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VOO vs IVV vs SPYM (formerly SPLG): Three S&P 500 ETFs, One Index — Which Costs Least?
- All three hold the same ~500 companies in the same weights. Returns differ by only a few hundredths of a percent a year.
- SPYM (State Street, formerly ticker SPLG) is the cheapest at 0.02% and has the lowest share price, handy without fractional shares.
- VOO (Vanguard) and IVV (iShares) charge 0.03% and are among the largest ETFs in the world.
- On $10,000, the fee gap is $1 a year. Pick the one your broker trades free and stick with it.
VOO vs IVV vs SPYM at a glance
| VOO | IVV | SPYM (formerly SPLG) | |
|---|---|---|---|
| Provider | Vanguard | iShares (BlackRock) | State Street (SPDR) |
| Index | S&P 500 | S&P 500 | S&P 500 |
| Expense ratio | 0.03% | 0.03% | 0.02% |
| Annual cost on $10,000 | $3 | $3 | $2 |
| Share price | Several hundred dollars | Several hundred dollars | Under $100 |
| Assets under management | Among the largest ETFs in the world | Among the largest ETFs in the world | Smaller, but still over $100 billion and growing fast |
| Dividends | Quarterly | Quarterly | Quarterly |
| Launched | 2010 | 2000 | 2005 |
Expense ratios from each provider. Prices and assets change daily; check the fund pages.
Same index, different cost: does it matter?
Assume $10,000 grows at a hypothetical 7% a year for 30 years.
| Expense ratio | Value after 30 years | |
|---|---|---|
| SPYM | 0.02% | ~$75,700 |
| VOO / IVV | 0.03% | ~$75,500 |
| SPY | ~0.09% | ~$74,200 |
The gap between SPYM and VOO is about $200 over 30 years on $10,000. Real, but small. The gap between owning any of these and paying a 1% fund fee is tens of thousands of dollars.
When to pick each one
- SPYM: you want the lowest fee, or your broker doesn't do fractional shares and you want a lower share price.
- VOO: you already use Vanguard, or you like that Vanguard is owned by its funds' investors.
- IVV: you use iShares funds elsewhere, or your broker features iShares commission-free.
Don't sell one to buy another in a taxable account. The capital gains tax would erase years of fee savings.
For Canadian investors
You can buy VOO, IVV or SPYM in US dollars, but where you hold it matters:
- In an RRSP: US-listed ETFs avoid the 15% US withholding tax on dividends. Convert with Norbert's gambit.
- In a TFSA: the 15% is lost either way, so a Canadian-listed S&P 500 ETF may be simpler. See how to buy the S&P 500 in Canada and CDRs vs USD vs hedged ETFs.
The bottom line
SPYM is the cheapest, VOO and IVV are the giants, and all three are excellent. The fee gap is a rounding error compared with the decision to buy consistently and hold. Wondering whether you want only the S&P 500 at all? Read VTI vs VOO vs VT. For SPY, see our earlier VOO vs SPY vs IVV comparison.
Frequently asked questions
What happened to SPLG?
State Street changed the ticker of the SPDR Portfolio S&P 500 ETF from SPLG to SPYM on October 31, 2025. It's the same fund with the same 0.02% expense ratio; only the ticker and name branding changed.
Is VOO, IVV or SPYM the best S&P 500 ETF?
They're nearly identical. SPYM is cheapest at 0.02%, VOO and IVV charge 0.03%. VOO and IVV are larger and have extremely tight trading spreads. Any of the three is a good core holding.
Why is SPYM's share price so much lower?
Share price doesn't affect returns; it just reflects how many units the fund has issued. SPYM's lower price makes it easier to buy whole shares if your broker doesn't offer fractional shares.
Should I switch from VOO to SPYM to save fees?
In a taxable account, probably not: selling could trigger capital gains tax that costs far more than the 0.01% fee saving. In an IRA or other tax-sheltered account, switching costs little, but the benefit is also tiny.
How is this different from SPY?
SPY tracks the same index but charges 0.0945% and is structured as a unit investment trust. It's favoured by traders for its liquidity and options market. For buy-and-hold investors, VOO, IVV or SPYM are cheaper.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 11, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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