VHCOX vs. SPY

Last updated Jun 5, 2026

VHCOX (Vanguard Capital Opportunity Fund Investor Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VHCOX is a Mid Cap Growth Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VHCOX returned 17.07%/yr vs 15.48%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure. VHCOX charges 0.43%/yr vs 0.09%/yr for SPY.

Performance

VHCOX vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCOX achieves a 25.62% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, VHCOX has outperformed SPY with an annualized return of 17.07%, while SPY has yielded a comparatively lower 15.48% annualized return.

VHCOX

• 1D: 0.15%
• 1M: 12.04%
• YTD: 25.62%
• 6M: 27.15%
• 1Y: 55.65%
• 3Y*: 26.86%
• 5Y*: 14.44%
• 10Y*: 17.07%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

VHCOX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCOX Vanguard Capital Opportunity Fund Investor Shares	25.62%	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	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VHCOX and SPY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 6, 1995	0.85

The correlation between VHCOX and SPY has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

VHCOX vs. SPY - Sectors Allocation Comparison

Sectors	VHCOX	SPY
Technology	33.1%	35.9%
Healthcare	24.9%	8.4%
Industrials	10.7%	7.8%
Consumer Cyclical	9.8%	10.3%
Financial Services	8.2%	11.8%
Communication Services	6.5%	11.3%
Energy	2.2%	3.6%
Consumer Defensive	0.9%	4.8%
Basic Materials	0.4%	1.8%
Real Estate	0.1%	1.9%
Utilities	-	2.4%

Return for Risk

VHCOX vs. SPY — Risk / Return Rank

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

VHCOX

VHCOX Risk / Return Rank: 90
VHCOX Sharpe Ratio Rank: 94
VHCOX Sortino Ratio Rank: 90
VHCOX Omega Ratio Rank: 84
VHCOX Calmar Ratio Rank: 89
VHCOX Martin Ratio Rank: 93

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

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 ratio: Return per unit of total volatility	3.32	2.42	+0.90
Sortino ratio: Return per unit of downside risk	4.45	3.29	+1.16
Omega ratio: Gain probability vs. loss probability	1.58	1.44	+0.15
Calmar ratio: Return relative to maximum drawdown	4.53	3.22	+1.31
Martin ratio: Return relative to average drawdown	20.34	14.99	+5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHCOX vs. SPY - Sharpe Ratio Comparison

The current VHCOX Sharpe Ratio is 3.32, which is higher than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VHCOX 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

	VHCOX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	2.42	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.82	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.87	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.59	+0.04

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.

Drawdown Indicators

	VHCOX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-55.19%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-8.88%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-23.87%	-18.76%	-5.11%
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 Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-10.00%	-9.05%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.91%	+0.86%

Volatility

VHCOX vs. SPY - Volatility Comparison

Vanguard Capital Opportunity Fund Investor Shares (VHCOX) has a higher volatility of 6.64% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. 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.

Volatility by Period

	VHCOX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	2.79%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	8.91%	+4.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	11.82%	+5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	17.05%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	17.93%	+2.41%

VHCOX vs. SPY - Expense Ratio Comparison

VHCOX has a 0.43% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VHCOX vs. SPY - Dividend Comparison

VHCOX's dividend yield for the trailing twelve months is around 7.66%, more 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%
VHCOX Vanguard Capital Opportunity Fund Investor Shares	7.66%	9.62%	8.16%	2.33%	9.26%	10.44%	9.10%	6.41%	12.11%	3.87%	5.66%	5.30%

Frequently Asked Questions

Can I hold both VHCOX and SPY in my portfolio?

VHCOX and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCOX or SPY?

VHCOX has higher volatility (6.64%) compared to SPY (2.79%). In terms of maximum drawdown, VHCOX dropped -54.76% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VHCOX currently has the higher Sharpe Ratio (3.32 vs 2.42), 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.