VFSNX vs. SPY
Compare and contrast key facts about Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and State Street SPDR S&P 500 ETF (SPY).
VFSNX is managed by Vanguard. It was launched on Apr 2, 2009. 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
VFSNX vs. SPY - Performance Comparison
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VFSNX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares | -1.08% | 29.97% | 2.63% | 15.18% | -21.26% | 12.74% | 11.92% | 21.72% | -18.46% | 30.30% |
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, VFSNX achieves a -1.08% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VFSNX has underperformed SPY with an annualized return of 7.33%, while SPY has yielded a comparatively higher 13.98% annualized return.
VFSNX
- 1D
- -0.56%
- 1M
- -11.47%
- YTD
- -1.08%
- 6M
- 1.46%
- 1Y
- 26.81%
- 3Y*
- 12.77%
- 5Y*
- 5.20%
- 10Y*
- 7.33%
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%
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VFSNX vs. SPY - Expense Ratio Comparison
VFSNX has a 0.11% 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%.
Return for Risk
VFSNX vs. SPY — Risk / Return Rank
VFSNX
SPY
VFSNX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) 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.
| VFSNX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.78 | 0.93 | +0.86 |
Sortino ratioReturn per unit of downside risk | 2.29 | 1.45 | +0.84 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.22 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 2.09 | 1.53 | +0.57 |
Martin ratioReturn relative to average drawdown | 8.39 | 7.30 | +1.09 |
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
| VFSNX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.78 | 0.93 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.69 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.78 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.56 | -0.01 |
Correlation
The correlation between VFSNX and SPY is 0.77, 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
VFSNX vs. SPY - Dividend Comparison
VFSNX's dividend yield for the trailing twelve months is around 3.40%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares | 3.40% | 3.36% | 3.41% | 3.11% | 2.26% | 2.70% | 1.90% | 3.25% | 2.81% | 2.85% | 2.93% | 2.69% |
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
VFSNX vs. SPY - Drawdown Comparison
The maximum VFSNX drawdown since its inception was -43.65%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VFSNX and SPY.
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Drawdown Indicators
| VFSNX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.65% | -55.19% | +11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -12.05% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.75% | -24.50% | -9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -43.65% | -33.72% | -9.93% |
Current DrawdownCurrent decline from peak | -11.47% | -6.24% | -5.23% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -9.09% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.52% | +0.34% |
Volatility
VFSNX vs. SPY - Volatility Comparison
Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) has a higher volatility of 6.02% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that VFSNX'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.
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Volatility by Period
| VFSNX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 5.31% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 9.85% | 9.47% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.43% | 19.05% | -4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.85% | 17.06% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.66% | 17.92% | -2.26% |