IVV vs SPY: Which S&P 500 ETF Should You Buy?

Fund data from the iShares IVV fact sheet as of June 30, 2026 and the State Street SPY fact sheet as of June 30, 2026, plus the SPDR S&P 500 ETF Trust prospectus filing used for SPY net assets as of September 30, 2025. IVV QTD/YTD returns are omitted because they are not on the annualized table cited here. For education only, not investment advice.

Sources: iShares IVV fact sheet (PDF); State Street SPY fact sheet (PDF); SPY Form 497 prospectus. Annual cost is our arithmetic from the stated expense ratios.

What is the difference between IVV and SPY?

Both funds track the S&P 500 Index. IVV is an open-end iShares fund with a 0.03% expense ratio. SPY is a unit investment trust with a 0.0945% expense ratio and a fixed termination date. Holdings counts on the June 30, 2026 sheets were 504 and 504.

IVV’s fact sheet lists net assets of $888.13 billion as of June 30, 2026. SPY’s prospectus statement shows $680.289 billion as of September 30, 2025 — a different as-of date, so treat AUM as issuer-reported snapshots, not a same-day head-to-head.

Which costs less, IVV or SPY?

IVV costs 0.03% a year; SPY costs 0.0945%. On $10,000 that is $3.00 versus $9.45 by straight arithmetic from the stated ratios — a gap of 0.0645 point a year before trading costs See the tables and the issuer documents cited below.

SPY’s sheet breaks the 0.0945% ratio into trustee, S&P license, marketing and other operating pieces. IVV’s sheet shows a 0.03% management fee and 0.03% total expense ratio. Brokerage commissions and bid-ask spreads are extra for both.

How have IVV and SPY performed?

To June 30, 2026, IVV's 10-year NAV return was 15.47% a year and SPY's was 15.35%. Over one year, IVV NAV returned 22.29% and SPY 22.15%. Gaps are small next to the shared index See the tables and the issuer documents cited below.

Because both track the same index, fee drag and small implementation differences explain most of the gap. Past performance does not guarantee future results.

How do the fund structures differ?

SPY's UIT structure limits reinvestment flexibility and sets a distant termination date. IVV is a conventional open-end ETF share class under iShares Trust. Both trade on exchange at market prices that can differ from NAV See the tables and the issuer documents cited below.

• IVV is an open-end fund; the adviser can rebalance with the flexibility typical of 1940 Act ETFs.
• SPY is a unit investment trust with a fixed termination framework and more rigid portfolio rules.
• Both list on exchange and can trade at a premium or discount to NAV.

For another S&P 500 fee comparison, see SPY vs VOO. For a total-market pair, see VOO vs VTI.

What do IVV and SPY hold?

On the June 30, 2026 fact sheets, IVV's top 10 were 36.37% of assets and SPY's top 10 were 36.31%. Both led with NVIDIA, Apple and Microsoft. Sector labels differ slightly across issuers See the tables and the issuer documents cited below.

IVV top holdings (June 30, 2026):

• NVIDIA: 7.51%
• Apple: 6.58%
• Microsoft: 4.29%
• Amazon: 3.61%
• Alphabet Class A: 3.25%

SPY top holdings (June 30, 2026):

• NVIDIA: 7.50%
• Apple: 6.57%
• Microsoft: 4.29%
• Amazon: 3.61%
• Alphabet Class A: 3.24%

IVV top sectors:

• Information Technology: 37.96%
• Financials: 11.74%
• Communication: 9.67%
• Consumer Discretionary: 9.30%
• Industrials: 8.92%

SPY top sectors:

• Information Technology: 38.03%
• Financials: 11.76%
• Communication Services: 9.68%
• Consumer Discretionary: 9.31%
• Industrials: 8.93%

Should you buy IVV or SPY?

For a long-term S&P 500 sleeve, IVV's 0.03% fee is the clearer cost edge versus SPY's 0.0945%. SPY still offers deep liquidity and options markets. Holdings and long-run returns stay close because both track the same index See the tables and the issuer documents cited below.

IVV fits you if:

• You want the lower stated expense ratio (0.03%).
• You prefer a conventional open-end ETF structure.
• You are comparing core S&P 500 funds on cost first.

SPY fits you if:

• You specifically need SPY’s options market or ticker liquidity habits.
• Your account already holds SPY and switching costs outweigh the fee gap.
• You accept 0.0945% expenses for that microstructure.

Either fund is only the U.S. large-cap sleeve of a portfolio. See ETF statistics and VOO vs VTI for broader context.

Frequently asked questions

Key takeaways

• IVV costs 0.03% a year; SPY costs 0.0945%, per the June 30, 2026 fact sheets.
• Both track the S&P 500; 10-year NAV returns to June 30, 2026 were 15.47% (IVV) and 15.35% (SPY).
• IVV is an open-end iShares fund; SPY is a unit investment trust.
• Top holdings overlap heavily (NVIDIA, Apple, Microsoft lead both sheets).
• For buy-and-hold cost, IVV has the edge; SPY remains a liquidity benchmark.