^XSP vs. VOO

Last updated Apr 2, 2026

Compare and contrast key facts about S&P 500 Mini-SPX Options Index (^XSP) and Vanguard S&P 500 ETF (VOO).

VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010.

Performance

^XSP vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

^XSP vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
^XSP S&P 500 Mini-SPX Options Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	22.15%
VOO Vanguard S&P 500 ETF	-3.66%	17.82%	24.98%	26.32%	-18.17%	23.60%

Returns By Period

In the year-to-date period, ^XSP achieves a -3.95% return, which is significantly lower than VOO's -3.66% return.

^XSP

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: —

VOO

• 1D: 0.79%
• 1M: -4.29%
• YTD: -3.66%
• 6M: -1.41%
• 1Y: 18.17%
• 3Y*: 18.58%
• 5Y*: 11.93%
• 10Y*: 14.14%

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

Return for Risk

^XSP vs. VOO — Risk / Return Rank

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

^XSP

^XSP Risk / Return Rank: 66
^XSP Sharpe Ratio Rank: 63
^XSP Sortino Ratio Rank: 63
^XSP Omega Ratio Rank: 67
^XSP Calmar Ratio Rank: 59
^XSP Martin Ratio Rank: 77

VOO

VOO Risk / Return Rank: 60
VOO Sharpe Ratio Rank: 54
VOO Sortino Ratio Rank: 57
VOO Omega Ratio Rank: 61
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 69

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. VOO - 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 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.

	^XSP	VOO	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.01	-0.09
Sortino ratio Return per unit of downside risk	1.41	1.53	-0.12
Omega ratio Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio Return relative to maximum drawdown	1.41	1.55	-0.14
Martin ratio Return relative to average drawdown	6.61	7.31	-0.70
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. VOO - Sharpe Ratio Comparison

The current ^XSP Sharpe Ratio is 0.92, which is comparable to the VOO Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ^XSP and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.01	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.71	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.83	-0.19

Correlation

The correlation between ^XSP and VOO 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. VOO - Drawdown Comparison

The maximum ^XSP drawdown since its inception was -25.43%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ^XSP and VOO.

Drawdown Indicators

	^XSP	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-33.99%	+8.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-11.98%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-24.52%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-5.78%	-5.55%	-0.23%
Average Drawdown Average peak-to-trough decline	-6.03%	-3.72%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.55%	+0.05%

Volatility

^XSP vs. VOO - Volatility Comparison

S&P 500 Mini-SPX Options Index (^XSP) and Vanguard S&P 500 ETF (VOO) have volatilities of 5.37% and 5.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XSP	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	5.34%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	9.47%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	18.11%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	16.82%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	17.99%	-1.10%