SPY vs. VMFVX
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX).
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. VMFVX is managed by Vanguard. It was launched on Nov 2, 2010.
Performance
SPY vs. VMFVX - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a -3.56% return, which is significantly lower than VMFVX's 1.63% return. Over the past 10 years, SPY has outperformed VMFVX with an annualized return of 14.11%, while VMFVX has yielded a comparatively lower 10.25% annualized return.
SPY
- 1D
- 0.09%
- 1M
- -3.48%
- YTD
- -3.56%
- 6M
- -1.44%
- 1Y
- 31.28%
- 3Y*
- 18.37%
- 5Y*
- 11.88%
- 10Y*
- 14.11%
VMFVX
- 1D
- 0.11%
- 1M
- -2.59%
- YTD
- 1.63%
- 6M
- 2.64%
- 1Y
- 25.69%
- 3Y*
- 11.29%
- 5Y*
- 7.34%
- 10Y*
- 10.25%
SPY vs. VMFVX - 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% |
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares | 1.63% | 7.57% | 10.59% | 16.49% | -7.03% | 30.54% | 3.68% | 26.18% | -11.90% | 12.27% |
Correlation
The correlation between SPY and VMFVX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.
SPY vs. VMFVX - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is higher than VMFVX's 0.08% 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%.
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Return for Risk
SPY vs. VMFVX — Risk / Return Rank
SPY
VMFVX
SPY vs. VMFVX - 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 S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX). 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 | VMFVX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.92 | 0.57 | +0.35 |
Sortino ratioReturn per unit of downside risk | 1.45 | 0.96 | +0.49 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.13 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 0.91 | +0.61 |
Martin ratioReturn relative to average drawdown | 7.11 | 3.38 | +3.73 |
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 | VMFVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.57 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.38 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.47 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.50 | +0.06 |
Drawdowns
SPY vs. VMFVX - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than VMFVX's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for SPY and VMFVX.
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Drawdown Indicators
| SPY | VMFVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -45.79% | -9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -10.52% | +1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -22.46% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -45.79% | +12.07% |
Current DrawdownCurrent decline from peak | -5.44% | -7.01% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -5.52% | -3.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 3.89% | -1.32% |
Volatility
SPY vs. VMFVX - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX) have volatilities of 5.28% and 5.25%, 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
| SPY | VMFVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 5.25% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 11.35% | -1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 20.59% | -1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 19.53% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 21.88% | -3.96% |
Dividends
SPY vs. VMFVX - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.13%, less than VMFVX's 1.85% 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% |
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares | 1.85% | 1.88% | 1.81% | 1.58% | 2.04% | 1.81% | 2.48% | 1.94% | 2.01% | 1.56% | 1.42% | 1.73% |