SPLG vs VOO: Cheapest S&P 500 ETFs Head-to-Head
Same S&P 500 index, essentially identical holdings. SPLG's advantage is its tiny share price ($60-ish) vs VOO's $500+, which matters for fractional-share-averse accounts.
SPLG is marginally cheaper (0.02% vs 0.03%) and has a much lower per-share price, which helps for round-lot buyers and employer stock-purchase plans that don't support fractional shares. VOO has more liquidity and Vanguard's tax structure. For most buy-and-hold investors either works identically.
Quick stats
| Metric | SPLG | VOO |
|---|---|---|
| Price | $83.57 | $652.78 |
| TTM yield | 1.06% | 1.09% |
| Real yield (NAV-adj.) | 1.46% | 1.51% |
| NAV change (period) | 38.2% | 38.2% |
| Annualized volatility | 1321.6% | 1327.2% |
| Distribution frequency | quarterly | quarterly |
| Expense ratio | 0.02% | 0.03% |
| Inception | 2005-11-08 | 2010-09-07 |
| AUM | ~$55B | ~$500B |
| 1Y dividend CAGR | 3.2% | 5.4% |
| 3Y dividend CAGR | 6.0% | 5.9% |
| 5Y dividend CAGR | 6.0% | 5.9% |
| 5Y price CAGR | 11.4% | 11.3% |
Strategy & holdings
Both track the S&P 500. SPLG is State Street's low-cost answer to VOO — positioned as a retail-friendly S&P 500 ETF at a lower per-share price. Historically, many retail investors preferred SPLG specifically because a $100 weekly contribution could buy ~1.5 full shares of SPLG vs 0.2 shares of VOO.
State Street S&P 500 ETF. Functionally identical to VOO and SPY. Low per-share price.
Vanguard S&P 500 ETF. Benefits from Vanguard's patented share class tax structure.
The only meaningful differences are share price and Vanguard's tax structure. SPLG's low share price is genuinely useful for accounts that can't buy fractional shares. Vanguard's share class structure occasionally gives VOO a small tax edge in taxable accounts. At modern brokerages that support fractional shares, the share price advantage largely disappears and the choice becomes about which issuer you prefer and minor expense ratio differences.
Yield & distributions
Both yield 1.2-1.5% quarterly. Yields are essentially identical because holdings are identical.
Total return & NAV
Tracks within 1-2 basis points annually. SPLG's 1 bp expense ratio advantage gives it a razor-thin edge; VOO's tax structure claws some of it back in taxable accounts. Practically identical over any meaningful time horizon.
Risk & volatility
Identical — both are the S&P 500.
Tax treatment
Both pay qualified dividends. VOO's Vanguard share class structure occasionally provides modest tax efficiency advantages. In tax-advantaged accounts this difference is irrelevant.