OriginaveSPY vs VUG: 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
VUG
- 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 IndexVUG tracks the CRSP US Large Cap Growth 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 VUG, 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 | VUG | Winner |
|---|---|---|---|
| 2026 (so far) | +12.71% | +11.18% | SPY |
| 2025 | +17.72% | +19.40% | VUG |
| 2024 | +24.89% | +32.69% | VUG |
| 2023 | +26.18% | +46.83% | VUG |
| 2022 | -18.18% | -33.16% | SPY |
| 2021 | +28.73% | +27.35% | SPY |
| 2020 | +18.33% | +40.25% | VUG |
| 2019 | +31.22% | +37.03% | VUG |
| 2018 | -4.57% | -3.32% | VUG |
| 2017 | +21.71% | +27.72% | VUG |
| 2016 | +12.00% | +6.27% | SPY |
| 2015 | +1.23% | +3.24% | VUG |
| 2014 | +13.46% | +13.61% | VUG |
| 2013 | +32.31% | +32.48% | VUG |
| 2012 | +15.99% | +17.01% | VUG |
| 2011 | +1.89% | +1.82% | SPY |
| 2010 | +15.06% | +17.22% | VUG |
| 2009 | +26.35% | +36.14% | VUG |
| 2008 | -36.80% | -38.02% | SPY |
| 2007 | +5.15% | +12.52% | VUG |
| 2006 | +15.85% | +9.19% | SPY |
| 2005 | +4.83% | +5.02% | VUG |
| 2004 | +10.70% | +4.99% | SPY |
| 2003 | +28.18% | — | — |
| 2002 | -21.58% | — | — |
| 2001 | -11.76% | — | — |
| 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 VUG in plain words
SPY tracks the S&P 500 Index while VUG follows the CRSP US Large Cap Growth 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 VUG charges 0.03% — VUG is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 23 calendar years both funds were trading, SPY finished the year ahead 8 times and VUG 15 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $49,942 in VUG by the end of 2025, dividends reinvested.
Fund facts: SPY vs VUG
| Fact | SPY | VUG |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Vanguard Growth ETF |
| Tracks | S&P 500 Index | CRSP US Large Cap Growth Index |
| Yearly cost (TER) | 0.0945% | 0.03% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 22 Jan 1993 | 26 Jan 2004 |
| $10,000 invested | What $10,000 in SPY became | What $10,000 in VUG became |
How bumpy the ride was: SPY vs VUG
These head-to-head figures use only the 5,707 trading days both funds were listed: 30 Jan 2004 to 6 Oct 2026, roughly 22.6 years.
VUG swung more than SPY: annualised volatility of 18.6% for SPY against 20.0% for VUG, with SPY moving 1% or more on 25.1% of trading days and VUG on 29.3%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and VUG -12.62%.
SPY had the deeper drawdown: it 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; VUG fell -50.68% from its peak on 31 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 8 Feb 2011, 22 months after the low.
Day to day the two move almost in lockstep: the correlation of their daily returns is 0.96, and they closed in opposite directions on 10.3% of the 5,706 days measured. The widest single-day gap came on 9 Oct 2008, when SPY moved -6.98% and VUG -4.11%.
| Measure | SPY | VUG |
|---|---|---|
| Annualised volatility | 18.6% | 20.0% |
| Worst day | -10.94% on 16 Mar 2020 | -12.62% on 16 Mar 2020 |
| Best day | +14.52% on 13 Oct 2008 | +11.94% on 13 Oct 2008 |
| Days moving 1% or more | 25.1% of days | 29.3% of days |
| Deepest drawdown | -55.19% | -50.68% |
| Peak to trough | 9 Oct 2007 → 9 Mar 2009 | 31 Oct 2007 → 9 Mar 2009 |
| Back above the old peak | 16 Aug 2012 · 41 months | 8 Feb 2011 · 22 months |
Years SPY and VUG parted ways
In 11 of the 22 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2020: SPY returned +18.33% and VUG +40.25%, a gap of 21.9 points. They rose together in 19 years and fell together in 3 years.
| Year | SPY | VUG | Gap (SPY − VUG) |
|---|---|---|---|
| 2024 | +24.89% | +32.69% | -7.8 pts |
| 2023 | +26.18% | +46.83% | -20.7 pts |
| 2022 | -18.18% | -33.16% | +15.0 pts |
| 2020 | +18.33% | +40.25% | -21.9 pts |
| 2019 | +31.22% | +37.03% | -5.8 pts |
| 2017 | +21.71% | +27.72% | -6.0 pts |
| 2016 | +12.00% | +6.27% | +5.7 pts |
| 2009 | +26.35% | +36.14% | -9.8 pts |
| 2007 | +5.15% | +12.52% | -7.4 pts |
| 2006 | +15.85% | +9.19% | +6.7 pts |
| 2004 | +10.70% | +4.99% | +5.7 pts |
How often SPY beat VUG over any 12 months
Across the 261 rolling 12-month windows since January 2004, measured month-end to month-end, SPY finished ahead in 31.0% of them (81) and VUG in 69.0% (180).
$200 a month into each, 2005–2025
Putting $200 into each fund at the start of every month from January 2005 to December 2025 (252 payments, $50,400 in total) would have grown to $233,574 in SPY and $308,579 in VUG, leaving VUG $75,006 ahead.
| Outcome | SPY | VUG |
|---|---|---|
| Paid in | $50,400 | $50,400 |
| Value at the end of 2025 | $233,574 | $308,579 |
| Gain on the money paid in | +$183,174 | +$258,179 |
| Gain in % | +363.44% | +512.26% |
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 VUG better?
Across the 23 calendar years both funds were trading, SPY finished the year ahead 8 times and VUG 15 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $49,942 in VUG 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 VUG?
SPY tracks the S&P 500 Index while VUG follows the CRSP US Large Cap Growth 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 VUG charges 0.03% — VUG 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 VUG?
VUG swung more than SPY: annualised volatility of 18.6% for SPY against 20.0% for VUG, with SPY moving 1% or more on 25.1% of trading days and VUG on 29.3%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and VUG -12.62%.
Which had the deeper drawdown, SPY or VUG?
SPY had the deeper drawdown: it 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; VUG fell -50.68% from its peak on 31 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 8 Feb 2011, 22 months after the low.
How often did SPY beat VUG over a 12-month period?
Across the 261 rolling 12-month windows since January 2004, measured month-end to month-end, SPY finished ahead in 31.0% of them (81) and VUG in 69.0% (180).
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.