VFVA vs. VSPGX

Last updated Jun 4, 2026

VFVA (Vanguard U.S. Value Factor ETF) and VSPGX (Vanguard S&P 500 Growth Index Fund Institutional Shares) are both funds - VFVA is a Mid Cap Value Equities fund actively managed by Vanguard, while VSPGX is a Large Cap Growth Equities fund managed by Vanguard. Over the past 5 years, VFVA returned 9.48%/yr vs 16.55%/yr for VSPGX. A 0.58 correlation means they provide meaningful diversification when combined. VFVA charges 0.13%/yr vs 0.08%/yr for VSPGX.

Performance

VFVA vs. VSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Value Factor ETF (VFVA) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFVA achieves a 9.50% return, which is significantly lower than VSPGX's 14.87% return.

VFVA

• 1D: -1.33%
• 1M: 0.94%
• YTD: 9.50%
• 6M: 10.40%
• 1Y: 28.50%
• 3Y*: 17.34%
• 5Y*: 9.48%
• 10Y*: —

VSPGX

• 1D: -0.16%
• 1M: 8.46%
• YTD: 14.87%
• 6M: 14.68%
• 1Y: 35.30%
• 3Y*: 28.49%
• 5Y*: 16.55%
• 10Y*: —

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

VFVA vs. VSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	9.50%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-15.61%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	14.87%	21.91%	35.48%	30.38%	-29.46%	31.88%	33.34%	31.06%	-4.58%

Correlation

The correlation between VFVA and VSPGX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.58

The correlation between VFVA and VSPGX shifts across timeframes, from 0.42 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VFVA vs. VSPGX — Risk / Return Rank

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

VFVA

VFVA Risk / Return Rank: 58
VFVA Sharpe Ratio Rank: 54
VFVA Sortino Ratio Rank: 57
VFVA Omega Ratio Rank: 52
VFVA Calmar Ratio Rank: 66
VFVA Martin Ratio Rank: 59

VSPGX

VSPGX Risk / Return Rank: 53
VSPGX Sharpe Ratio Rank: 60
VSPGX Sortino Ratio Rank: 53
VSPGX Omega Ratio Rank: 50
VSPGX Calmar Ratio Rank: 49
VSPGX Martin Ratio Rank: 54

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.

VFVA vs. VSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Value Factor ETF (VFVA) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX). 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.

	VFVA	VSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.28	-0.41
Sortino ratio: Return per unit of downside risk	2.76	3.05	-0.30
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	3.35	2.66	+0.69
Martin ratio: Return relative to average drawdown	10.61	11.05	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFVA vs. VSPGX - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 1.87, which is comparable to the VSPGX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VFVA and VSPGX, 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

	VFVA	VSPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.28	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.78	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.88	-0.46

Drawdowns

VFVA vs. VSPGX - Drawdown Comparison

The maximum VFVA drawdown since its inception was -48.58%, which is greater than VSPGX's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for VFVA and VSPGX.

Drawdown Indicators

	VFVA	VSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-48.58%	-32.73%	-15.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-13.68%	+5.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.07%	-22.34%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-32.73%	+8.66%
Current Drawdown Current decline from peak	-1.51%	-0.16%	-1.35%
Average Drawdown Average peak-to-trough decline	-7.31%	-6.78%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	3.28%	-0.59%

Volatility

VFVA vs. VSPGX - Volatility Comparison

The current volatility for Vanguard U.S. Value Factor ETF (VFVA) is 3.36%, while Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) has a volatility of 4.20%. This indicates that VFVA experiences smaller price fluctuations and is considered to be less risky than VSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFVA	VSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	4.20%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	12.45%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.94%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	21.27%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	21.35%	+2.97%

VFVA vs. VSPGX - Expense Ratio Comparison

VFVA has a 0.13% expense ratio, which is higher than VSPGX's 0.08% 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

VFVA vs. VSPGX - Dividend Comparison

VFVA's dividend yield for the trailing twelve months is around 1.95%, more than VSPGX's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	1.95%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	0.45%	0.38%	0.50%	1.14%	0.95%	0.55%	0.89%	0.68%	0.31%

Frequently Asked Questions

Can I hold both VFVA and VSPGX in my portfolio?

VFVA and VSPGX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFVA or VSPGX?

VSPGX has higher volatility (4.20%) compared to VFVA (3.36%). In terms of maximum drawdown, VFVA dropped -48.58% vs VSPGX's -32.73%.

Which has better risk-adjusted returns?

VSPGX currently has the higher Sharpe Ratio (2.28 vs 1.87), 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.