All four ETFs track the same S&P 500 index and deliver nearly identical returns. The only meaningful difference is cost. Here's how they compare in 2026:
| Feature | SPLG | VOO | IVV | SPY |
|---|---|---|---|---|
| Expense Ratio | 0.02% | 0.03% | 0.03% | 0.0945% |
| Annual Cost per $100K | $20 | $30 | $30 | $94.50 |
| 30-Year Cost on $100K (7% growth) | ~$1,900 | ~$2,800 | ~$2,800 | ~$8,800 |
| AUM | $48B | $560B | $530B | $590B |
| Dividend Yield | 1.3% | 1.3% | 1.3% | 1.2% |
| Issuer | State Street (SPDR) | Vanguard | BlackRock (iShares) | State Street (SPDR) |
| Inception | 2005 | 2010 | 2000 | 1993 |
| Structure | Open-end ETF | Open-end ETF | Open-end ETF | Unit Investment Trust |
| Best For | Cost-conscious buy-and-hold | Long-term core holding | Long-term core holding | Day trading & options |
Bottom line: SPLG is the cheapest S&P 500 ETF in 2026 at 0.02%. VOO and IVV are nearly as cheap at 0.03%. SPY costs 3-5x more due to its legacy unit investment trust structure, which prevents fee reductions. For long-term investors, SPLG or VOO will save thousands over a 30-year horizon. SPY remains the best choice for active traders who need maximum liquidity and tight options spreads.
Vanguard and Schwab are the two cheapest ETF providers. Here's how their competing funds stack up:
| Category | Vanguard ETF | Expense Ratio | Schwab ETF | Expense Ratio | Winner |
|---|---|---|---|---|---|
| Total US Market | VTI | 0.03% | SCHB | 0.03% | Tie |
| Large-Cap Growth | VUG | 0.04% | SCHG | 0.04% | Tie |
| Large-Cap Value | VTV | 0.04% | SCHV | 0.04% | Tie |
| Small-Cap | VB | 0.05% | SCHA | 0.04% | Schwab |
| International Developed | VEA | 0.05% | SCHF | 0.06% | Vanguard |
| Dividend | VIG (0.05%) / VYM (0.06%) | 0.05-0.06% | SCHD | 0.06% | Vanguard (VIG) |
| US Aggregate Bond | BND | 0.03% | SCHZ | 0.03% | Tie |
| REIT | VNQ | 0.12% | SCHH | 0.07% | Schwab |
| Average across lineup | 0.055% | 0.046% | Schwab | ||
Verdict: Schwab's average expense ratio (0.046%) narrowly beats Vanguard (0.055%), but the differences are razor-thin in most categories. Both providers offer excellent low-cost options. Vanguard has a wider ETF lineup (17 vs 8 in our index) and significantly larger AUM, which may offer slight advantages in tracking accuracy and liquidity. For most investors, either provider is an excellent choice — the difference of 0.01% on $100K is just $10/year.
Thematic ETFs — funds targeting specific trends like semiconductors, clean energy, AI, or cybersecurity — charge significantly more than broad-market index funds. Here's what to expect:
| ETF | Theme | Expense Ratio | AUM | Comparable Index Fund Cost |
|---|---|---|---|---|
| QQQ | Nasdaq-100 / Large-Cap Tech | 0.20% | $310B | QQQM: 0.15% |
| QQQM | Nasdaq-100 (cheaper share class) | 0.15% | $35B | — |
| SOXX | Semiconductors | 0.35% | $14B | SMH: 0.35% |
| SMH | Semiconductors | 0.35% | $25B | SOXX: 0.35% |
| ICLN | Clean Energy | 0.40% | $2.5B | No cheaper alternative |
| HACK | Cybersecurity | 0.60% | $1.8B | No cheaper alternative |
| ARKK | Disruptive Innovation (Active) | 0.75% | $5B | No passive equivalent |
| Average Thematic ETF Expense Ratio | 0.40% | 8-13x more than broad-market ETFs (0.03%) | ||
Key takeaway: The average expense ratio for thematic ETFs in 2026 is approximately 0.40%, compared to just 0.03% for core broad-market funds. This premium reflects higher index licensing fees, smaller scale, more frequent rebalancing, and active management in some cases. If you want Nasdaq-100 exposure, always choose QQQM (0.15%) over QQQ (0.20%) for long-term holding — same index, lower cost.
| Ticker | Fund Name | Issuer | Expense Ratio | AUM ($B) | Category | Div Yield | Index Tracked | Inception |
|---|
Expense ratios were sourced from official fund prospectuses filed with the SEC and verified against issuer websites (Vanguard, iShares/BlackRock, SPDR/State Street, Schwab, Invesco, and others). AUM figures are approximate as of Q1 2026 and may fluctuate with market conditions and fund flows.
This index covers 86 of the most widely held ETFs across seven categories: US Equity, International, Bond, Sector, Thematic, Dividend, and Commodity. ETFs were selected based on AUM, trading volume, and investor relevance. All data is publicly available from official fund documentation.
Expense ratios represent the total annual fund operating expenses as a percentage of assets. They are deducted from fund returns automatically and reduce the net asset value over time. Lower expense ratios directly benefit long-term investors.
Westmount Research. "ETF Expense Ratios 2026." Published March 9, 2026. Updated March 16, 2026. https://westmountfundamentals.com/etf-expense-ratios