VHCOX vs. SPY
Compare and contrast key facts about Vanguard Capital Opportunity Fund Investor Shares (VHCOX) and State Street SPDR S&P 500 ETF (SPY).
VHCOX is managed by Vanguard. It was launched on Aug 14, 1995. 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
VHCOX vs. SPY - Performance Comparison
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VHCOX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VHCOX Vanguard Capital Opportunity Fund Investor Shares | -3.14% | 25.74% | 14.00% | 25.55% | -17.61% | 20.85% | 22.73% | 27.20% | -3.76% | 28.28% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 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, VHCOX achieves a -3.14% return, which is significantly higher than SPY's -3.65% return. Both investments have delivered pretty close results over the past 10 years, with VHCOX having a 14.30% annualized return and SPY not far behind at 14.06%.
VHCOX
- 1D
- 3.60%
- 1M
- -6.90%
- YTD
- -3.14%
- 6M
- 2.84%
- 1Y
- 26.35%
- 3Y*
- 17.67%
- 5Y*
- 9.53%
- 10Y*
- 14.30%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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VHCOX vs. SPY - Expense Ratio Comparison
VHCOX has a 0.43% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
VHCOX vs. SPY — Risk / Return Rank
VHCOX
SPY
VHCOX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Investor Shares (VHCOX) 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.
| VHCOX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 0.96 | +0.25 |
Sortino ratioReturn per unit of downside risk | 1.76 | 1.49 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.87 | 1.53 | +0.34 |
Martin ratioReturn relative to average drawdown | 7.74 | 7.27 | +0.48 |
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
| VHCOX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 0.96 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.70 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.79 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.56 | +0.02 |
Correlation
The correlation between VHCOX and SPY is 0.85, 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
VHCOX vs. SPY - Dividend Comparison
VHCOX's dividend yield for the trailing twelve months is around 9.93%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VHCOX Vanguard Capital Opportunity Fund Investor Shares | 9.93% | 9.62% | 8.16% | 2.33% | 9.26% | 10.44% | 9.10% | 6.41% | 12.11% | 3.87% | 5.66% | 5.30% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VHCOX vs. SPY - Drawdown Comparison
The maximum VHCOX drawdown since its inception was -54.76%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VHCOX and SPY.
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Drawdown Indicators
| VHCOX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.76% | -55.19% | +0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -13.90% | -12.05% | -1.85% |
Max Drawdown (5Y)Largest decline over 5 years | -27.59% | -24.50% | -3.09% |
Max Drawdown (10Y)Largest decline over 10 years | -33.78% | -33.72% | -0.06% |
Current DrawdownCurrent decline from peak | -9.29% | -5.53% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -10.04% | -9.09% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 2.54% | +0.82% |
Volatility
VHCOX vs. SPY - Volatility Comparison
Vanguard Capital Opportunity Fund Investor Shares (VHCOX) has a higher volatility of 7.31% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that VHCOX'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
| VHCOX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 5.35% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.05% | 9.50% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.60% | 19.06% | +2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.64% | 17.06% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 17.92% | +2.30% |