A SPY
SPY 100% SPY vs VOO ETF Comparison
Set your investment period and amount to compare the returns, growth and risk of two ETFs.
B VOO
VOO 100% Data as of 2026-10-23
Key comparison
Compare growth, loss risk, and cost in the same rows first.
| Portfolio A · SPY 100% | Portfolio B · VOO 100% |
|---|---|
CAGR +14.8% | CAGR +14.8% |
Final Balance $44,357 | Final Balance $44,634 |
Volatility +15.0% | Volatility +15.1% |
MDD · daily -33.7% | MDD · daily -34.0% |
Sharpe Ratio 0.85 | Sharpe Ratio 0.86 |
Weighted expense ratio 0.09% | Weighted expense ratio 0.03% |
Result summary
VOO had the higher CAGR. SPY had the smaller maximum drawdown.
- SPY: CAGR 14.77%, daily maximum drawdown -33.70%.
- VOO: CAGR 14.84%, daily maximum drawdown -34.01%.
Key points in this comparison
- The gap in annualized return was 0.07 percentage points and the gap in maximum drawdown 0.3 percentage points, so the two portfolios delivered virtually the same result.
- Weighted annual expense ratio: SPY 0.09%, VOO 0.03%, a difference of 0.06 percentage points.
- The monthly-return correlation is 1.00: the two portfolios moved almost in step.
Period & basis
2016-01-04 – 2026-10-23
Historical results for this period.Cumulative performance
Compare growth paths and cumulative returns over the same period.
Portfolio value
Compare portfolio value and cumulative contributions on the same dates.
| ETF | Total Return | CAGR | Total invested |
|---|---|---|---|
| A | +343.6% | +14.8% | 10000 |
| B | +346.3% | +14.8% | 10000 |
Risk and recovery
Compare the volatility taken for return with the loss path investors actually experienced.
Risk vs Return
Lower-left is safer, upper-right is higher risk/reward. Ideal: upper-left.
| Compared portfolios | CAGR | Volatility (Ann.) | Sharpe Ratio | MDD · daily |
|---|---|---|---|---|
| A | 14.77% | 15.03% | 0.85 | -33.7% |
| B | 14.84% | 15.05% | 0.86 | -34.01% |
Drawdown paths
Compare how far each portfolio's daily closing value fell from its prior peak over the same period.
| Compared portfolios | MDD · daily |
|---|---|
| A | -33.7 |
| B | -34.01 |
Returns and major declines
Compare annual returns and daily peak, trough, and recovery dates.
Annual Returns Comparison
Check consistency across annual, quarterly, decade, and rolling windows.
| Metric | A | B |
|---|---|---|
| 2026· Partial year | +12.7% | +12.7% |
| 2025 | +17.7% | +17.8% |
| 2024 | +24.9% | +25.0% |
| 2023 | +26.2% | +26.3% |
| 2022 | -18.2% | -18.2% |
| 2021 | +28.7% | +28.8% |
| 2020 | +18.4% | +18.3% |
| 2019 | +31.2% | +31.4% |
| 2018 | -4.6% | -4.5% |
| 2017 | +21.7% | +21.8% |
| 2016 | +12.0% | +12.2% |
Worst Drawdown Periods
| Peak date | Trough date | Recovery date | Drawdown |
|---|---|---|---|
| 2020-02-19 | 2020-03-23 | 2020-08-10 | -33.7% |
| 2022-01-03 | 2022-10-12 | 2023-12-13 | -24.5% |
| 2018-09-20 | 2018-12-24 | 2019-04-12 | -19.3% |
| Peak date | Trough date | Recovery date | Drawdown |
|---|---|---|---|
| 2020-02-19 | 2020-03-23 | 2020-08-10 | -34.0% |
| 2022-01-03 | 2022-10-12 | 2023-12-13 | -24.5% |
| 2018-09-20 | 2018-12-24 | 2019-04-12 | -19.5% |
Stress Test: Market Crashes
Return of each ETF during major historical market drawdown events| Event | A | B |
|---|---|---|
| Q4 2018 Selloff | -19.3% | -19.5% |
| COVID-19 Crash | -33.7% | -34.0% |
| 2022 Rate Hike Bear Market | -24.5% | -24.5% |
Risk and recovery
Review drawdowns, downside risk, volatility regimes, and recovery speed.
| Portfolio A | Portfolio B |
|---|---|
Holdings 1 | Holdings 1 |
Effective holdings 1.00 | Effective holdings 1.00 |
Largest weight +100.0% | Largest weight +100.0% |
Weighted dividend yield 1.00% | Weighted dividend yield 1.06% |
Monthly observations 129 | Monthly observations 129 |
MDD · month-end -23.9% | MDD · month-end -23.9% |
Downside deviation +2.7% | Downside deviation +2.7% |
Worst Year -18.2% | Worst Year -18.2% |
Longest drawdown 709 days | Longest drawdown 709 days |
Average recovery 110 days | Average recovery 108 days |
Ulcer Index +6.2% | Ulcer Index +6.2% |
Pain Index +3.3% | Pain Index +3.3% |
Historical VaR 95% +6.7% | Historical VaR 95% +6.6% |
CVaR 95% +8.9% | CVaR 95% +8.9% |
Effective holdings measures weight concentration. It does not represent overlap among the ETFs' underlying holdings.
Risk-adjusted and benchmark
Compare excess return, sensitivity, and tracking behavior against the same benchmark.
| Portfolio A | Portfolio B |
|---|---|
Sortino 1.35 | Sortino 1.36 |
Calmar · 3Y month-end 3.00 | Calmar · 3Y month-end 3.02 |
Omega ratio 2.10 | Omega ratio 2.10 |
Martin ratio 2.40 | Martin ratio 2.41 |
Excess Return +0.0% | Excess Return +0.1% |
Alpha +0.0% | Alpha +0.1% |
Information ratio — | Information ratio 0.30 |
Beta 1.00 | Beta 1.00 |
Tracking error +0.0% | Tracking error +0.2% |
Benchmark correlation 1.00 | Benchmark correlation 1.00 |
Up Capture +100.0% | Up Capture +100.2% |
Down Capture +100.0% | Down Capture +100.0% |
Period consistency
Check consistency across annual, quarterly, decade, and rolling windows.
| Portfolio A | Portfolio B |
|---|---|
Total Return +343.6% | Total Return +346.3% |
Win Rate +70.5% | Win Rate +69.8% |
Best Year +31.2% | Best Year +31.4% |
Gain/Loss Ratio 0.88 | Gain/Loss Ratio 0.91 |
1-year rolling minimum -18.2% | 1-year rolling minimum -18.2% |
1-year positive windows +88.1% | 1-year positive windows +88.1% |
3-year rolling minimum +5.0% | 3-year rolling minimum +5.1% |
3-year positive windows +100.0% | 3-year positive windows +100.0% |
5-year rolling minimum +9.2% | 5-year rolling minimum +9.2% |
5-year positive windows +100.0% | 5-year positive windows +100.0% |
10-year rolling minimum +14.1% | 10-year rolling minimum +14.1% |
10-year positive windows +100.0% | 10-year positive windows +100.0% |
1-year rolling Sharpe minimum -0.83 | 1-year rolling Sharpe minimum -0.83 |
1-year rolling Sharpe average 1.22 | 1-year rolling Sharpe average 1.22 |
1-year rolling Sharpe maximum 5.14 | 1-year rolling Sharpe maximum 5.19 |
Period return comparison
Check consistency across annual, quarterly, decade, and rolling windows.
| Metric | A | B |
|---|---|---|
| 2026 Q4 | -0.3% | -0.3% |
| 2026 Q3 | +2.4% | +2.3% |
| 2026 Q2 | +15.1% | +15.3% |
| 2026 Q1 | -4.4% | -4.4% |
| 2025 Q4 | +2.7% | +2.7% |
| 2025 Q3 | +8.1% | +8.1% |
| 2025 Q2 | +10.8% | +10.9% |
| 2025 Q1 | -4.3% | -4.3% |
| 2024 Q4 | +2.5% | +2.4% |
| 2024 Q3 | +5.8% | +5.8% |
| 2024 Q2 | +4.4% | +4.4% |
| 2024 Q1 | +10.4% | +10.4% |
| 2023 Q4 | +11.6% | +11.7% |
| 2023 Q3 | -3.2% | -3.2% |
| 2023 Q2 | +8.7% | +8.7% |
| 2023 Q1 | +7.5% | +7.5% |
| 2022 Q4 | +7.6% | +7.5% |
| 2022 Q3 | -4.9% | -5.0% |
| 2022 Q2 | -16.1% | -16.1% |
| 2022 Q1 | -4.6% | -4.6% |
| 2021 Q4 | +11.1% | +11.1% |
| 2021 Q3 | +0.6% | +0.6% |
| 2021 Q2 | +8.4% | +8.4% |
| 2021 Q1 | +6.4% | +6.4% |
| 2020 Q4 | +12.1% | +12.2% |
| 2020 Q3 | +9.0% | +9.0% |
| 2020 Q2 | +20.2% | +20.3% |
| 2020 Q1 | -19.4% | -19.6% |
| 2019 Q4 | +9.0% | +9.0% |
| 2019 Q3 | +1.8% | +1.8% |
| 2019 Q2 | +4.2% | +4.2% |
| 2019 Q1 | +13.5% | +13.6% |
| 2018 Q4 | -13.5% | -13.5% |
| 2018 Q3 | +7.6% | +7.5% |
| 2018 Q2 | +3.6% | +3.6% |
| 2018 Q1 | -1.0% | -0.9% |
| 2017 Q4 | +6.8% | +6.8% |
| 2017 Q3 | +4.4% | +4.4% |
| 2017 Q2 | +3.1% | +3.1% |
| 2017 Q1 | +5.9% | +5.9% |
| 2016 Q4 | +4.0% | +4.0% |
| 2016 Q3 | +3.8% | +3.8% |
| 2016 Q2 | +2.5% | +2.4% |
| 2016 Q1 | +1.3% | +1.4% |
| Metric | A | B |
|---|---|---|
| 2020s | +15.0% | +15.0% |
| 2010s | +14.3% | +14.4% |
Return characteristics
Compare monthly distributions, momentum, asymmetry, and seasonality.
| Portfolio A | Portfolio B |
|---|---|
Skewness -0.42 | Skewness -0.42 |
Excess kurtosis 0.68 | Excess kurtosis 0.70 |
Longest winning streak 15 | Longest winning streak 15 |
Longest losing streak 3 | Longest losing streak 3 |
Average monthly return +1.3% | Average monthly return +1.3% |
Monthly return autocorrelation -0.14 | Monthly return autocorrelation -0.14 |
1M momentum -0.3% | 1M momentum -0.3% |
3M momentum +2.4% | 3M momentum +2.3% |
6M momentum +17.9% | 6M momentum +17.9% |
12M momentum +15.7% | 12M momentum +15.8% |
Worst 5% -6.7% | Worst 5% -6.6% |
Median +1.8% | Median +1.8% |
Best 5% +7.6% | Best 5% +7.5% |
- ETF2 Up / ETF1 Down
- 0
- Both Up
- 90
- Both Down
- 39
- ETF1 Up / ETF2 Down
- 1
- Total
- 130 months
Questions about these results
How did the same initial investment grow?
From 2016-01-04 to 2026-10-23, an initial $10,000 ended at $44,357 for SPY and $44,634 for VOO. Annualized returns were 14.77% and 14.84%, respectively.
When were the deepest drawdowns and recoveries?
SPY: peak 2020-02-19, trough 2020-03-23, drawdown -33.7%, recovery 2020-08-10. VOO: peak 2020-02-19, trough 2020-03-23, drawdown -34.0%, recovery 2020-08-10.
How did the results differ during market crises?
During COVID-19 Crash, returns were -33.7% for SPY and -34.0% for VOO. During Q4 2018 Selloff, returns were -19.3% for SPY and -19.5% for VOO.
What are the dividend yields and their basis?
The yields are 1.00% for SPY and 1.06% for VOO. They use distributions from the last 365 days divided by the last closing price and do not predict future distributions.