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ETF Comparison

SPY vs VTI: Is the Whole Market Better Than the S&P 500?

Both funds are dominated by the same mega-caps, so the real differences are cost, small-cap exposure, and trading liquidity. Compare SPY and VTI head to head.

Data as of September 28, 2026

SPY

SPDR S&P 500 ETF Trust

State Street SPDR

Broad Market

Price

$713.94

Yield (TTM)

1.24%

SPY dividend calculator →

VTI

Vanguard Total Stock Market ETF

Vanguard

Broad Market

Price

$352.05

Yield (TTM)

1.17%

VTI dividend calculator →

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Project compounded returns, dividend income, and reinvestment using each ETF's real yield, expense ratio, and distribution frequency.

Calculate with SPYCalculate with VTICompare side by side

Quick Comparison Summary

SPY vs VTI: compare dividend yield (1.2% vs 1.2%), expense ratio (0.09% vs 0.03%), holdings, returns, and our verdict for dividend investors.

Side-by-Side Metrics
MetricSPYVTI
IssuerState Street SPDRVanguard
Inception1993-01-222001-05-24
CategoryBroad MarketBroad Market
Price$713.94$352.05
NAV$713.94$352.16
Dividend Yield (TTM)1.24%1.17%
Expense Ratio0.09%0.03%
Distribution FrequencyQuarterlyQuarterly
AUM$723.4B$614.9B
Total Returns

3Y and 5Y figures are annualized. A 0% value indicates the fund had not been listed for the full period.

Holdings & Sector Exposure

SPY

Top 5 / 5 shown

  • MSFT

    Microsoft

    7.16%

  • AAPL

    Apple

    6.82%

  • NVDA

    NVIDIA

    6.40%

  • AMZN

    Amazon

    3.74%

  • META

    Meta Platforms

    2.56%

Sector Weights

  • Information Tech30.1%
  • Financials13.4%
  • Health Care11.5%
  • Consumer Disc.10.5%
  • Communication9.0%
  • Industrials8.3%

VTI

Top 5 / 5 shown

  • MSFT

    Microsoft

    6.12%

  • AAPL

    Apple

    5.84%

  • NVDA

    NVIDIA

    5.51%

  • AMZN

    Amazon

    3.21%

  • META

    Meta Platforms

    2.18%

Sector Weights

  • Information Tech28.6%
  • Financials13.5%
  • Health Care12.1%
  • Consumer Disc.10.4%
  • Industrials9.8%
  • Communication8.6%

Pros & Cons

SPYPros
  • Unmatched intraday liquidity and tight spreads
  • Deep, liquid options market for hedging and income strategies
  • Identical core exposure to the S&P 500's largest companies
  • The original, most recognizable ETF
VTIPros
  • 0.03% expense ratio — among the lowest in the industry
  • Exposure to roughly 3,500 additional US stocks beyond the S&P 500
  • Slightly lower yield improves taxable-account tax efficiency
  • One-fund solution for US equity exposure
SPYCons
  • 0.09% fee — three times VTI's
  • No small- or mid-cap exposure — misses the smaller end of the market
  • Unit investment trust structure limits some structural optimizations
  • Effectively redundant if you already hold a total-market fund
VTICons
  • Thinner (though still ample) liquidity than SPY
  • Tiny weighting in small caps means they barely move the needle
  • Slightly lower yield means less income for income-focused investors
  • Not ideal as an options vehicle
The Verdict

SPY and VTI move together because both are ~85% the same mega-cap names. The differences are structural: VTI costs a third as much (0.03% vs 0.09%), includes thousands of mid- and small-cap stocks, and has a slightly lower yield (~1.2% vs ~1.3%). SPY's edge is unmatched liquidity and a deep options market. For buy-and-hold investors, VTI's lower fee and broader exposure typically win; for active traders and options strategies, SPY remains the tool.

Best for
SPY

Traders and options users who need maximum liquidity and tight spreads

Best for
VTI

Long-term buy-and-hold investors who want the entire US market at the lowest possible cost

Strategy Summary

SPY

The original ETF — tracks the S&P 500 Index. Structured as a unit investment trust, which means slightly higher fees than VOO but unmatched intraday liquidity for traders.

VTI

Tracks the CRSP U.S. Total Market Index — exposure to nearly all publicly traded U.S. stocks across large-, mid-, small-, and micro-cap segments at one of the lowest expense ratios available.

Frequently Asked Questions

Over long periods they are very close because large caps dominate both, but VTI adds small- and mid-cap exposure, which can help or hurt in any given cycle. The fee difference gives VTI a small structural advantage.

Neither is an income fund — both yield barely over 1%. VTI's slightly lower yield makes it a growth core; income investors usually pair it with a dedicated dividend ETF.

Liquidity. SPY trades enormous volume and has the deepest options market of any ETF, which matters for institutions, traders, and anyone running options strategies.
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01

Broad Market vs Broad Market

VOO vs SPY

Both track the S&P 500. VOO charges 0.03%; SPY charges 0.0945%. Compare expense, structure, liquidity, and which is right for you.

Yield 1.2% vs 1.2%Fee 0.03% vs 0.09%
02

Broad Market vs Broad Market

VOO vs VTI

Vanguard's two flagship index ETFs: VOO tracks the S&P 500's 500 largest U.S. companies, VTI tracks nearly all U.S. publicly traded stocks. Compare returns, expense, and which is right for you.

Yield 1.2% vs 1.2%Fee 0.03% vs 0.03%
03

Broad Market vs Dividend Growth

VTI vs SCHD

VTI owns nearly the entire U.S. stock market at a 0.03% fee. SCHD holds 100 quality dividend payers with a 3.44% yield for a similar cost. Compare income, diversification, returns, and how each fits a long-term plan.

Yield 1.2% vs 3.4%Fee 0.03% vs 0.06%
04

Broad Market vs Broad Market

QQQ vs QQQM

Both Invesco ETFs track the Nasdaq-100. QQQ charges 0.18%; QQQM charges 0.15%. Compare structure, liquidity, and when each makes sense.

Yield 0.6% vs 0.5%Fee 0.18% vs 0.15%
05

Broad Market vs Broad Market

VOO vs QQQ

VOO delivers broad S&P 500 exposure at a 0.03% fee with a modest 1.16% yield. QQQ concentrates on the Nasdaq-100's tech-heavy growth names. Compare fees, returns, yield, and overlap to decide which belongs in your portfolio.

Yield 1.2% vs 0.6%Fee 0.03% vs 0.18%
06

Broad Market vs Dividend Growth

QQQ vs SCHD

QQQ holds the Nasdaq-100's tech leaders with a sub-1% yield; SCHD screens for quality dividend payers yielding ~3.4%. Compare returns, yield, and the role each plays.

Yield 0.6% vs 3.4%Fee 0.18% vs 0.06%

Fund metrics as of April 27, 2026.

Disclaimer: This page is for educational purposes only and is not financial, investment, or tax advice. ETF data is sourced from issuer fact sheets and may be slightly out of date. Past performance is not indicative of future results. Always consult a qualified advisor before making investment decisions.