SPGP vs. VSIAX

Last updated Jul 21, 2026

SPGP (Invesco S&P 500 GARP ETF) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while VSIAX is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, SPGP returned 14.91%/yr vs 10.66%/yr for VSIAX. A 0.79 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.07%/yr for VSIAX.

Performance

SPGP vs. VSIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGP achieves a 8.39% return, which is significantly lower than VSIAX's 16.42% return. Over the past 10 years, SPGP has outperformed VSIAX with an annualized return of 14.91%, while VSIAX has yielded a comparatively lower 10.66% annualized return.

SPGP

• 1D: -0.12%
• 1M: 2.18%
• 6M: 6.47%
• YTD: 8.39%
• 1Y: 13.79%
• 3Y*: 10.82%
• 5Y*: 7.98%
• 10Y*: 14.91%
• ALL TIME*: 14.33%

VSIAX

• 1D: -0.65%
• 1M: 2.83%
• 6M: 9.60%
• YTD: 16.42%
• 1Y: 24.20%
• 3Y*: 14.80%
• 5Y*: 10.27%
• 10Y*: 10.66%
• ALL TIME*: 12.39%

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

SPGP vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP Invesco S&P 500 GARP ETF	8.39%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	16.42%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%

Correlation

The correlation between SPGP and VSIAX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.79

The correlation between SPGP and VSIAX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

SPGP vs. VSIAX - Sectors Allocation Comparison

Sectors	SPGP	VSIAX
Financial Services	29.8%	17.5%
Technology	21.2%	12.1%
Consumer Cyclical	14.0%	12.5%
Industrials	10.4%	17.4%
Healthcare	9.6%	8.3%
Communication Services	8.9%	2.8%
Real Estate	2.9%	10.5%
Basic Materials	1.5%	6.0%
Utilities	1.2%	4.6%
Energy	1.2%	4.3%
Consumer Defensive	1.0%	4.0%

Return for Risk

SPGP vs. VSIAX — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 33
SPGP Sharpe Ratio Rank: 32
SPGP Sortino Ratio Rank: 32
SPGP Omega Ratio Rank: 30
SPGP Calmar Ratio Rank: 32
SPGP Martin Ratio Rank: 40

VSIAX

VSIAX Risk / Return Rank: 58
VSIAX Sharpe Ratio Rank: 50
VSIAX Sortino Ratio Rank: 58
VSIAX Omega Ratio Rank: 46
VSIAX Calmar Ratio Rank: 73
VSIAX Martin Ratio Rank: 63

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.

SPGP vs. VSIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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.

	SPGP	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.62	-0.73
Sortino ratio: Return per unit of downside risk	1.36	2.42	-1.07
Omega ratio: Gain probability vs. loss probability	1.16	1.28	-0.12
Calmar ratio: Return relative to maximum drawdown	1.24	2.73	-1.48
Martin ratio: Return relative to average drawdown	4.72	9.71	-4.98

SPGP vs. VSIAX - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 0.88, which is lower than the VSIAX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of SPGP and VSIAX, 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

SPGP vs. VSIAX - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, smaller than the maximum VSIAX drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for SPGP and VSIAX.

Drawdown Indicators

	SPGP	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-45.39%	+3.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-8.87%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-24.09%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-24.09%	+1.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	-45.39%	+3.31%
Current Drawdown Current decline from peak	-1.62%	-0.65%	-0.97%
Average Drawdown Average peak-to-trough decline	-4.33%	-5.45%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.49%	+0.43%

Volatility

SPGP vs. VSIAX - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) have volatilities of 3.27% and 3.27%, 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

	SPGP	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.27%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	10.52%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	15.00%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	19.64%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	22.37%	-1.17%

SPGP vs. VSIAX - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

SPGP vs. VSIAX - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.82%, less than VSIAX's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGP Invesco S&P 500 GARP ETF	0.82%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.76%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both SPGP and VSIAX in my portfolio?

SPGP and VSIAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or VSIAX?

VSIAX has higher volatility (3.27%) compared to SPGP (3.27%). In terms of maximum drawdown, SPGP dropped -42.08% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.61 vs 0.88), 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.