Data as of Oct 28, 2026.
SPY vs VTEB: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to VTEB's −0.4%; 0% 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 $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.
Pair scorecard
VTEB costs 0.06 points a year less; their one-year returns differ by 14.0 points; SPY is 16.3 times larger.
| Measure | SPY | VTEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | −0.4% |
| Benchmark | ||
| What it tracks | S&P 500 Index | S&P National AMT-Free Municipal Bond Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.03% |
| Net assets, as of Sep 30, 2026 | $809.2bn | $49.6bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Sep 4, 2015 to Oct 23, 2026 · 581 weekly returnsSPY returned more: +374.9% to +26.3%. VTEB swung less: 6.7% to 16.7%. VTEB fell less at its worst: −14.8% to −31.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SPY | VTEB | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +374.9% | +26.3% | SPY | Price change plus distributions, reinvested. |
| Annualized | +15.0% | +2.1% | SPY | Total return as a yearly rate. |
| Price return | +294.6% | −2.9% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.7% | 6.7% | VTEB | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.6% | 4.6% | VTEB | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −14.8% | VTEB | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.78 | 0.00 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 1.13 | 0.01 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.47 | 0.14 | SPY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 581 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and VTEB hold 0% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
SPY and VTEB on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and VTEB do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and VTEB follows S&P National AMT-Free Municipal Bond Index.
- Holdings in common. 0% 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 VTEB −0.4% with distributions reinvested, a gap of 14.0 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%.
VTEB
VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year.
Questions people ask
- Which returned more over the last year, SPY or VTEB?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and VTEB −0.4%.
- Which is cheaper, SPY or VTEB?
- VTEB 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.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, SPY against VTEB, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-vteb
ETFIQ. (Oct 28, 2026). SPY against VTEB. Retrieved from https://etfiq.com/compare/any/spy-vs-vteb
[SPY against VTEB (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-vteb)
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