VIIIX vs. SCHD

Last updated Aug 4, 2026

VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and SCHD (Schwab U.S. Dividend Equity ETF) are both funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, VIIIX returned 15.23%/yr vs 12.70%/yr for SCHD. Their correlation of 0.81 means they have usually moved in the same direction. VIIIX charges 0.02%/yr vs 0.06%/yr for SCHD.

Performance

VIIIX vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIIIX achieves a 10.12% return, which is significantly lower than SCHD's 24.36% return. Over the past 10 years, VIIIX has outperformed SCHD with an annualized return of 15.23%, while SCHD has yielded a comparatively lower 12.70% annualized return.

VIIIX

• 1D: 0.71%
• 1M: 0.14%
• 6M: 7.96%
• YTD: 10.12%
• 1Y: 21.48%
• 3Y*: 19.82%
• 5Y*: 12.98%
• 10Y*: 15.23%
• ALL TIME*: 9.44%

SCHD

• 1D: 0.27%
• 1M: 3.61%
• 6M: 13.71%
• YTD: 24.36%
• 1Y: 31.89%
• 3Y*: 14.88%
• 5Y*: 9.66%
• 10Y*: 12.70%
• ALL TIME*: 13.40%

*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)
SCHD Schwab U.S. Dividend Equity ETF	$806.58M	$724.91M	$690.35M
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

VIIIX vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	10.12%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%
SCHD Schwab U.S. Dividend Equity ETF	24.36%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between VIIIX and SCHD is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.81

Over the past year, the correlation between VIIIX and SCHD has dropped to 0.25 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

VIIIX vs. SCHD - Sectors Allocation Comparison

Sectors	VIIIX	SCHD
Technology	38.6%	12.7%
Financial Services	11.4%	9.9%
Communication Services	9.9%	6.2%
Consumer Cyclical	9.5%	7.7%
Healthcare	8.9%	20.8%
Industrials	8.5%	7.8%
Consumer Defensive	4.5%	20.6%
Energy	3.0%	14.1%
Utilities	2.2%	0.1%
Real Estate	1.8%	-
Basic Materials	1.7%	1.2%

Return for Risk

VIIIX vs. SCHD — Risk / Return Rank

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

VIIIX

VIIIX Risk / Return Rank: 59
VIIIX Sharpe Ratio Rank: 56
VIIIX Sortino Ratio Rank: 52
VIIIX Omega Ratio Rank: 52
VIIIX Calmar Ratio Rank: 61
VIIIX Martin Ratio Rank: 74

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 97
SCHD Martin Ratio Rank: 93

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.

VIIIX vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	VIIIX	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.90	-1.38
Sortino ratio: Return per unit of downside risk	2.12	4.49	-2.38
Omega ratio: Gain probability vs. loss probability	1.27	1.52	-0.25
Calmar ratio: Return relative to maximum drawdown	2.21	6.94	-4.74
Martin ratio: Return relative to average drawdown	9.47	17.53	-8.05

VIIIX vs. SCHD - Sharpe Ratio Comparison

The current VIIIX Sharpe Ratio is 1.53, which is lower than the SCHD Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of VIIIX and SCHD, 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

VIIIX vs. SCHD - Drawdown Comparison

The maximum VIIIX drawdown since its inception was -55.18%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for VIIIX and SCHD.

Drawdown Indicators

	VIIIX	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-55.18%	-33.37%	-21.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-4.61%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-16.13%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-16.85%	-7.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-33.37%	-0.42%
Current Drawdown Current decline from peak	-1.42%	-0.97%	-0.45%
Average Drawdown Average peak-to-trough decline	-9.97%	-3.29%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.82%	+0.25%

Volatility

VIIIX vs. SCHD - Volatility Comparison

The current volatility for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) is 3.52%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.82%. This indicates that VIIIX experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIIIX	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	3.82%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	7.99%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	11.06%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	14.39%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	16.73%	+1.34%

VIIIX vs. SCHD - Expense Ratio Comparison

VIIIX has a 0.02% expense ratio, which is lower than SCHD's 0.06% 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

VIIIX vs. SCHD - Dividend Comparison

VIIIX's dividend yield for the trailing twelve months is around 2.49%, less than SCHD's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.12%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.49%	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 SCHD in my portfolio?

VIIIX and SCHD have a correlation of 0.25, 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 SCHD?

SCHD has higher volatility (3.82%) compared to VIIIX (3.52%). In terms of maximum drawdown, VIIIX dropped -55.18% vs SCHD's -33.37%.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.90 vs 1.53), 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.