SPY vs VPX
State Street SPDR S&P 500 ETF Trust vs Variant Perception Cycle Aware US Equity ETF
Which is better, SPY or VPX?
SPY costs less.
SPY has a lower expense ratio. VPX is less concentrated, with 34.9% of the fund in its ten largest positions against 38.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | VPX |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.75% |
| AUM | $823.2B | $69M |
| Dividend Yield | 0.99% | 0.00% |
| Holdings | 1,515 | 125 |
| YTD Return | +13.53% | +26.79%Best |
| 1Y Return | +17.47% | - |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Top 10 Weight | 38.2% | 34.9%Best |
| Fund Family | State Street Investment Management | Variant Perception, LLC |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Mar 11, 2026 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window.
SPY vs VPX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs VPX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Variant Perception Cycle Aware US Equity ETF (VPX) is an ETF from Variant Perception, LLC. Year to date, SPY is up 13.53% versus a gain of 26.79% for VPX.
Past performance does not guarantee future results.
Fees and Cost Over Time
SPY charges 0.09% per year while VPX charges 0.75%. On a $10,000 position that is $9 vs $75 annually, a gap of $66 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 0.00% for VPX.
Holdings Overlap
51.8% of SPY's money is in holdings VPX also owns. 97.1% of VPX's money is in holdings SPY also owns.
Most of VPX is already inside SPY. Owning both mostly buys the same companies twice.
130 positions in common, counted across the 504 positions we hold weights for in SPY and 137 in VPX, against full books of 1,515 and 125.
What only one of them owns
Our book lists 5 positions for VPX that do not appear in our book for SPY (1.6% of the fund), and 368 for SPY that do not appear in VPX (47.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VPX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.78% | 4.99% | 2.79% |
| GOOGLAlphabet Inc | 3.12% | 4.13% | 1.01% |
| AVGOBroadcom Inc | 2.48% | 4.74% | 2.26% |
| XOMExxonmobil Corp. | 1.04% | 4.54% | 3.50% |
| METAMeta Platforms Inc | 2.22% | 2.89% | 0.67% |
| AMZNAmazon.Com Inc | 3.78% | 1.24% | 2.54% |
| MUMicron Technology, Inc. | 1.59% | 2.81% | 1.22% |
| AMDAdvanced Micro Devices Inc | 1.22% | 3.16% | 1.94% |
| JPMJpmorgan Chase | 1.43% | 2.60% | 1.17% |
| CVXChevron Corp | 0.60% | 3.06% | 2.46% |
97.1% of VPX is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or VPX?
SPY has an expense ratio of 0.09% while VPX charges 0.75%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
What is the holdings overlap between SPY and VPX?
97.1% of VPX's money is in holdings SPY also owns. 97.1% of VPX's is in holdings SPY also owns. They hold 130 positions in common, counted across the 504 positions we hold weights for in SPY and 137 in VPX.
Which pays a higher dividend, SPY or VPX?
SPY yields 0.99% while VPX yields 0.00%, so SPY currently pays the higher dividend yield.
Is VPX better than SPY?
SPY has a lower expense ratio. VPX is less concentrated, with 34.9% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.