VIIIX vs. EAPCX

Last updated Jun 5, 2026

VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and EAPCX (Parametric Commodity Strategy Fund Class A) are both mutual funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while EAPCX is a Commodities fund managed by Eaton Vance. Over the past 10 years, VIIIX returned 15.65%/yr vs 10.77%/yr for EAPCX. At a 0.26 correlation, their price movements are largely independent. VIIIX charges 0.02%/yr vs 0.91%/yr for EAPCX.

Performance

VIIIX vs. EAPCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Parametric Commodity Strategy Fund Class A (EAPCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIIIX achieves a 10.88% return, which is significantly lower than EAPCX's 21.53% return. Over the past 10 years, VIIIX has outperformed EAPCX with an annualized return of 15.65%, while EAPCX has yielded a comparatively lower 10.77% annualized return.

VIIIX

• 1D: -0.74%
• 1M: 4.17%
• YTD: 10.88%
• 6M: 10.80%
• 1Y: 28.02%
• 3Y*: 22.87%
• 5Y*: 14.05%
• 10Y*: 15.65%

EAPCX

• 1D: -0.62%
• 1M: -1.73%
• YTD: 21.53%
• 6M: 23.58%
• 1Y: 40.49%
• 3Y*: 18.12%
• 5Y*: 14.15%
• 10Y*: 10.77%

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

VIIIX vs. EAPCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	10.88%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%
EAPCX Parametric Commodity Strategy Fund Class A	21.53%	22.06%	9.63%	-4.87%	17.26%	29.92%	7.77%	9.19%	-9.60%	6.71%

Correlation

The correlation between VIIIX and EAPCX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.26

Over the past year, the correlation between VIIIX and EAPCX has dropped to 0.06 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.

Return for Risk

VIIIX vs. EAPCX — Risk / Return Rank

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

VIIIX

VIIIX Risk / Return Rank: 66
VIIIX Sharpe Ratio Rank: 64
VIIIX Sortino Ratio Rank: 59
VIIIX Omega Ratio Rank: 59
VIIIX Calmar Ratio Rank: 67
VIIIX Martin Ratio Rank: 79

EAPCX

EAPCX Risk / Return Rank: 87
EAPCX Sharpe Ratio Rank: 89
EAPCX Sortino Ratio Rank: 78
EAPCX Omega Ratio Rank: 79
EAPCX Calmar Ratio Rank: 95
EAPCX Martin Ratio Rank: 93

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.

VIIIX vs. EAPCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Parametric Commodity Strategy Fund Class A (EAPCX). 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.

	VIIIX	EAPCX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.94	-0.57
Sortino ratio: Return per unit of downside risk	3.24	3.74	-0.50
Omega ratio: Gain probability vs. loss probability	1.43	1.52	-0.09
Calmar ratio: Return relative to maximum drawdown	3.17	5.63	-2.47
Martin ratio: Return relative to average drawdown	14.79	19.91	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIIIX vs. EAPCX - Sharpe Ratio Comparison

The current VIIIX Sharpe Ratio is 2.37, which is comparable to the EAPCX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of VIIIX and EAPCX, 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

	VIIIX	EAPCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.94	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.97	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.81	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.30	+0.19

Drawdowns

VIIIX vs. EAPCX - Drawdown Comparison

The maximum VIIIX drawdown since its inception was -55.18%, roughly equal to the maximum EAPCX drawdown of -52.59%. Use the drawdown chart below to compare losses from any high point for VIIIX and EAPCX.

Drawdown Indicators

	VIIIX	EAPCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.18%	-52.59%	-2.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.22%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-10.57%	-8.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-18.05%	-6.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-28.81%	-4.98%
Current Drawdown Current decline from peak	-0.74%	-4.56%	+3.82%
Average Drawdown Average peak-to-trough decline	-10.02%	-22.76%	+12.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.04%	-0.14%

Volatility

VIIIX vs. EAPCX - Volatility Comparison

The current volatility for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) is 2.93%, while Parametric Commodity Strategy Fund Class A (EAPCX) has a volatility of 4.13%. This indicates that VIIIX experiences smaller price fluctuations and is considered to be less risky than EAPCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIIIX	EAPCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	4.13%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	11.61%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	13.84%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	14.63%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	13.26%	+4.80%

VIIIX vs. EAPCX - Expense Ratio Comparison

VIIIX has a 0.02% expense ratio, which is lower than EAPCX's 0.91% expense ratio.

Dividends

VIIIX vs. EAPCX - Dividend Comparison

VIIIX's dividend yield for the trailing twelve months is around 2.43%, less than EAPCX's 10.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAPCX Parametric Commodity Strategy Fund Class A	10.89%	13.23%	5.46%	3.43%	14.80%	13.74%	3.01%	1.11%	0.41%	4.98%	6.49%	0.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.43%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both VIIIX and EAPCX in my portfolio?

VIIIX and EAPCX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIIIX or EAPCX?

EAPCX has higher volatility (4.13%) compared to VIIIX (2.93%). In terms of maximum drawdown, VIIIX dropped -55.18% vs EAPCX's -52.59%.

Which has better risk-adjusted returns?

EAPCX currently has the higher Sharpe Ratio (2.94 vs 2.37), 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.