SPY vs VUAA: returns, risk and drawdowns compared
SPDR S&P 500 ETF Trust against Vanguard S&P 500 UCITS ETF (Acc), over the same 7 years (June 2019 to October 2026) with dividends reinvested.
Data updated October 2026
From June 2019 to October 2026, SPY returned 16.5% a year and VUAA 14.6% a year on average, so SPY came out ahead by 2.0% a year. SPY was the more volatile of the two (16.3% against 15.5% a year), and the deepest falls from a month-end high were 23.9% for SPY and 25.3% for VUAA.
The correlation of monthly returns was 0.79: they usually moved together. Over 54 rolling 3-year periods, SPY did better in 52% and VUAA in 48%.
Both funds follow the same index, so differences come mostly from ongoing charges, tracking and how dividends are handled.
SPY trades in USD and VUAA in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| SPY | VUAA | |
|---|---|---|
| Annual return (CAGR) | +16.5% | +14.6% |
| Total return | +211% | +174% |
| Annual volatility | 16.3% | 15.5% |
| Maximum drawdown (month-end) | −23.9% | −25.3% |
| Worst month | −12.5% | −9.3% |
| Best month | +12.7% | +11.4% |
| Positive months | 66% | 61% |
| Best year | 2021: +28.7% | 2021: +41.0% |
| Worst year | 2022: −18.2% | 2022: −14.6% |
| 1-year return | +16.6% | +22.6% |
| 5 years, a year | +12.7% | +13.5% |
| 10 years, a year | +15.4% | — |
| Trading currency | USD | EUR |
First nine rows: the same 89 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: SPY vs VUAA
Returns by calendar year
| Year | SPY | VUAA |
|---|---|---|
| 2025 | +17.7% | +4.3% |
| 2024 | +24.9% | +33.7% |
| 2023 | +26.2% | +22.1% |
| 2022 | −18.2% | −14.6% |
| 2021 | +28.7% | +41.0% |
| 2020 | +18.3% | −4.1% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, SPY or VUAA?
From June 2019 to October 2026, SPY returned +16.5% a year and VUAA +14.6% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods SPY did better in 52% of cases. Past returns do not predict future returns.
Which is riskier, SPY or VUAA?
Over the same months annual volatility was 16.3% for SPY and 15.5% for VUAA; the deepest fall from a month-end high was 23.9% and 25.3%, and the worst single month −12.5% and −9.3%.
How correlated are SPY and VUAA?
The correlation of their monthly returns was 0.79: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.