^XSP vs. VIIIX

Last updated Apr 1, 2026

Compare and contrast key facts about S&P 500 Mini-SPX Options Index (^XSP) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX).

VIIIX is managed by Vanguard. It was launched on Jul 7, 1997.

Performance

^XSP vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Mini-SPX Options Index (^XSP) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

^XSP vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
^XSP S&P 500 Mini-SPX Options Index	-4.63%	16.39%	23.31%	24.23%	-19.44%	22.15%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	-7.06%	17.87%	26.29%	25.79%	-18.14%	23.56%

Returns By Period

In the year-to-date period, ^XSP achieves a -4.63% return, which is significantly higher than VIIIX's -7.06% return.

^XSP

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: —

VIIIX

• 1D: -0.39%
• 1M: -7.68%
• YTD: -7.06%
• 6M: -4.59%
• 1Y: 14.44%
• 3Y*: 17.57%
• 5Y*: 11.54%
• 10Y*: 13.82%

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

Return for Risk

^XSP vs. VIIIX — Risk / Return Rank

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

^XSP

^XSP Risk / Return Rank: 71
^XSP Sharpe Ratio Rank: 66
^XSP Sortino Ratio Rank: 66
^XSP Omega Ratio Rank: 73
^XSP Calmar Ratio Rank: 68
^XSP Martin Ratio Rank: 82

VIIIX

VIIIX Risk / Return Rank: 46
VIIIX Sharpe Ratio Rank: 41
VIIIX Sortino Ratio Rank: 45
VIIIX Omega Ratio Rank: 50
VIIIX Calmar Ratio Rank: 42
VIIIX Martin Ratio Rank: 53

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.

^XSP vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Mini-SPX Options Index (^XSP) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	^XSP	VIIIX	Difference
Sharpe ratio Return per unit of total volatility	0.90	0.84	+0.06
Sortino ratio Return per unit of downside risk	1.39	1.30	+0.09
Omega ratio Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio Return relative to maximum drawdown	1.40	1.06	+0.34
Martin ratio Return relative to average drawdown	6.61	5.14	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XSP vs. VIIIX - Sharpe Ratio Comparison

The current ^XSP Sharpe Ratio is 0.90, which is comparable to the VIIIX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of ^XSP and VIIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^XSP	VIIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.84	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.69	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.46	+0.17

Correlation

The correlation between ^XSP and VIIIX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^XSP vs. VIIIX - Drawdown Comparison

The maximum ^XSP drawdown since its inception was -25.43%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for ^XSP and VIIIX.

Drawdown Indicators

	^XSP	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-55.18%	+29.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-12.12%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-24.50%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-6.45%	-8.90%	+2.45%
Average Drawdown Average peak-to-trough decline	-6.03%	-10.07%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.49%	+0.08%

Volatility

^XSP vs. VIIIX - Volatility Comparison

S&P 500 Mini-SPX Options Index (^XSP) has a higher volatility of 5.34% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 4.24%. This indicates that ^XSP's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XSP	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	4.24%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	9.08%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	18.13%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	16.85%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	18.02%	-1.13%