VOO vs SPY on holdings, fees, and trading costs
VOO and SPY both track the S&P 500. The choice starts with the cost of holding and trading each fund. Holding both still gives you exposure to the same benchmark and many of the same companies.
By BeliefState · Reviewed
Compare the index and annual expenses
The sponsors list the S&P 500 as the benchmark for both funds. The annual expense examples multiply a $10,000 holding by the published expense ratio. They illustrate the fee scale for a constant balance. The weights come from the funds’ June 30, 2026 holdings filings and are percentages of net assets.
Scroll across to see every column.
| Measure | Vanguard VOO | State Street SPY |
|---|---|---|
| Benchmark | S&P 500 Index | S&P 500 Index |
| Published expense ratio | 0.03% | 0.0945% gross |
| Annual expenses on $10,000 | About $3 | About $9.45 |
| NVIDIA on June 30, 2026 | 7.51% | 7.52% |
| Apple on June 30, 2026 | 6.59% | 6.59% |
| Alphabet on June 30, 2026 | 5.84% | 5.84% |
Compare a one-time trade with annual expenses
For a trade, look at the bid, ask, and the quantity available at those prices when you plan to place the order. If the bid is $499.99 and the ask is $500.01, the spread is two cents per share. Compare the actual spread at your order size, any commission, and how long you expect to pay the fund’s annual expenses.
The expense ratio is an annual percentage of fund assets. A spread depends on the quote when you trade. Keeping the two on separate lines helps you compare a recurring expense with the cost of entering or exiting a position.
See which companies you already own through the index
The Alphabet row combines GOOG and GOOGL in each fund. Repeat that step for any issuer with multiple share classes, then compare the weights of companies you also own directly. In State Street’s September 30, 2026 fact sheet, the Magnificent 7 added up to about 34.7% of SPY. Check each sponsor’s current holdings before using that snapshot for a current portfolio.