VOO vs SPY: Differences, Fees and Returns
VOO is cheaper: it charges 0.03% a year against 0.09% for SPY. That is €6 less a year per 10,000 invested; over a plan of 10,000 up front plus 200 a month for 30 years, the accumulated cost gap comes to about €4,595.
Both track the same index (S&P 500), so their returns before costs should be almost identical: the choice comes down to cost, where you can buy them and tax.
Over the last 10 years, VOO and SPY returned practically the same, around 15.34% a year.
Head-to-head comparison
| VOO | SPY | |
|---|---|---|
| Name | Vanguard S&P 500 ETF | SPDR S&P 500 ETF Trust |
| Provider | Vanguard | State Street |
| Index | S&P 500 | S&P 500 |
| TER | 0.03% | 0.09% |
| Type | ETF | ETF |
| Domicile | United States | United States |
| Dividends | Distributing | Distributing |
| Launch date | September 7, 2010 | January 22, 1993 |
| Fund size | $1.8T | $812B |
| ISIN | — | — |
| Available to EU retail investors | No | No |
| Tax-free switch (Spain) | No | No |
Historical returns: VOO vs SPY (Aug 2016 – Aug 2026)
10,000 invested in Aug 2016 would be worth $41,654 in VOO and $41,454 in SPY today.
| VOO | SPY | |
|---|---|---|
| Annualised return | 15.34% | 15.28% |
| Total return | 316.54% | 314.54% |
| Annual volatility | 15.34% | 15.32% |
| Maximum drawdown | -23.91% | -23.93% |
| Monthly correlation | 1 | |
Calendar-year returns
| Year | VOO | SPY |
|---|---|---|
| 2026* | 13.09% | 13.08% |
| 2025 | 17.82% | 17.72% |
| 2024 | 24.98% | 24.89% |
| 2023 | 26.32% | 26.19% |
| 2022 | -18.19% | -18.17% |
| 2021 | 28.78% | 28.75% |
| 2020 | 18.29% | 18.37% |
| 2019 | 31.36% | 31.22% |
| 2018 | -4.50% | -4.56% |
| 2017 | 21.77% | 21.70% |
* Current year, to Aug 2026.
Month-end closing prices adjusted for dividends and net of fund costs. Broker fees and taxes are not included. Past performance does not guarantee future results.
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Frequently Asked Questions
VOO is cheaper: it charges 0.03% a year against 0.09% for SPY. That is €6 less a year per 10,000 invested; over a plan of 10,000 up front plus 200 a month for 30 years, the accumulated cost gap comes to about €4,595. Both track the same index (S&P 500), so their returns before costs should be almost identical: the choice comes down to cost, where you can buy them and tax.
VOO (ETF) tracks the S&P 500 with a 0.03% TER; SPY (ETF) tracks the S&P 500 with a 0.09% TER.
Generally not as a retail client: they are US-domiciled ETFs without the key information document EU PRIIPs rules require. Look for their UCITS equivalents in our list of funds for Europe.
Over the last 10 years, VOO and SPY returned practically the same, around 15.34% a year.