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.
SPYtracks the S&P 500 Index
- 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
VUGtracks the CRSP US Large Cap Growth Index
- 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) | +10.09% | +6.18% | 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 | +33.47% | — | — |
| 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 |
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.
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.