VFIAX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard 500 Index Fund Admiral Shares (VFIAX) and State Street SPDR S&P 500 ETF (SPY).

VFIAX is managed by Vanguard. It was launched on Nov 13, 2000. 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.

Performance

VFIAX vs. SPY - Performance Comparison

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

VFIAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFIAX Vanguard 500 Index Fund Admiral Shares	-7.06%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	21.78%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, VFIAX achieves a -7.06% return, which is significantly lower than SPY's -4.37% return. Both investments have delivered pretty close results over the past 10 years, with VFIAX having a 13.71% annualized return and SPY not far ahead at 13.98%.

VFIAX

• 1D: -0.39%
• 1M: -7.69%
• YTD: -7.06%
• 6M: -4.61%
• 1Y: 14.41%
• 3Y*: 17.14%
• 5Y*: 11.37%
• 10Y*: 13.71%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

VFIAX vs. SPY - Expense Ratio Comparison

VFIAX has a 0.04% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

SPY

State Street SPDR S&P 500 ETF

VFIAX

Vanguard 500 Index Fund Admiral Shares

Return for Risk

VFIAX vs. SPY — Risk / Return Rank

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

VFIAX

VFIAX Risk / Return Rank: 46
VFIAX Sharpe Ratio Rank: 41
VFIAX Sortino Ratio Rank: 45
VFIAX Omega Ratio Rank: 50
VFIAX Calmar Ratio Rank: 41
VFIAX Martin Ratio Rank: 53

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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.

VFIAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 500 Index Fund Admiral Shares (VFIAX) 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.

	VFIAX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.93	-0.09
Sortino ratio Return per unit of downside risk	1.30	1.45	-0.16
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.06	1.53	-0.47
Martin ratio Return relative to average drawdown	5.13	7.30	-2.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFIAX vs. SPY - Sharpe Ratio Comparison

The current VFIAX Sharpe Ratio is 0.84, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VFIAX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFIAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.93	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.69	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.78	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.56	-0.13

Correlation

The correlation between VFIAX and SPY is 0.99, 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

VFIAX vs. SPY - Dividend Comparison

VFIAX's dividend yield for the trailing twelve months is around 1.22%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFIAX Vanguard 500 Index Fund Admiral Shares	1.22%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

VFIAX vs. SPY - Drawdown Comparison

The maximum VFIAX drawdown since its inception was -55.20%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VFIAX and SPY.

Drawdown Indicators

	VFIAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.20%	-55.19%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-12.05%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	-24.50%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-33.83%	-33.72%	-0.11%
Current Drawdown Current decline from peak	-8.90%	-6.24%	-2.66%
Average Drawdown Average peak-to-trough decline	-9.46%	-9.09%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.52%	-0.03%

Volatility

VFIAX vs. SPY - Volatility Comparison

The current volatility for Vanguard 500 Index Fund Admiral Shares (VFIAX) is 4.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VFIAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFIAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	5.31%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	9.47%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	19.05%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	17.06%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	17.92%	+0.11%