Yes. Robinhood does not offer mutual funds, so you cannot buy a fund like FXAIX or VFIAX there. What you can buy is an S&P 500 ETF: VOO, IVV, or SPY. All three trade commission-free, and Robinhood supports fractional shares from $1, so you can start with any amount.
Key takeaways
- Robinhood carries stocks and ETFs only, not mutual funds. The S&P 500 lives on the platform as an ETF (VOO, IVV, or SPY), never as an index mutual fund.
- For a long-term buy-and-hold, VOO or IVV is the cleaner pick at a 0.03% expense ratio. SPY costs 0.0945%, which is roughly three times more for the same index.
- Trades are commission-free and fractional shares start at $1, so a single share price never blocks you from getting in.
- Holding an S&P 500 ETF inside a Robinhood IRA adds a 1% match on contributions, or 3% with Robinhood Gold at $5 per month.
- The app you use matters far less than the fund you pick and the account you hold it in. Cost and tax treatment drive your real return.
Which S&P 500 ETF to buy on Robinhood
Robinhood lists all three of the major S&P 500 ETFs. They track the same index, so the decision comes down to cost and how you plan to trade.
| ETF | Expense ratio | Structure | Best for |
|---|---|---|---|
| VOO (Vanguard) | 0.03% | Open-end fund | Long-term buy-and-hold |
| IVV (iShares) | 0.03% | Open-end fund | Long-term buy-and-hold |
| SPY (SPDR) | 0.0945% | Unit investment trust | Active traders, options |
For most people building wealth over decades, VOO or IVV wins. The 0.03% expense ratio is about a third of SPY's 0.0945%, and on a six-figure balance held for years that gap compounds into real money. SPY earns its higher fee only if you trade often or run options, where its deeper liquidity helps. For a deeper split, see SPY vs the S&P 500.
Taxable account vs Robinhood IRA
Where you hold the ETF changes the math more than which ETF you choose.
| Factor | Taxable brokerage | Robinhood IRA |
|---|---|---|
| Contribution match | None | 1% standard, 3% with Gold ($5/mo) |
| Annual limit | Unlimited | IRS IRA limit applies |
| Tax on growth | Capital gains when you sell | Tax-deferred or tax-free (Roth) |
| Access to funds | Anytime | Retirement age, with exceptions |
The IRA match is the standout feature. Robinhood adds 1% to every contribution from an outside account, or 3% if you pay $5 per month for Gold. That match does not count against your IRS contribution limit, though matched funds generally need to stay put for five years to avoid a clawback, and the Gold match requires staying subscribed for a year. If you are choosing an S&P 500 fund for a retirement account, the best S&P 500 index fund for a Roth IRA guide covers the picks in more detail.
The app matters less than the fund and the account
Robinhood is a fine place to own the S&P 500, but so is almost any modern broker. The commission-free trade you get on Robinhood is now standard across Fidelity, Schwab, and Vanguard too. What actually moves your long-term outcome is the expense ratio of the fund you hold, whether you shelter it in an IRA, and how you handle taxes when you sell.
Put differently: choosing VOO at 0.03% over SPY at 0.0945%, or holding inside a Roth IRA instead of a taxable account, will do more for your net return than which app's interface you happen to prefer. Pick the low-cost ETF, use the tax-advantaged account when you can, and the platform becomes a detail.
How to buy it
- Open and fund your Robinhood account, or open a Robinhood IRA if you want the contribution match.
- Search the ticker directly: VOO, IVV, or SPY.
- Choose a dollar amount (fractional shares start at $1) or a share count.
- Pick your order type. A market order fills at the current price; a limit order caps what you pay.
- Review and confirm.
For the broader picture on where the S&P 500 fits in a portfolio, start with the S&P 500 hub.
Frequently asked questions
Can you invest in the S&P 500 on Robinhood?
Yes, but through an ETF, not a mutual fund. Robinhood carries stocks and ETFs only, so you cannot buy a fund like FXAIX or VFIAX there. What you can buy is an S&P 500 ETF: VOO, IVV, or SPY. All three trade commission-free, and Robinhood supports fractional shares from $1, so you can start with any amount.
Which S&P 500 ETF is best to buy on Robinhood?
For a long-term buy-and-hold, VOO or IVV is the cleaner pick at a 0.03% expense ratio. SPY costs 0.0945%, roughly three times more for the same index, and earns its higher fee only if you trade often or run options where its deeper liquidity helps. On a six-figure balance held for years, that fee gap compounds into real money.
What is the Robinhood IRA contribution match?
Holding an S&P 500 ETF inside a Robinhood IRA adds a 1% match on contributions, or 3% with Robinhood Gold at $5 per month. The match does not count against your IRS contribution limit, though matched funds generally need to stay put for five years to avoid a clawback, and the Gold match requires staying subscribed for a year.
What matters more than which app you use to buy the S&P 500?
The fund you pick and the account you hold it in matter far more than the app. Commission-free trading is now standard across Fidelity, Schwab, and Vanguard too. Choosing VOO at 0.03% over SPY at 0.0945%, or holding inside a Roth IRA instead of a taxable account, does more for your net return than which interface you prefer.