GINDX vs. VIIIX

Last updated Jun 4, 2026

GINDX (Gotham Index Plus Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - GINDX is a Large Cap Blend Equities fund managed by Gotham, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GINDX returned 15.81%/yr vs 15.74%/yr for VIIIX. Their correlation of 0.91 suggests significant overlap in exposure. GINDX charges 1.15%/yr vs 0.02%/yr for VIIIX.

Performance

GINDX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Index Plus Fund (GINDX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GINDX achieves a 7.57% return, which is significantly lower than VIIIX's 11.70% return. Both investments have delivered pretty close results over the past 10 years, with GINDX having a 15.81% annualized return and VIIIX not far behind at 15.74%.

GINDX

• 1D: -0.56%
• 1M: 3.53%
• YTD: 7.57%
• 6M: 9.17%
• 1Y: 27.91%
• 3Y*: 23.84%
• 5Y*: 15.54%
• 10Y*: 15.81%

VIIIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.70%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 23.17%
• 5Y*: 14.42%
• 10Y*: 15.74%

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

GINDX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GINDX Gotham Index Plus Fund	7.57%	22.25%	25.96%	26.40%	-11.61%	32.73%	6.79%	19.39%	-3.49%	26.05%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	11.70%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between GINDX and VIIIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.91

The correlation between GINDX and VIIIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

GINDX vs. VIIIX — Risk / Return Rank

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

GINDX

GINDX Risk / Return Rank: 67
GINDX Sharpe Ratio Rank: 73
GINDX Sortino Ratio Rank: 64
GINDX Omega Ratio Rank: 61
GINDX Calmar Ratio Rank: 70
GINDX Martin Ratio Rank: 66

VIIIX

VIIIX Risk / Return Rank: 73
VIIIX Sharpe Ratio Rank: 76
VIIIX Sortino Ratio Rank: 67
VIIIX Omega Ratio Rank: 67
VIIIX Calmar Ratio Rank: 74
VIIIX Martin Ratio Rank: 83

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.

GINDX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Index Plus Fund (GINDX) 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.

	GINDX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.52	-0.04
Sortino ratio: Return per unit of downside risk	3.35	3.42	-0.07
Omega ratio: Gain probability vs. loss probability	1.44	1.46	-0.02
Calmar ratio: Return relative to maximum drawdown	3.23	3.36	-0.13
Martin ratio: Return relative to average drawdown	12.89	15.69	-2.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GINDX vs. VIIIX - Sharpe Ratio Comparison

The current GINDX Sharpe Ratio is 2.48, which is comparable to the VIIIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GINDX and VIIIX, 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

	GINDX	VIIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.52	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.86	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.87	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.50	+0.37

Drawdowns

GINDX vs. VIIIX - Drawdown Comparison

The maximum GINDX drawdown since its inception was -33.70%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for GINDX and VIIIX.

Drawdown Indicators

	GINDX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.70%	-55.18%	+21.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-8.90%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-18.75%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-24.50%	+4.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.70%	-33.79%	+0.09%
Current Drawdown Current decline from peak	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.01%	-10.02%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.90%	+0.35%

Volatility

GINDX vs. VIIIX - Volatility Comparison

Gotham Index Plus Fund (GINDX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) have volatilities of 2.73% and 2.83%, 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

	GINDX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	2.83%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	8.97%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	11.86%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	16.89%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.18%	18.06%	+0.12%

GINDX vs. VIIIX - Expense Ratio Comparison

GINDX has a 1.15% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

GINDX vs. VIIIX - Dividend Comparison

GINDX's dividend yield for the trailing twelve months is around 3.04%, more than VIIIX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GINDX Gotham Index Plus Fund	3.04%	3.27%	2.97%	4.02%	1.81%	5.38%	1.07%	1.38%	2.10%	0.37%	0.48%	0.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.41%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both GINDX and VIIIX in my portfolio?

GINDX and VIIIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GINDX or VIIIX?

VIIIX has higher volatility (2.83%) compared to GINDX (2.73%). In terms of maximum drawdown, GINDX dropped -33.70% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (2.52 vs 2.48), 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.