IVOO vs. VSPMX

Last updated Jun 23, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) are both Mid Cap Blend Equities funds from Vanguard. Over the past 10 years, IVOO returned 11.70%/yr vs 11.38%/yr for VSPMX. With a 0.99 correlation, they move nearly in lockstep. IVOO charges 0.07%/yr vs 0.08%/yr for VSPMX.

Performance

IVOO vs. VSPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IVOO having a 15.81% return and VSPMX slightly lower at 15.40%. Both investments have delivered pretty close results over the past 10 years, with IVOO having a 11.70% annualized return and VSPMX not far behind at 11.38%.

IVOO

• 1D: 0.43%
• 1M: 3.74%
• YTD: 15.81%
• 6M: 13.38%
• 1Y: 27.53%
• 3Y*: 16.47%
• 5Y*: 8.86%
• 10Y*: 11.70%

VSPMX

• 1D: 1.14%
• 1M: 3.34%
• YTD: 15.40%
• 6M: 12.94%
• 1Y: 27.05%
• 3Y*: 15.24%
• 5Y*: 9.27%
• 10Y*: 11.38%

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

IVOO vs. VSPMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOO Vanguard S&P Mid-Cap 400 ETF	15.81%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-11.33%	16.38%
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	15.40%	7.11%	12.83%	17.42%	-13.12%	24.66%	13.53%	26.12%	-11.14%	16.18%

Correlation

The correlation between IVOO and VSPMX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.99

The correlation between IVOO and VSPMX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

IVOO vs. VSPMX — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 57
IVOO Sharpe Ratio Rank: 53
IVOO Sortino Ratio Rank: 54
IVOO Omega Ratio Rank: 50
IVOO Calmar Ratio Rank: 65
IVOO Martin Ratio Rank: 64

VSPMX

VSPMX Risk / Return Rank: 50
VSPMX Sharpe Ratio Rank: 41
VSPMX Sortino Ratio Rank: 42
VSPMX Omega Ratio Rank: 38
VSPMX Calmar Ratio Rank: 70
VSPMX Martin Ratio Rank: 60

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.

IVOO vs. VSPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IVOO	VSPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.73	+0.01
Sortino ratio: Return per unit of downside risk	2.53	2.51	+0.02
Omega ratio: Gain probability vs. loss probability	1.31	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	3.14	3.09	+0.05
Martin ratio: Return relative to average drawdown	11.45	11.27	+0.18

IVOO vs. VSPMX - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.75, which is comparable to the VSPMX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of IVOO and VSPMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVOO vs. VSPMX - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, roughly equal to the maximum VSPMX drawdown of -42.04%. Use the drawdown chart below to compare losses from any high point for IVOO and VSPMX.

Drawdown Indicators

	IVOO	VSPMX	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-42.04%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.82%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-24.27%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-24.27%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-42.04%	-0.29%
Current Drawdown Current decline from peak	-0.12%	-0.42%	+0.30%
Average Drawdown Average peak-to-trough decline	-5.25%	-5.08%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.41%	0.00%

Volatility

IVOO vs. VSPMX - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 ETF (IVOO) is 4.57%, while Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) has a volatility of 4.86%. This indicates that IVOO experiences smaller price fluctuations and is considered to be less risky than VSPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOO	VSPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.86%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	11.68%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	15.75%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.74%	19.69%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	21.04%	+0.18%

IVOO vs. VSPMX - Expense Ratio Comparison

IVOO has a 0.07% expense ratio, which is lower than VSPMX's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOO vs. VSPMX - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.17%, less than VSPMX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.17%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	1.21%	1.07%	1.32%	1.26%	1.59%	1.15%	1.24%	1.49%	1.64%	1.27%	1.54%	1.52%

Frequently Asked Questions

Can I hold both IVOO and VSPMX in my portfolio?

With a correlation of 1.00, IVOO and VSPMX 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, IVOO or VSPMX?

VSPMX has higher volatility (4.86%) compared to IVOO (4.57%). In terms of maximum drawdown, IVOO dropped -42.33% vs VSPMX's -42.04%.

Which has better risk-adjusted returns?

IVOO currently has the higher Sharpe Ratio (1.75 vs 1.73), 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.