VCDAX vs. SPY

Last updated Jun 4, 2026

VCDAX (Vanguard Consumer Discretionary Index Fund Admiral Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VCDAX is a Consumer Discretionary Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VCDAX returned 13.66%/yr vs 15.49%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. VCDAX charges 0.10%/yr vs 0.09%/yr for SPY.

Performance

VCDAX vs. SPY - Performance Comparison

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

Returns By Period

Over the past 10 years, VCDAX has underperformed SPY with an annualized return of 13.66%, while SPY has yielded a comparatively higher 15.49% annualized return.

VCDAX

• 1D: -0.40%
• 1M: 0.71%
• YTD: 0.00%
• 6M: -0.18%
• 1Y: 10.61%
• 3Y*: 15.28%
• 5Y*: 6.70%
• 10Y*: 13.66%

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)

VCDAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCDAX Vanguard Consumer Discretionary Index Fund Admiral Shares	0.00%	5.66%	24.37%	40.40%	-35.17%	26.20%	48.18%	27.55%	-2.26%	22.83%
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 VCDAX and SPY is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004	0.87

The correlation between VCDAX and SPY shifts across timeframes, from 0.77 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

VCDAX vs. SPY - Sectors Allocation Comparison

Sectors	VCDAX	SPY
Consumer Cyclical	94.7%	10.3%
Consumer Defensive	1.7%	4.8%
Communication Services	1.2%	11.3%
Industrials	1.0%	7.8%
Technology	1.0%	35.9%
Energy	0.1%	3.6%
Healthcare	0.1%	8.4%
Financial Services	0.1%	11.8%
Real Estate	0.1%	1.9%
Basic Materials	-	1.8%
Utilities	-	2.4%

Return for Risk

VCDAX vs. SPY — Risk / Return Rank

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

VCDAX

VCDAX Risk / Return Rank: 7
VCDAX Sharpe Ratio Rank: 8
VCDAX Sortino Ratio Rank: 8
VCDAX Omega Ratio Rank: 7
VCDAX Calmar Ratio Rank: 7
VCDAX Martin Ratio Rank: 8

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.

VCDAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Consumer Discretionary Index Fund Admiral Shares (VCDAX) 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.

	VCDAX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.61	2.38	-1.77
Sortino ratio Return per unit of downside risk	0.98	3.24	-2.26
Omega ratio Gain probability vs. loss probability	1.11	1.43	-0.32
Calmar ratio Return relative to maximum drawdown	0.72	3.16	-2.44
Martin ratio Return relative to average drawdown	2.26	14.72	-12.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCDAX vs. SPY - Sharpe Ratio Comparison

The current VCDAX Sharpe Ratio is 0.61, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VCDAX 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

	VCDAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	2.38	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.82	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.87	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.59	-0.08

Drawdowns

VCDAX vs. SPY - Drawdown Comparison

The maximum VCDAX drawdown since its inception was -61.66%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VCDAX and SPY.

Drawdown Indicators

	VCDAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.66%	-55.19%	-6.47%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-8.88%	-6.69%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	-18.76%	-8.68%
Max Drawdown (5Y) Largest decline over 5 years	-38.51%	-24.50%	-14.01%
Max Drawdown (10Y) Largest decline over 10 years	-38.51%	-33.72%	-4.79%
Current Drawdown Current decline from peak	-4.61%	-0.70%	-3.91%
Average Drawdown Average peak-to-trough decline	-9.30%	-9.05%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	1.91%	+3.06%

Volatility

VCDAX vs. SPY - Volatility Comparison

Vanguard Consumer Discretionary Index Fund Admiral Shares (VCDAX) has a higher volatility of 5.28% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that VCDAX'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

	VCDAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	2.84%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	8.90%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	11.83%	+6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.00%	17.05%	+6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	17.94%	+4.56%

VCDAX vs. SPY - Expense Ratio Comparison

VCDAX has a 0.10% expense ratio, which is higher than SPY's 0.09% 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%.

Dividends

VCDAX vs. SPY - Dividend Comparison

VCDAX's dividend yield for the trailing twelve months is around 0.73%, less 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%
VCDAX Vanguard Consumer Discretionary Index Fund Admiral Shares	0.73%	0.74%	0.74%	0.84%	0.98%	1.82%	1.71%	1.17%	1.37%	1.21%	1.60%	1.33%

Frequently Asked Questions

Can I hold both VCDAX and SPY in my portfolio?

VCDAX and SPY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCDAX or SPY?

VCDAX has higher volatility (5.28%) compared to SPY (2.84%). In terms of maximum drawdown, VCDAX dropped -61.66% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 0.61), 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.