VOO vs IVV vs SPLG: Which S&P 500 ETF is Best in 2026?
Three S&P 500 ETFs with 99.9% identical holdings. Compare VOO, IVV, and SPLG on expense ratios, share price, tax efficiency, and liquidity to find the best one for you.
Quick Summary
VOO, IVV, and SPLG all track the S&P 500 with 99.9% identical holdings. The differences are tiny but real: SPLG has the lowest expense ratio (0.02%), IVV matches it at 0.03%, and VOO also charges 0.03%. SPLG has the lowest share price (~$60), making it the most accessible. For buy-and-hold investors, any of the three is excellent — but SPLG has a slight edge.
The Three S&P 500 ETFs
| Feature | VOO | IVV | SPLG |
|---|---|---|---|
| Issuer | Vanguard | iShares (BlackRock) | SPDR (State Street) |
| Expense Ratio | 0.03% | 0.03% | 0.02% |
| Share Price | ~$540 | ~$580 | ~$60 |
| AUM | $400B+ | $500B+ | $35B+ |
| Launched | 2010 | 2000 | 2005 |
| Daily Volume | 5M shares | 6M shares | 4M shares |
| Holdings | ~503 | ~503 | ~503 |
| Overlap | 99.9% | 99.9% | 99.9% |
Compare any pair: VOO vs IVV | VOO vs SPLG | IVV vs SPLG
Expense Ratio Breakdown
The fee difference is tiny but adds up over decades:
| Investment | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| VOO (0.03%) | $300 | $600 | $900 |
| IVV (0.03%) | $300 | $600 | $900 |
| SPLG (0.02%) | $200 | $400 | $600 |
Per $100K invested. SPLG saves $300 over 30 years compared to VOO/IVV.
Is $300 over 30 years meaningful? Honestly, not really. The difference is $10/year. Don't lose sleep over this.
Calculate exact impact at /expense-calculator.
Share Price Matters for Small Investors
This is SPLG's biggest advantage:
- VOO: ~$540/share
- IVV: ~$580/share
- SPLG: ~$60/share
If you invest $500/month, you can't buy a full share of VOO or IVV each month. SPLG lets you buy 8+ shares.
With fractional shares: This advantage disappears. Fidelity, Schwab, and most brokers now support fractional shares, letting you buy $500 of VOO regardless of share price.
Without fractional shares: SPLG is the clear winner for DCA (dollar-cost averaging) with smaller amounts.
Tax Efficiency
| ETF | Capital Gains (Last 5yr) | Structure |
|---|---|---|
| VOO | $0 | Vanguard ETF/mutual fund dual-class |
| IVV | $0 | Standard ETF |
| SPLG | $0 | Standard ETF |
All three have been tax-efficient with zero capital gains distributions recently.
Vanguard's unique advantage: VOO benefits from Vanguard's patented ETF/mutual fund dual-class structure, which provides an extra layer of tax efficiency. However, in practice, all three have been equally tax-efficient.
Performance (They're Identical)
| Period | VOO | IVV | SPLG |
|---|---|---|---|
| 1 Year | +28.4% | +28.4% | +28.4% |
| 3 Year | +12.7% | +12.7% | +12.7% |
| 5 Year | +15.2% | +15.2% | +15.2% |
Performance is identical to within 0.01% — the tiny expense ratio difference.
Which One Has Your Broker?
This often matters more than the tiny fee differences:
| Broker | Best Choice | Why |
|---|---|---|
| Vanguard | VOO | Native Vanguard fund, no commissions |
| Fidelity | Any | All commission-free |
| Schwab | SPLG or any | All commission-free |
| Interactive Brokers | Any | All commission-free |
| Robinhood | Any | All commission-free, fractional shares |
If your 401(k) offers one of these, choose that one. Don't hold two S&P 500 ETFs — they're 99.9% identical.
Which Should You Choose?
Choose VOO if:
- You use Vanguard as your broker
- You already own VOO (no reason to switch)
- You value Vanguard's dual-class tax structure
- Brand trust matters to you
Choose IVV if:
- You use Fidelity or any broker with iShares preference
- You already own IVV
- You want the largest AUM ($500B+)
Choose SPLG if:
- You want the lowest expense ratio (0.02%)
- You invest small amounts without fractional shares
- You're starting fresh and want the absolute cheapest option
- Low share price ($60) fits your DCA strategy
The Honest Truth
Pick any one and never look back. The differences between VOO, IVV, and SPLG are so small they will never meaningfully impact your returns. The biggest factor in your S&P 500 returns is how much you invest and how long you hold — not which of these three you pick.
Common Questions
Should I switch from VOO to SPLG to save 0.01%? No. The tax hit from selling VOO in a taxable account will far exceed decades of 0.01% savings. In an IRA, you could switch tax-free, but it's barely worth the effort.
Can I hold both VOO and IVV? You can, but why? They're 99.9% identical. You gain zero diversification and double your tax paperwork.
What about SPY? SPY charges 0.09% — 3x more than VOO/IVV and 4.5x more than SPLG. The only reason to choose SPY is for options trading or day trading where liquidity matters.
Read our complete SPY vs VOO comparison.
Is SPLG too small? At $35B+ in assets, SPLG is plenty large. It tracks the same index with the same methodology. Size doesn't matter for index fund performance.
Conclusion
SPLG has a slight edge with the lowest expense ratio (0.02%) and lowest share price ($60). But all three are excellent.
The real advice: Pick whichever your broker offers, invest consistently, and hold for decades. That matters 1,000x more than the 0.01% fee difference.
Compare all three with live data: VOO vs IVV | VOO vs SPLG
Tags:
Related Articles
Try Our ETF Comparison Tools
Compare ETFs with live data, analyze overlap, correlation, risk metrics, and more.