VOO and SPLG both track the S&P 500 at identical 0.03% expense ratios. The performance difference is essentially zero. So why do both exist, and how do you choose?
The Share Price Difference
VOO trades around $500 per share. SPLG trades around $60. For investors without fractional share access, this matters enormously. A $200 monthly investment buys one share of SPLG with $140 left over, but cannot buy any VOO shares. SPLG was specifically repositioned as a low-price-point S&P 500 ETF to serve this market.
Scale and Liquidity
VOO has roughly $500 billion in assets and trades millions of shares daily. SPLG has around $40 billion and lower trading volume. For retail investors, both have ample liquidity. For institutional investors moving millions of dollars, VOO's deeper market provides slightly better execution. The bid-ask spread on VOO is typically one penny; SPLG's is also one penny but with less depth.
Tracking Quality
Both track the S&P 500 with exceptional precision. Any return difference in a given year is typically less than 0.01%. Vanguard's massive scale provides efficient index replication for VOO. State Street, which also manages SPY, brings decades of S&P 500 tracking experience to SPLG.
View the full data comparison at VOO vs SPLG comparison page.
The Decision
If your broker supports fractional shares, VOO is the default choice due to its vastly larger size and liquidity. If you need whole shares at a lower price point, SPLG is the better option. The performance will be virtually identical either way. This is one decision where you truly cannot go wrong. For more on S&P 500 investing, visit our S&P 500 buying guide.
