SPYGX vs. VOOG

Last updated Jun 24, 2026

SPYGX (Spyglass Growth Fund) and VOOG (Vanguard S&P 500 Growth ETF) are both funds - SPYGX is a Mid Cap Growth Equities fund managed by Spyglass Capital Management, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Over the past 5 years, SPYGX returned -1.46%/yr vs 14.06%/yr for VOOG. A 0.76 correlation means they provide meaningful diversification when combined. SPYGX charges 1.05%/yr vs 0.07%/yr for VOOG.

Performance

SPYGX vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spyglass Growth Fund (SPYGX) and Vanguard S&P 500 Growth ETF (VOOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYGX achieves a -10.54% return, which is significantly lower than VOOG's 8.71% return.

SPYGX

• 1D: -0.57%
• 1M: 3.79%
• YTD: -10.54%
• 6M: -12.24%
• 1Y: 5.86%
• 3Y*: 21.82%
• 5Y*: -1.46%
• 10Y*: —

VOOG

• 1D: -2.34%
• 1M: -2.03%
• YTD: 8.71%
• 6M: 7.44%
• 1Y: 26.86%
• 3Y*: 25.47%
• 5Y*: 14.06%
• 10Y*: 18.00%

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

SPYGX vs. VOOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPYGX Spyglass Growth Fund	-10.54%	15.74%	38.10%	54.03%	-47.17%	-11.45%	61.87%	34.27%	7.19%
VOOG Vanguard S&P 500 Growth ETF	8.71%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-3.71%

Correlation

The correlation between SPYGX and VOOG is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 10, 2018	0.76

The correlation between SPYGX and VOOG shifts across timeframes, from 0.62 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYGX vs. VOOG — Risk / Return Rank

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

SPYGX

SPYGX Risk / Return Rank: 4
SPYGX Sharpe Ratio Rank: 4
SPYGX Sortino Ratio Rank: 5
SPYGX Omega Ratio Rank: 5
SPYGX Calmar Ratio Rank: 4
SPYGX Martin Ratio Rank: 4

VOOG

VOOG Risk / Return Rank: 45
VOOG Sharpe Ratio Rank: 47
VOOG Sortino Ratio Rank: 45
VOOG Omega Ratio Rank: 44
VOOG Calmar Ratio Rank: 41
VOOG Martin Ratio Rank: 48

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.

SPYGX vs. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spyglass Growth Fund (SPYGX) and Vanguard S&P 500 Growth ETF (VOOG). 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.

	SPYGX	VOOG	Difference
Sharpe ratio: Return per unit of total volatility	0.23	1.59	-1.36
Sortino ratio: Return per unit of downside risk	0.50	2.17	-1.68
Omega ratio: Gain probability vs. loss probability	1.06	1.28	-0.22
Calmar ratio: Return relative to maximum drawdown	0.20	1.97	-1.77
Martin ratio: Return relative to average drawdown	0.47	7.82	-7.35

SPYGX vs. VOOG - Sharpe Ratio Comparison

The current SPYGX Sharpe Ratio is 0.23, which is lower than the VOOG Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SPYGX and VOOG, 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

SPYGX vs. VOOG - Drawdown Comparison

The maximum SPYGX drawdown since its inception was -60.08%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for SPYGX and VOOG.

Drawdown Indicators

	SPYGX	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-32.73%	-27.35%
Max Drawdown (1Y) Largest decline over 1 year	-30.05%	-13.71%	-16.34%
Max Drawdown (3Y) Largest decline over 3 years	-32.90%	-22.18%	-10.72%
Max Drawdown (5Y) Largest decline over 5 years	-59.90%	-32.73%	-27.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.73%	—
Current Drawdown Current decline from peak	-14.06%	-5.49%	-8.57%
Average Drawdown Average peak-to-trough decline	-19.63%	-4.96%	-14.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.83%	3.45%	+9.38%

Volatility

SPYGX vs. VOOG - Volatility Comparison

Spyglass Growth Fund (SPYGX) has a higher volatility of 9.95% compared to Vanguard S&P 500 Growth ETF (VOOG) at 7.23%. This indicates that SPYGX's price experiences larger fluctuations and is considered to be riskier than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYGX	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.95%	7.23%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	21.69%	13.86%	+7.83%
Volatility (1Y) Calculated over the trailing 1-year period	26.58%	17.04%	+9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.71%	21.38%	+9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.26%	20.81%	+8.45%

SPYGX vs. VOOG - Expense Ratio Comparison

SPYGX has a 1.05% expense ratio, which is higher than VOOG's 0.07% expense ratio.

Dividends

SPYGX vs. VOOG - Dividend Comparison

SPYGX has not paid dividends to shareholders, while VOOG's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYGX Spyglass Growth Fund	0.00%	0.00%	0.00%	0.00%	0.06%	10.07%	2.71%	0.25%	4.95%	0.00%	0.00%	0.00%
VOOG Vanguard S&P 500 Growth ETF	0.46%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both SPYGX and VOOG in my portfolio?

SPYGX and VOOG have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYGX or VOOG?

SPYGX has higher volatility (9.95%) compared to VOOG (7.23%). In terms of maximum drawdown, SPYGX dropped -60.08% vs VOOG's -32.73%.

Which has better risk-adjusted returns?

VOOG currently has the higher Sharpe Ratio (1.59 vs 0.23), 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.