VASVX vs. SPY

Last updated Jun 4, 2026

VASVX (Vanguard Selected Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - VASVX is a Mid Cap Value Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VASVX returned 10.67%/yr vs 15.49%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. VASVX charges 0.32%/yr vs 0.09%/yr for SPY.

Performance

VASVX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Selected Value Fund (VASVX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VASVX achieves a 8.86% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, VASVX has underperformed SPY with an annualized return of 10.67%, while SPY has yielded a comparatively higher 15.49% annualized return.

VASVX

• 1D: 0.28%
• 1M: 3.11%
• YTD: 8.86%
• 6M: 10.46%
• 1Y: 20.29%
• 3Y*: 15.35%
• 5Y*: 8.74%
• 10Y*: 10.67%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

VASVX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VASVX Vanguard Selected Value Fund	8.86%	10.99%	6.68%	25.45%	-7.55%	27.54%	5.79%	29.55%	-19.75%	18.01%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VASVX and SPY 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 16, 1996	0.80

The correlation between VASVX and SPY shifts across timeframes, from 0.65 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

VASVX vs. SPY - Sectors Allocation Comparison

Sectors	VASVX	SPY
Financial Services	26.4%	11.8%
Industrials	17.7%	7.8%
Consumer Cyclical	13.2%	10.3%
Basic Materials	9.8%	1.8%
Healthcare	9.5%	8.4%
Technology	8.3%	35.9%
Real Estate	5.1%	1.9%
Consumer Defensive	4.5%	4.8%
Energy	3.7%	3.6%
Communication Services	1.8%	11.3%
Utilities	0.5%	2.4%

Return for Risk

VASVX vs. SPY — Risk / Return Rank

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

VASVX

VASVX Risk / Return Rank: 25
VASVX Sharpe Ratio Rank: 25
VASVX Sortino Ratio Rank: 27
VASVX Omega Ratio Rank: 24
VASVX Calmar Ratio Rank: 25
VASVX Martin Ratio Rank: 24

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

VASVX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Selected Value Fund (VASVX) and State Street SPDR S&P 500 ETF (SPY). 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.

	VASVX	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.42	2.38	-0.96
Sortino ratio Return per unit of downside risk	2.17	3.24	-1.07
Omega ratio Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio Return relative to maximum drawdown	1.87	3.16	-1.29
Martin ratio Return relative to average drawdown	6.08	14.72	-8.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VASVX vs. SPY - Sharpe Ratio Comparison

The current VASVX Sharpe Ratio is 1.42, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VASVX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VASVX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.38	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.82	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.87	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.59	-0.13

Drawdowns

VASVX vs. SPY - Drawdown Comparison

The maximum VASVX drawdown since its inception was -55.70%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VASVX and SPY.

Drawdown Indicators

	VASVX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.70%	-55.19%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-8.88%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.98%	-18.76%	-7.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.98%	-24.50%	-1.48%
Max Drawdown (10Y) Largest decline over 10 years	-48.19%	-33.72%	-14.47%
Current Drawdown Current decline from peak	-0.93%	-0.70%	-0.23%
Average Drawdown Average peak-to-trough decline	-9.53%	-9.05%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.91%	+1.69%

Volatility

VASVX vs. SPY - Volatility Comparison

Vanguard Selected Value Fund (VASVX) has a higher volatility of 4.12% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that VASVX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VASVX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.84%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	8.90%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	11.83%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	17.05%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	17.94%	+4.52%

VASVX vs. SPY - Expense Ratio Comparison

VASVX has a 0.32% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VASVX vs. SPY - Dividend Comparison

VASVX's dividend yield for the trailing twelve months is around 12.24%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VASVX Vanguard Selected Value Fund	12.24%	13.32%	14.35%	8.29%	13.22%	7.77%	10.19%	7.44%	11.90%	8.59%	4.51%	5.68%

Frequently Asked Questions

Can I hold both VASVX and SPY in my portfolio?

VASVX and SPY 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, VASVX or SPY?

VASVX has higher volatility (4.12%) compared to SPY (2.84%). In terms of maximum drawdown, VASVX dropped -55.70% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.42), 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.