Two ETFs track the same S&P 500 yet cost investors different amounts. SPLG charges 0.02% and trades near $88 a share, while VOO charges 0.03% and trades near $683 — a gap that matters most for how you actually use the fund.
For plain S&P 500 exposure, two funds dominate the shortlist: the SPDR Portfolio S&P 500 ETF (SPLG) and the Vanguard S&P 500 ETF (VOO). They hold the same 500 companies in the same weights, so the index is not what separates them. Price, liquidity, and share-size friction are.
What each fund is really selling
SPLG's edge is price. State Street's fact sheet lists an expense ratio of 0.02%, which the source calls the cheapest S&P 500 wrapper on the market. VOO's fact sheet lists 0.03%, one basis point higher. On a $10,000 position, that gap costs a VOO holder roughly $1 a year — not a reason to switch, not a reason to ignore.
VOO's edge is liquidity. It is one of the largest ETFs in the world, with tighter bid-ask spreads and deeper options chains, while SPLG remains a fraction of that size. In a VIX-16.45 environment, that gap barely matters. During the March 2026 volatility spike, when VIX ran to 31.05, it did.
Where the returns land
Because both funds track the same index, their performance is nearly identical. Over the trailing year, SPLG returned 22.18% versus VOO's 22.16%. Over five years, SPLG delivered 84.58% against VOO's 84.49%. The ten-year gap widens a bit, with SPLG at 321.27% versus VOO at 319.62%.
The share-price friction
VOO's $682.94 price is a real obstacle for anyone investing $100 or $250 at a time on a broker without fractional shares. SPLG's $87.77 price lets almost any dollar amount deploy cleanly, which is why the source says 401(k) menus and automated contribution plans increasingly favor it. On dividends, SPLG paid $0.23923 per share in Q2 2026 while VOO paid $1.9622, leaving the yields effectively identical.
Which fund wins therefore comes down to use: the source says SPLG suits buy-and-hold investors making regular contributions, while VOO's liquidity earns its extra basis point for active traders, options users, and anyone moving large blocks.
Source: 24/7 Wall St.
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