MIEYX vs. VIIIX
MIEYX (MM S&P 500 Index Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both S&P 500 funds tracking the S&P 500 Index, from MassMutual and Vanguard respectively. Both are passively managed. Over the past 10 years, MIEYX returned 14.74%/yr vs 15.87%/yr for VIIIX. With a 0.99 correlation, they move nearly in lockstep. MIEYX charges 0.46%/yr vs 0.02%/yr for VIIIX.
Performance
MIEYX vs. VIIIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MIEYX having a 9.52% return and VIIIX slightly higher at 9.78%. Over the past 10 years, MIEYX has underperformed VIIIX with an annualized return of 14.74%, while VIIIX has yielded a comparatively higher 15.87% annualized return.
MIEYX
- 1D
- -0.39%
- 1M
- 0.07%
- YTD
- 9.52%
- 6M
- 8.51%
- 1Y
- 24.87%
- 3Y*
- 20.83%
- 5Y*
- 13.01%
- 10Y*
- 14.74%
VIIIX
- 1D
- -0.37%
- 1M
- 0.10%
- YTD
- 9.78%
- 6M
- 8.78%
- 1Y
- 25.51%
- 3Y*
- 21.80%
- 5Y*
- 13.75%
- 10Y*
- 15.87%
MIEYX vs. VIIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIEYX MM S&P 500 Index Fund | 9.52% | 17.27% | 24.36% | 25.76% | -18.63% | 28.02% | 17.87% | 30.98% | -5.26% | 18.90% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 9.78% | 17.87% | 26.29% | 25.79% | -18.14% | 28.69% | 18.41% | 31.48% | -4.41% | 21.82% |
Correlation
The correlation between MIEYX and VIIIX 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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 1998 | 0.99 |
The correlation between MIEYX and VIIIX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
MIEYX vs. VIIIX — Risk / Return Rank
MIEYX
VIIIX
MIEYX vs. VIIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MM S&P 500 Index Fund (MIEYX) 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.
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.
| MIEYX | VIIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.02 | -0.08 |
| Martin ratioReturn relative to average drawdown | 13.21 | 13.62 | -0.41 |
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Drawdowns
MIEYX vs. VIIIX - Drawdown Comparison
The maximum MIEYX drawdown since its inception was -55.63%, roughly equal to the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for MIEYX and VIIIX.
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Drawdown Indicators
| MIEYX | VIIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -55.18% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -8.90% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -36.63% | -18.75% | -17.88% |
Max Drawdown (5Y)Largest decline over 5 years | -36.63% | -24.50% | -12.13% |
Max Drawdown (10Y)Largest decline over 10 years | -36.63% | -33.79% | -2.84% |
Current DrawdownCurrent decline from peak | -4.12% | -1.72% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -12.55% | -10.00% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.97% | +0.01% |
Volatility
MIEYX vs. VIIIX - Volatility Comparison
MM S&P 500 Index Fund (MIEYX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) have volatilities of 4.69% and 4.68%, 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.
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Volatility by Period
| MIEYX | VIIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 4.68% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.84% | 9.84% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 12.50% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 16.98% | +8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 18.11% | +4.50% |
MIEYX vs. VIIIX - Expense Ratio Comparison
MIEYX has a 0.46% expense ratio, which is higher than VIIIX's 0.02% expense ratio.
Dividends
MIEYX vs. VIIIX - Dividend Comparison
MIEYX's dividend yield for the trailing twelve months is around 16.10%, more than VIIIX's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MIEYX MM S&P 500 Index Fund | 16.10% | 17.63% | 32.89% | 7.13% | 33.24% | 13.29% | 16.29% | 6.38% | 19.14% | 21.81% | 4.19% | 2.29% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 2.45% | 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
With a correlation of 1.00, MIEYX and VIIIX 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.
MIEYX has higher volatility (4.69%) compared to VIIIX (4.68%). In terms of maximum drawdown, MIEYX dropped -55.63% vs VIIIX's -55.18%.
VIIIX currently has the higher Sharpe Ratio (2.15 vs 2.10), 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.
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