VHYAX vs. SPY

Last updated Aug 2, 2026

VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VHYAX returned 12.16%/yr vs 12.76%/yr for SPY. Their correlation of 0.81 means they have usually moved in the same direction. VHYAX charges 0.08%/yr vs 0.09%/yr for SPY.

Performance

VHYAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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, VHYAX achieves a 14.17% return, which is significantly higher than SPY's 10.13% return.

VHYAX

• 1D: 0.18%
• 1M: 1.48%
• 6M: 9.25%
• YTD: 14.17%
• 1Y: 24.78%
• 3Y*: 16.81%
• 5Y*: 12.16%
• 10Y*: —
• ALL TIME*: 12.69%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

VHYAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	14.17%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	20.24%

Correlation

The correlation between VHYAX and SPY is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.81

The correlation between VHYAX and SPY shifts across timeframes, from 0.66 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

VHYAX vs. SPY - Sectors Allocation Comparison

Sectors	VHYAX	SPY
Financial Services	21.0%	12.5%
Technology	17.8%	36.9%
Healthcare	13.2%	9.4%
Industrials	12.6%	7.6%
Energy	8.6%	3.4%
Consumer Defensive	8.1%	4.8%
Consumer Cyclical	6.8%	8.9%
Utilities	5.7%	2.6%
Basic Materials	3.3%	1.9%
Communication Services	3.0%	9.7%
Real Estate	0.0%	2.0%

Return for Risk

VHYAX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VHYAX

VHYAX Risk / Return Rank: 88
VHYAX Sharpe Ratio Rank: 88
VHYAX Sortino Ratio Rank: 86
VHYAX Omega Ratio Rank: 84
VHYAX Calmar Ratio Rank: 90
VHYAX Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VHYAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VHYAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.52	+0.64
Sortino ratio: Return per unit of downside risk	3.10	2.11	+0.99
Omega ratio: Gain probability vs. loss probability	1.39	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	3.31	2.20	+1.11
Martin ratio: Return relative to average drawdown	12.56	9.40	+3.16

VHYAX vs. SPY - Sharpe Ratio Comparison

The current VHYAX Sharpe Ratio is 2.16, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VHYAX 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.

Drawdowns

VHYAX vs. SPY - Drawdown Comparison

The maximum VHYAX drawdown since its inception was -35.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VHYAX and SPY.

Drawdown Indicators

	VHYAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.14%	-55.19%	+20.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-8.88%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-18.76%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-24.50%	+8.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.13%	-1.40%	+0.27%
Average Drawdown Average peak-to-trough decline	-3.71%	-9.01%	+5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.08%	-0.29%

Volatility

VHYAX vs. SPY - Volatility Comparison

The current volatility for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) is 2.45%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that VHYAX 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

	VHYAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	3.58%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	10.14%	-2.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	12.89%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	17.18%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	17.95%	-0.13%

VHYAX vs. SPY - Expense Ratio Comparison

VHYAX has a 0.08% 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%.

Dividends

VHYAX vs. SPY - Dividend Comparison

VHYAX's dividend yield for the trailing twelve months is around 2.22%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.22%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHYAX and SPY in my portfolio?

VHYAX and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHYAX or SPY?

SPY has higher volatility (3.58%) compared to VHYAX (2.45%). In terms of maximum drawdown, VHYAX dropped -35.14% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.16 vs 1.52), 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.