SOPAX vs. VIIIX

Last updated Jun 24, 2026

SOPAX (ClearBridge Dividend Strategy Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - SOPAX is a Large Cap Blend Equities fund managed by Franklin Templeton, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SOPAX returned 12.24%/yr vs 15.87%/yr for VIIIX. Their correlation of 0.89 suggests significant overlap in exposure. SOPAX charges 1.02%/yr vs 0.02%/yr for VIIIX.

Performance

SOPAX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Dividend Strategy Fund (SOPAX) 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, SOPAX achieves a 5.73% return, which is significantly lower than VIIIX's 9.78% return. Over the past 10 years, SOPAX has underperformed VIIIX with an annualized return of 12.24%, while VIIIX has yielded a comparatively higher 15.87% annualized return.

SOPAX

• 1D: -0.39%
• 1M: -0.84%
• YTD: 5.73%
• 6M: 5.33%
• 1Y: 14.54%
• 3Y*: 14.42%
• 5Y*: 10.35%
• 10Y*: 12.24%

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%

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

SOPAX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOPAX ClearBridge Dividend Strategy Fund	5.73%	12.27%	16.77%	14.13%	-8.41%	26.36%	7.62%	30.97%	-5.18%	18.58%
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 SOPAX and VIIIX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 7, 1997	0.89

Over the past year, the correlation between SOPAX and VIIIX has dropped to 0.65 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

SOPAX vs. VIIIX — Risk / Return Rank

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

SOPAX

SOPAX Risk / Return Rank: 35
SOPAX Sharpe Ratio Rank: 37
SOPAX Sortino Ratio Rank: 37
SOPAX Omega Ratio Rank: 34
SOPAX Calmar Ratio Rank: 30
SOPAX Martin Ratio Rank: 37

VIIIX

VIIIX Risk / Return Rank: 65
VIIIX Sharpe Ratio Rank: 64
VIIIX Sortino Ratio Rank: 57
VIIIX Omega Ratio Rank: 59
VIIIX Calmar Ratio Rank: 68
VIIIX Martin Ratio Rank: 78

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.

SOPAX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Dividend Strategy Fund (SOPAX) 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.

	SOPAX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.15	-0.51
Sortino ratio: Return per unit of downside risk	2.35	2.91	-0.56
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	1.93	3.02	-1.09
Martin ratio: Return relative to average drawdown	7.68	13.62	-5.94

SOPAX vs. VIIIX - Sharpe Ratio Comparison

The current SOPAX Sharpe Ratio is 1.64, which is comparable to the VIIIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SOPAX 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.

Drawdowns

SOPAX vs. VIIIX - Drawdown Comparison

The maximum SOPAX drawdown since its inception was -46.78%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for SOPAX and VIIIX.

Drawdown Indicators

	SOPAX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.78%	-55.18%	+8.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-8.90%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.72%	-18.75%	+5.03%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-24.50%	+5.19%
Max Drawdown (10Y) Largest decline over 10 years	-34.72%	-33.79%	-0.93%
Current Drawdown Current decline from peak	-1.25%	-1.72%	+0.47%
Average Drawdown Average peak-to-trough decline	-4.87%	-10.00%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.97%	+0.05%

Volatility

SOPAX vs. VIIIX - Volatility Comparison

The current volatility for ClearBridge Dividend Strategy Fund (SOPAX) is 2.68%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 4.68%. This indicates that SOPAX experiences smaller price fluctuations and is considered to be less risky than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOPAX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	4.68%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	9.84%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	9.47%	12.50%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	16.98%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	18.11%	-1.73%

SOPAX vs. VIIIX - Expense Ratio Comparison

SOPAX has a 1.02% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

SOPAX vs. VIIIX - Dividend Comparison

SOPAX's dividend yield for the trailing twelve months is around 12.92%, more than VIIIX's 2.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOPAX ClearBridge Dividend Strategy Fund	12.92%	13.65%	9.54%	9.20%	5.68%	9.93%	1.76%	7.32%	6.56%	6.75%	3.03%	1.53%
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

Can I hold both SOPAX and VIIIX in my portfolio?

SOPAX and VIIIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOPAX or VIIIX?

VIIIX has higher volatility (4.68%) compared to SOPAX (2.68%). In terms of maximum drawdown, SOPAX dropped -46.78% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (2.15 vs 1.64), 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.