How SPY Underperformed the Vanguard S&P 500 Fund

In a bull market like you had last year when the S&P 500 went up, 26%. Automatically reinvesting dividends is going to cause the mutual fund or the ETF that has that structure to outperform SPY. In a down market, SPY will outperform VOO because the cash from the dividends are going into an S-grow account and it's not getting reinvested. So again, understanding how the structure of the fund works is also important.