SPY vs VTI: Which Should You Buy?
0.03% vs 0.09% fee, about 88% the same holdings.
Want to check another pair? Use the free ETF overlap tool.
For most investors it barely matters. SPY and VTI have returned within 0.4% a year of each other and overlap about 88% by weight. Pick SPY for the tighter 504-holding portfolio; pick VTI to own 3,519 instead. VTI is the cheaper of the two at 0.03% against 0.09%.
This is purely for informational purposes, not investment advice. Always consult a professional before making investment decisions.
SPY wins if...
You want the tighter portfolio: 504 holdings rather than 3,519.
VTI wins if...
You want maximum diversification: 3,519 holdings covering the broader market, tracking the CRSP US Total Market Index, at a lower 0.03% fee.
SPY vs VTI, side by side
The numbers that actually differ are highlighted.
| Metric | SPYState Street SPDR S&P 500 ETF | VTIVanguard Morningstar Total Stock Market ETF |
|---|---|---|
| Index tracked | — | CRSP US Total Market Index |
| Number of holdings | 504 | 3,519 |
| Expense ratio | 0.09% | 0.03% |
| Dividend yield | 1.00% | 1.06% |
| AUM | $797.95B | $689.20B |
| Top 10 concentration | 37.4% | 34.6% |
| 10-yr total return | 15.5% | 15.1% |
| 5-yr total return | 11.7% | 10.6% |
| Beta (vs S&P 500) | 1.01 | 1.02 |
| Max drawdown (10yr) | -33.7% | -35.0% |
| Market-cap coverage | Large cap | Large + mid + small |
| Inception | 1993 | 2001 |
— means the figure is not reported for that fund.
SPY holds 504 positions. VTI holds 3,519, a broader slice of the same market.
How much do SPY and VTI overlap?
The single most decision-relevant fact, and the one most comparisons skip.
- Shared
- 88.1%
- VTI-only
- 11.9%
~88% identical by weight
500 weighted positions appear in both funds, and by weight about 88% of the two portfolios is the same exposure. Where a stock sits in both, the shared share is whichever weight is smaller. That is the part of a dollar that behaves identically in either fund.
The difference is VTI's remaining 3,015 positions, which SPY does not hold at all. They are smaller by weight, which is why the two track each other closely and drift apart only at the margins.
Growth of $10,000: SPY vs VTI
Growth of $10,000
10 years
Which should you choose?
- You want concentrated exposure: 504 holdings, not 3,519
- You want the larger, more heavily traded fund ($798.0B)
- You want the wider net: 3,519 holdings against 504
- You want to track the CRSP US Total Market Index
- You want the lower fee: 0.03% against 0.09%
- You want the higher yield: 1.06% against 1.00%
Compare and track all ETFs in your sheet
Type =WISE("SPY","dividend yield","ttm") or =WISEFUNDS("SPY","expense ratio") in Excel or Google Sheets and the fund's data lands in your sheet, ready to be refreshed when you want.
Get The Add-in - FreeSPY vs VTI frequently asked questions
For most investors the choice barely matters: SPY and VTI have returned within 0.4% of each other per year and they overlap roughly 88% by weight. Compare the fee and the holdings count below and pick the one that matches how broad you want the exposure to be.
Yes, by about 88% by weight. 500 weighted positions appear in both funds. Because the largest positions dominate both portfolios, the two behave similarly day to day.
SPY holds 504 positions. VTI holds 3,519, a broader slice of the same market.
You can, but there is little reason to. At about 88% overlap, owning both mostly duplicates the same positions and adds little diversification.