OriginaveSPY vs VTI: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
SPY
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
VOOVanguard S&P 500 ETFtracks the S&P 500 Index
IVViShares Core S&P 500 ETFtracks the S&P 500 Index- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
QQQInvesco QQQ Trusttracks the Nasdaq-100 Index- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
VTI
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
- VOOVanguard S&P 500 ETFtracks the S&P 500 Index
- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
- SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index
- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPY tracks the S&P 500 IndexVTI tracks the CRSP US Total Market Index
What did the last 10 years do to $10,000?
You invest $10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
SPY vs VTI, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | SPY | VTI | Winner |
|---|---|---|---|
| 2026 (so far) | +12.71% | +12.58% | SPY |
| 2025 | +17.72% | +17.10% | SPY |
| 2024 | +24.89% | +23.81% | SPY |
| 2023 | +26.18% | +26.05% | SPY |
| 2022 | -18.18% | -19.52% | SPY |
| 2021 | +28.73% | +25.68% | SPY |
| 2020 | +18.33% | +21.08% | VTI |
| 2019 | +31.22% | +30.67% | SPY |
| 2018 | -4.57% | -5.23% | SPY |
| 2017 | +21.71% | +21.21% | SPY |
| 2016 | +12.00% | +12.82% | VTI |
| 2015 | +1.23% | +0.36% | SPY |
| 2014 | +13.46% | +12.55% | SPY |
| 2013 | +32.31% | +33.45% | VTI |
| 2012 | +15.99% | +16.45% | VTI |
| 2011 | +1.89% | +0.97% | SPY |
| 2010 | +15.06% | +17.43% | VTI |
| 2009 | +26.35% | +28.90% | VTI |
| 2008 | -36.80% | -36.99% | SPY |
| 2007 | +5.15% | +5.37% | VTI |
| 2006 | +15.85% | +15.70% | SPY |
| 2005 | +4.83% | +6.30% | VTI |
| 2004 | +10.70% | +12.78% | VTI |
| 2003 | +28.18% | +30.74% | VTI |
| 2002 | -21.58% | -20.48% | VTI |
| 2001 | -11.76% | -4.40% | VTI |
| 2000 | -9.74% | — | — |
| 1999 | +20.39% | — | — |
| 1998 | +28.69% | — | — |
| 1997 | +33.48% | — | — |
| 1996 | +22.50% | — | — |
| 1995 | +38.05% | — | — |
| 1994 | +0.40% | — | — |
| 1993 | +8.71% | — | — |
SPY vs VTI in plain words
SPY tracks the S&P 500 Index while VTI follows the CRSP US Total Market Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and VTI charges 0.03% — VTI is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 26 calendar years both funds were trading, SPY finished the year ahead 14 times and VTI 12 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $37,896 in VTI by the end of 2025, dividends reinvested.
Fund facts: SPY vs VTI
| Fact | SPY | VTI |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Vanguard Total Stock Market ETF |
| Tracks | S&P 500 Index | CRSP US Total Market Index |
| Yearly cost (TER) | 0.0945% | 0.03% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 22 Jan 1993 | 24 May 2001 |
| $10,000 invested | What $10,000 in SPY became | What $10,000 in VTI became |
How bumpy the ride was: SPY vs VTI
These head-to-head figures use only the 6,364 trading days both funds were listed: 15 Jun 2001 to 6 Oct 2026, roughly 25.3 years.
SPY and VTI swung about equally: annualised volatility of 18.9% for SPY against 19.0% for VTI, with SPY moving 1% or more on 26.6% of trading days and VTI on 27.3%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and VTI -11.38%.
Both funds suffered a drawdown of about the same depth: SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low; VTI fell -55.45% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 13 Mar 2012, 36 months after the low.
Day to day the two move almost in lockstep: the correlation of their daily returns is 0.99, and they closed in opposite directions on 4.8% of the 6,363 days measured. The widest single-day gap came on 13 Oct 2008, when SPY moved +14.52% and VTI +12.83%.
| Measure | SPY | VTI |
|---|---|---|
| Annualised volatility | 18.9% | 19.0% |
| Worst day | -10.94% on 16 Mar 2020 | -11.38% on 16 Mar 2020 |
| Best day | +14.52% on 13 Oct 2008 | +12.83% on 13 Oct 2008 |
| Days moving 1% or more | 26.6% of days | 27.3% of days |
| Deepest drawdown | -55.19% | -55.45% |
| Peak to trough | 9 Oct 2007 → 9 Mar 2009 | 9 Oct 2007 → 9 Mar 2009 |
| Back above the old peak | 16 Aug 2012 · 41 months | 13 Mar 2012 · 36 months |
Years SPY and VTI parted ways
In 1 of the 25 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2001: SPY returned -11.76% and VTI -4.40%, a gap of 7.4 points. They rose together in 20 years and fell together in 5 years.
| Year | SPY | VTI | Gap (SPY − VTI) |
|---|---|---|---|
| 2001 | -11.76% | -4.40% | -7.4 pts |
How often SPY beat VTI over any 12 months
Across the 292 rolling 12-month windows since June 2001, measured month-end to month-end, SPY finished ahead in 45.5% of them (133) and VTI in 54.5% (159).
$200 a month into each, 2002–2025
Putting $200 into each fund at the start of every month from January 2002 to December 2025 (288 payments, $57,600 in total) would have grown to $306,732 in SPY and $301,434 in VTI, leaving SPY $5,297 ahead.
| Outcome | SPY | VTI |
|---|---|---|
| Paid in | $57,600 | $57,600 |
| Value at the end of 2025 | $306,732 | $301,434 |
| Gain on the money paid in | +$249,132 | +$243,834 |
| Gain in % | +432.52% | +423.32% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is SPY or VTI better?
Across the 26 calendar years both funds were trading, SPY finished the year ahead 14 times and VTI 12 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $37,896 in VTI by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between SPY and VTI?
SPY tracks the S&P 500 Index while VTI follows the CRSP US Total Market Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and VTI charges 0.03% — VTI is the cheaper fund to hold. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, SPY or VTI?
SPY and VTI swung about equally: annualised volatility of 18.9% for SPY against 19.0% for VTI, with SPY moving 1% or more on 26.6% of trading days and VTI on 27.3%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and VTI -11.38%.
Which had the deeper drawdown, SPY or VTI?
Both funds suffered a drawdown of about the same depth: SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low; VTI fell -55.45% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 13 Mar 2012, 36 months after the low.
How often did SPY beat VTI over a 12-month period?
Across the 292 rolling 12-month windows since June 2001, measured month-end to month-end, SPY finished ahead in 45.5% of them (133) and VTI in 54.5% (159).
What would $10,000 in SPY have become?
$10,000 invested in SPY at the start of 2016 grew to $39,466 by the end of 2025, with dividends reinvested — an average of 14.7% per year.
Source: Yahoo Finance daily adjusted closes for the US primary listings, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.