CSPX vs VUAA: Which S&P 500 ETF to Choose?

CSPX (iShares Core S&P 500 UCITS ETF) and VUAA (Vanguard S&P 500 UCITS ETF) both track the same index — the S&P 500 — and both are accumulating (dividends reinvested). For European investors, the differences are small but worth understanding if you are choosing your core US equity holding.

Head-to-head comparison

Key differences

1. Fund size (AUM)

CSPX is the larger fund by a significant margin (~$95B vs ~$45B). Larger AUM means:

• Tighter bid-ask spreads (lower trading cost)
• Higher daily trading volume (easier to buy/sell large quantities)
• Lower risk of fund closure

For retail investors buying in amounts under 100,000 EUR, both funds are sufficiently liquid. The difference only matters for institutional investors.

2. Tracking difference

Tracking difference (actual return minus index return) is more important than TER because it captures all costs, including securities lending income, tax efficiency, and operational efficiency.

Over the past 3 years:

• CSPX tracking difference: approximately -0.02% to -0.05% (outperforms TER due to securities lending income)
• VUAA tracking difference: approximately -0.03% to -0.06%

Both track the index exceptionally well. CSPX has a slight edge due to larger AUM and potentially better securities lending revenue.

3. Share price

• CSPX: approximately $550-600 per share
• VUAA: approximately $100-110 per share

VUAA's lower share price makes it easier to invest precise amounts without fractional shares. If your broker does not support fractional shares, VUAA is more practical for smaller monthly investments.

4. Exchange availability

Both trade on XETRA (in EUR), LSE (in USD and GBP), and other major European exchanges. For Polish investors buying on XETRA via XTB or mBank, both are equally accessible.

Which should you choose?

Choose CSPX if:

• You value the largest, most liquid option
• You invest large amounts where tiny tracking differences compound meaningfully
• You want the established, battle-tested fund (since 2010)

Choose VUAA if:

• You invest smaller monthly amounts and want a lower share price (easier to invest precise amounts)
• You prefer Vanguard's investor-owned structure and philosophy
• Your broker does not support fractional shares

The honest answer: It does not matter much. Both are excellent S&P 500 trackers with identical TERs, Irish domicile (optimal for US dividend withholding tax), and accumulating structure. Pick one and stick with it.

S&P 500 vs MSCI World

Before choosing between CSPX and VUAA, consider whether S&P 500 is the right index:

• S&P 500: 500 US large-cap companies. ~60% of global market cap is US already; an S&P 500 ETF gives you concentrated US exposure.
• MSCI World (IWDA/SWDA): 1,500+ companies across 23 developed countries. More diversified geographically.
• FTSE All-World (VWCE): 3,700+ companies across 49 countries (developed + emerging). Maximum diversification.

If S&P 500 is your core holding, pair it with an international ETF (like VXUS or EXUS) for geographic diversification.

Track your S&P 500 ETF performance alongside your other holdings in Freenance. Seeing your US equity allocation as a percentage of your total portfolio helps you maintain appropriate geographic diversification.

Related Articles

• S&P 500 ETF: How to Buy in Poland — Step-by-step buying guide
• MSCI World vs S&P 500 — Geographic diversification debate
• IWDA Review — The developed world alternative