^OEX vs. VOO

Last updated Jun 4, 2026

^OEX (S&P 100 Index) is an index, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^OEX returned 14.98%/yr vs 15.56%/yr for VOO. With a 0.98 correlation, they move nearly in lockstep.

Performance

^OEX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 100 Index (^OEX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^OEX achieves a 9.08% return, which is significantly lower than VOO's 10.91% return. Both investments have delivered pretty close results over the past 10 years, with ^OEX having a 14.98% annualized return and VOO not far ahead at 15.56%.

^OEX

• 1D: -0.93%
• 1M: 5.31%
• YTD: 9.08%
• 6M: 8.87%
• 1Y: 28.44%
• 3Y*: 23.22%
• 5Y*: 14.34%
• 10Y*: 14.98%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^OEX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^OEX S&P 100 Index	9.08%	18.76%	29.25%	30.83%	-22.12%	27.55%	19.30%	29.47%	-5.86%	19.34%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between ^OEX and VOO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.98

The correlation between ^OEX and VOO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

^OEX vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^OEX

^OEX Risk / Return Rank: 69
^OEX Sharpe Ratio Rank: 72
^OEX Sortino Ratio Rank: 72
^OEX Omega Ratio Rank: 72
^OEX Calmar Ratio Rank: 58
^OEX Martin Ratio Rank: 70

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^OEX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 100 Index (^OEX) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^OEX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.39	-0.14
Sortino ratio: Return per unit of downside risk	3.08	3.25	-0.18
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	2.53	3.16	-0.64
Martin ratio: Return relative to average drawdown	10.55	14.73	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^OEX vs. VOO - Sharpe Ratio Comparison

The current ^OEX Sharpe Ratio is 2.25, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ^OEX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^OEX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.39	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.83	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.87	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.89	-0.37

Drawdowns

^OEX vs. VOO - Drawdown Comparison

The maximum ^OEX drawdown since its inception was -61.31%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ^OEX and VOO.

Drawdown Indicators

	^OEX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-61.31%	-33.99%	-27.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-8.90%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-18.69%	-1.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.23%	-24.52%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-31.53%	-33.99%	+2.46%
Current Drawdown Current decline from peak	-1.02%	-0.70%	-0.32%
Average Drawdown Average peak-to-trough decline	-12.82%	-3.69%	-9.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	1.91%	+0.79%

Volatility

^OEX vs. VOO - Volatility Comparison

S&P 100 Index (^OEX) has a higher volatility of 3.29% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that ^OEX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^OEX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	2.84%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	8.90%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	11.80%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	16.81%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	18.01%	+0.46%

Frequently Asked Questions

Can I hold both ^OEX and VOO in my portfolio?

With a correlation of 0.97, ^OEX and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^OEX or VOO?

^OEX has higher volatility (3.29%) compared to VOO (2.84%). In terms of maximum drawdown, ^OEX dropped -61.31% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 2.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.