VOE follows Morningstar US Mid Cap Value Index.
- Holdings in common. 10% 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 VOE +22.8% with distributions reinvested, a gap of 9.2 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%.
VOE
VOE tracks an index of Mid-Cap Value. Over the year to Oct 28, 2026 it returned +22.8% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 14.0%.
Questions people ask
- Which returned more over the last year, SPY or VOE?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and VOE +22.8%.
- Which is cheaper, SPY or VOE?
- VOE 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 VOE, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-voe
ETFIQ. (Oct 28, 2026). SPY against VOE. Retrieved from https://etfiq.com/compare/any/spy-vs-voe
[SPY against VOE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-voe)
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