SPY vs VOO: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Vanguard S&P 500 ETF (VOO) carry a correlation of 1.00, a very strong link. Looking through to holdings, 97.2% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VOO?
On 3 years of weekly data the SPY/VOO correlation comes out at 1.00, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (1.00) sits close to the 3-year figure. The 5-year figure is 1.00, and annualized covariance runs at 207.8 %².
VOO is one of the assets that tracks SPY most closely: it ranks #2 out of the 4755 assets we track against SPY. Neither side won the trailing year by much: +20.6% against +20.6%. The rolling one-year correlation stayed in a tight band between 1.00 and 1.00 over the past three years, which points to a structural rather than episodic relationship.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs VOO: side by side
| SPY (SPDR S&P 500 ETF Trust) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +20.6% | +20.6% |
| 5-year return | +82.4% | +83.0% |
| Volatility (ann.) | 14.5% | 14.4% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -18.8% | -18.7% |
| Dividend yield | 1.01% | 1.07% |
| Expense ratio | 0.09% | 0.03% |
| Assets under management | $795.3B | $1,686.9B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between SPY and VOO
The two portfolios are near-duplicates. Weighing the shared positions, 97.2% of the two funds is identical, spread across 500 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPY | Weight in VOO |
|---|---|---|
| NVDA | 7.68% | 7.56% |
| AAPL | 6.96% | 7.05% |
| MSFT | 5.58% | 5.37% |
| AMZN | 3.85% | 4.13% |
| GOOGL | 3.03% | 3.25% |
| AVGO | 2.55% | 2.87% |
| GOOG | 2.42% | 2.62% |
| META | 1.91% | 1.90% |
| JPM | 1.44% | 1.47% |
| MU | 1.60% | 1.44% |
| LLY | 1.42% | 1.41% |
| BRK.B | 1.40% | 1.46% |
| TSLA | 1.47% | 1.36% |
| AMD | 1.19% | 1.21% |
| XOM | 0.99% | 1.00% |
Largest positions held only by SPY: VMRK (0.07%), FERG (0.07%), RDDT (0.03%), 2602335D (0.00%). Only by VOO: EA (0.07%), AVB (0.04%), EQR (0.04%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPY | VOO |
|---|---|---|
| 2022 | -18.2% | -18.2% |
| 2023 | +26.2% | +26.3% |
| 2024 | +24.9% | +25.0% |
| 2025 | +17.7% | +17.8% |
| 2026 | +13.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VOO good diversifiers for each other?
No. With a correlation of 1.00, SPY and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 97.2% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPY and VOO?
As of 2026-08-27, the correlation of weekly returns between SPY and VOO is 1.00 over 3 years, 1.00 over 1 year and 1.00 over 5 years.
Is VOO a good diversifier for SPY?
No. With a correlation of 1.00, SPY and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 97.2% of their holdings are the same, making the doubling-up even more literal.
How much do SPY and VOO overlap?
97.2% by weight, across 500 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-voo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-voo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · VOO correlations
