SPY vs. VIVIX
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Vanguard Value Index Fund Institutional Shares (VIVIX).
SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. VIVIX is managed by Vanguard. It was launched on Jul 2, 1998.
Performance
SPY vs. VIVIX - Performance Comparison
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SPY vs. VIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | -3.56% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
VIVIX Vanguard Value Index Fund Institutional Shares | 3.71% | 15.30% | 15.99% | 9.23% | -2.05% | 26.50% | 2.30% | 25.83% | -5.44% | 17.14% |
Returns By Period
In the year-to-date period, SPY achieves a -3.56% return, which is significantly lower than VIVIX's 3.71% return. Over the past 10 years, SPY has outperformed VIVIX with an annualized return of 14.11%, while VIVIX has yielded a comparatively lower 11.89% annualized return.
SPY
- 1D
- 0.09%
- 1M
- -4.02%
- YTD
- -3.56%
- 6M
- -1.44%
- 1Y
- 23.60%
- 3Y*
- 18.37%
- 5Y*
- 11.88%
- 10Y*
- 14.11%
VIVIX
- 1D
- 0.17%
- 1M
- -3.39%
- YTD
- 3.71%
- 6M
- 6.19%
- 1Y
- 20.58%
- 3Y*
- 14.93%
- 5Y*
- 10.94%
- 10Y*
- 11.89%
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SPY vs. VIVIX - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is higher than VIVIX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
SPY vs. VIVIX — Risk / Return Rank
SPY
VIVIX
SPY vs. VIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Vanguard Value Index Fund Institutional Shares (VIVIX). 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.
| SPY | VIVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | 1.09 | -0.17 |
Sortino ratioReturn per unit of downside risk | 1.45 | 1.56 | -0.11 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.49 | +0.03 |
Martin ratioReturn relative to average drawdown | 7.11 | 6.61 | +0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | VIVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 1.09 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.79 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.71 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.40 | +0.17 |
Correlation
The correlation between SPY and VIVIX is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPY vs. VIVIX - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.13%, less than VIVIX's 2.02% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
VIVIX Vanguard Value Index Fund Institutional Shares | 2.02% | 2.04% | 2.31% | 2.46% | 2.52% | 2.15% | 2.55% | 2.50% | 2.73% | 2.30% | 2.46% | 2.61% |
Drawdowns
SPY vs. VIVIX - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum VIVIX drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for SPY and VIVIX.
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Drawdown Indicators
| SPY | VIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -59.30% | +4.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -6.36% | -2.52% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -17.12% | -7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -36.80% | +3.08% |
Current DrawdownCurrent decline from peak | -5.44% | -4.45% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -9.31% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.54% | +0.03% |
Volatility
SPY vs. VIVIX - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.28% compared to Vanguard Value Index Fund Institutional Shares (VIVIX) at 3.64%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than VIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | VIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 3.64% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 7.68% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 14.84% | +4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 13.91% | +3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 16.74% | +1.18% |