Wealthy PotSPYG vs VOO: Every SPYG Stock Is Already in VOO, Weighted Toward Growth
SPYG holds only S&P 500 stocks, so everything it owns is already in VOO. What it changes is the weighting. SPYG tracks the S&P 500 Growth Index, which keeps the growth side of the S&P 500 and leaves out the value side. In the two funds' 30 June 2026 SEC filings, all 145 SPYG holdings were also in VOO, and the overlap was 66.2%. SPYG charges 0.04% and VOO 0.03%. Over the ten years to 30 June 2026, SPYG returned 18.06% a year and VOO 15.47%. If you own VOO, adding SPYG is a growth tilt on companies you already hold, not new diversification.
Table of Contents
The Short Answer
- Overlap: 66.2%. All 145 SPYG holdings were in VOO, and they made up 67.6% of VOO. Our calculation from both funds' 30 June 2026 SEC filings.
- Fees: SPYG 0.04%, VOO 0.03%. $4 against $3 a year on $10,000.
- Holdings: 151 vs 505. SPYG at 1 October 2026, VOO at 31 August 2026.
- Top ten: 59.1% vs 37.9% of the fund at 30 June 2026. NVIDIA alone was 13.65% of SPYG.
- Ten-year return to 30 June 2026: SPYG 18.06%, VOO 15.47% a year at NAV. SPYG led over one, three and five years too.
- Income: VOO yields more, a 1.00% SEC yield against 0.45%.
- Index rules may change. S&P Dow Jones Indices consulted in August and September 2026 on dropping momentum from its growth test, with any change taking effect on 21 December 2026.
Every SPYG Stock Is in VOO
Both funds file their complete portfolios with the SEC, and both filings used here are dated 30 June 2026. We matched them with the same data behind our Portfolio Overlap Checker.
| Portfolios at 30 June 2026 | SPYG | VOO |
|---|---|---|
| Stock holdings in the filing | 145 | 501 |
| Held by both funds | 145 | 145 |
| Share of the fund in those shared holdings | 100.0% | 67.6% |
| Holdings the other fund did not own | 0 | 356 (32.1% of VOO) |
| Overlap, sum of the smaller weight in each shared stock | 66.2% | |
Our SPY vs SPYG page shows 66.3% for the same comparison, using iShares' S&P 500 fund as the stand-in for SPY. With VOO's own filing the figure is 66.2%. Any S&P 500 fund gives nearly the same answer.
| Weight at 30 June 2026 | SPYG | VOO |
|---|---|---|
| NVIDIA | 13.65% | 7.51% |
| Alphabet | 10.61% | 5.84% |
| Microsoft | 7.80% | 4.30% |
| Apple | 5.99% | 6.59% |
| Broadcom | 5.04% | 2.77% |
| Micron | 3.67% | 2.02% |
| Amazon | 3.48% | 3.62% |
| Meta Platforms | 3.48% | 1.92% |
| Eli Lilly | 2.67% | 1.47% |
| Tesla | 2.07% | 1.84% |
Look at Apple and Amazon. They are a smaller share of SPYG than of VOO, while NVIDIA, Alphabet and Microsoft are about 1.8 times their VOO weight. That pattern fits the index rules described below, where some companies are split between the growth and value indexes. It is our reading of the weights, not a figure S&P publishes for each stock.
What VOO has that SPYG does not: 356 companies, 32.1% of VOO. The largest were Intel (1.02%), Exxon (0.88%), Walmart (0.77%), Costco (0.64%), UnitedHealth (0.59%), Bank of America (0.58%), Home Depot (0.54%), Procter & Gamble (0.53%), Merck (0.49%) and Chevron (0.48%).
SPYG vs VOO Side by Side
| SPYG | VOO | |
|---|---|---|
| Full name | State Street SPDR Portfolio S&P 500 Growth ETF | Vanguard S&P 500 ETF |
| Index | S&P 500 Growth | S&P 500 |
| Expense ratio | 0.04% | 0.03% |
| Prospectus cost on $10,000 over 10 years | $51 | $39 |
| Holdings | 151 (1 Oct 2026) | 505 (31 Aug 2026) |
| Top-10 weight (30 Jun 2026 filings, our calculation) | 59.1% | 37.9% |
| Information technology, GICS | 54.4% (1 Oct 2026) | 38.0% (30 Jun 2026) |
| Communication services, GICS | 15.2% (1 Oct 2026) | 9.7% (30 Jun 2026) |
| Financials, GICS | 8.4% (1 Oct 2026) | 11.8% (30 Jun 2026) |
| 30-day SEC yield | 0.45% (1 Oct 2026) | 1.00% (30 Sep 2026) |
| Replication | Sampling permitted | Full replication |
| Fund size | $57.3 billion (2 Oct 2026) | $1.0 trillion ETF class (31 Aug 2026) |
| Inception | 25 Sep 2000 | 7 Sep 2010 |
The fee difference is one basis point, $10 a year on $100,000. It is not a reason to pick either fund.
How S&P Splits Growth From Value
State Street's fact sheet describes the S&P 500 Growth Index as the S&P 500 stocks "exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) earnings change to price; and (iii) momentum," weighted by float-adjusted market value.
S&P's style methodology then divides the parent index's market value roughly in half. Companies with the strongest growth scores, making up about 33% of the index's value, go entirely to growth. The weakest third goes entirely to value. The middle 34% is divided between the two indexes. That is why SPYG held 145 companies with 67.6% of VOO's weight: it includes whole companies and parts of companies.
A change may be coming. On 28 August 2026, S&P Dow Jones Indices opened a consultation on removing momentum (12-month price change) from the growth factors, leaving the two fundamental measures. If adopted, the change would take effect with the annual reconstitution before the market opens on 21 December 2026. The consultation closed on 25 September 2026, and we had not seen a published decision by 5 October 2026. VOO is not affected; SPYG's holdings could shift.
Returns to June 2026
State Street had published SPYG's returns to 30 June and 31 August 2026 when we checked, not yet to 30 September. To compare like with like, the table uses 30 June 2026 for both funds.
| Annualized NAV return, to 30 Jun 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SPYG | 25.66% | 25.87% | 14.52% | 18.06% |
| VOO | 22.28% | 20.58% | 13.36% | 15.47% |
| SPYG minus VOO | +3.38 | +5.29 | +1.16 | +2.59 |
| S&P 500 Growth index | 25.71 | 25.93 | 14.57 | 18.14 |
| S&P 500 index | 22.32 | 20.61 | 13.41 | 15.51 |
Growth led the S&P 500 over all four periods, and SPYG captured it. The five-year lead is the smallest, 1.16 points. That window starts in July 2021 and takes in 2022, the year of SPYG's worst prospectus quarter, a 20.82% loss in the three months to 30 June 2022. VOO's worst prospectus quarter was a 19.63% loss in early 2020. (SPYG's prospectus chart runs to 2024, VOO's to 2025.)
Taxes. SPYG's lower yield means less dividend income to tax. State Street puts SPYG's ten-year return after taxes on distributions at 17.74% to 30 June 2026, a drag of 0.32 points. VOO's prospectus shows a drag of 0.46 points over the ten years to 31 December 2025. The dates differ; both are efficient.
| Hypothetical $10,000 held for 10 years | Ending value |
|---|---|
| At VOO's 10-year NAV return to 30 Jun 2026 (15.47%) | $42,140 |
| At SPYG's 10-year NAV return to 30 Jun 2026 (18.06%) | $52,605 |
Growth does not always lead. When value stocks outperform, SPYG gives up the part of the S&P 500 that is doing the work, and VOO keeps it.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
One fund for the long term? VOO. It holds both halves of the S&P 500, so you never have to guess whether growth or value leads next. It is also one basis point cheaper and yields more.
Choose SPYG if you want a deliberate growth tilt and accept that 59% of the fund sits in ten companies. Its record over the decade to 2026 is strong, but it came from the market's growth leaders, which SPYG holds at about 1.8 times their S&P 500 weight.
Holding both? That simply overweights the growth half of the S&P 500. It adds no new companies. If that is the tilt you want, size it on purpose.
Taxable account. Both are ETFs with a small tax drag, as shown above. If you already hold one with gains, redirect new money instead of selling, and check your 2026 tax bracket before any sale.
401(k) or mutual fund only. SPYG has no mutual fund version. VOO's Admiral twin, VFIAX, charges 0.04% with a $3,000 minimum at Vanguard, and an S&P 500 fund is on most 401(k) menus.
Other growth funds. Vanguard's version of the same index is VOOG, compared with VUG in VOOG vs VUG. Schwab's growth fund uses a different definition, covered in SCHG vs SPYG. A narrower mega-cap fund is in MGK vs VOO, and State Street's own S&P 500 fund is in SPY vs SPYG.
Sources & Methodology
- SPYG summary prospectus dated 31 October 2025: the 0.04% fee table, $51 ten-year cost, sampling strategy and best and worst quarters.
- State Street SPYG page and SPYG fact sheet, 30 June 2026: index description, holdings, assets, sectors, SEC yield and returns, read 5 October 2026.
- VOO summary prospectus dated 28 April 2026: fee table, cost example, best and worst quarters and returns to 31 December 2025.
- VOO fact sheet, 30 June 2026 and Vanguard VOO page: returns, top ten, sectors, stock count, assets and SEC yield.
- S&P U.S. Style Indices methodology and the S&P style consultation of 28 August 2026: the 33/34/33 split and the proposed removal of momentum.
- SPYG Form N-PORT, 30 June 2026 and VOO Form N-PORT, 30 June 2026: the holdings behind the overlap figures.
How the overlap was computed. For each company both funds hold we took the smaller of its two weights and added them up, the method the Portfolio Overlap Checker uses on the same N-PORT data. Both filings are dated 30 June 2026.
What we did not verify. The outcome of S&P's style consultation, which had not been announced when we checked. SPYG's turnover for its latest fiscal year and its standard deviation, which we did not extract.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, index returns cannot be invested in directly, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; confirm current data with State Street and Vanguard before acting.
FAQ: SPYG vs VOO
Is SPYG better than VOO?
It returned more over the ten years to 30 June 2026, 18.06% against 15.47% a year, because growth stocks led. VOO is broader, slightly cheaper and yields more. Which does better from here depends on whether growth keeps leading, which nobody knows.
How much do SPYG and VOO overlap?
66.2% by weight in both funds' 30 June 2026 filings. Every SPYG holding was also in VOO.
Should I hold SPYG and VOO together?
Only as a deliberate growth tilt. SPYG adds no companies VOO lacks; it raises your weight in NVIDIA, Alphabet, Microsoft and the other growth names.
What are the fees?
SPYG 0.04% and VOO 0.03%.
Is SPYG half of the S&P 500?
Roughly half by market value, by design. But because companies in the middle are split between growth and value, SPYG's 145 holdings covered 67.6% of VOO's weight in the 30 June 2026 filings.
Is the S&P 500 Growth Index changing?
Possibly. S&P consulted on dropping momentum from its growth test, with any change effective 21 December 2026. We had not seen a decision by 5 October 2026.
Which pays more dividends?
VOO: a 1.00% SEC yield at 30 September 2026, against 0.45% for SPYG at 1 October 2026.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SPYG vs VOO: Every SPYG Stock Is Already in VOO, Weighted Toward Growth." Wealthy Pot, 2026. https://wealthypot.com/spyg-vs-voo/
Related comparisons: SPY vs SPYG · SCHG vs SPYG · VOOG vs VUG · VUG vs VOO · MGK vs VOO · QQQ vs VOO · All ETF comparisons
