VIIIX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and State Street SPDR S&P 500 ETF (SPY).

VIIIX is managed by Vanguard. It was launched on Jul 7, 1997. 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

VIIIX vs. SPY - Performance Comparison

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

VIIIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	-7.06%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%
SPY State Street SPDR S&P 500 ETF	-4.37%	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, VIIIX achieves a -7.06% return, which is significantly lower than SPY's -4.37% return. Both investments have delivered pretty close results over the past 10 years, with VIIIX having a 13.82% annualized return and SPY not far ahead at 13.98%.

VIIIX

• 1D: -0.39%
• 1M: -7.68%
• YTD: -7.06%
• 6M: -4.59%
• 1Y: 14.44%
• 3Y*: 17.57%
• 5Y*: 11.54%
• 10Y*: 13.82%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

VIIIX vs. SPY - Expense Ratio Comparison

VIIIX has a 0.02% 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%.

SPY

State Street SPDR S&P 500 ETF

VIIIX

Vanguard Institutional Index Fund Institutional Plus Shares

Return for Risk

VIIIX vs. SPY — Risk / Return Rank

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

VIIIX

VIIIX Risk / Return Rank: 46
VIIIX Sharpe Ratio Rank: 41
VIIIX Sortino Ratio Rank: 45
VIIIX Omega Ratio Rank: 50
VIIIX Calmar Ratio Rank: 42
VIIIX Martin Ratio Rank: 53

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) 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.

	VIIIX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.93	-0.09
Sortino ratio Return per unit of downside risk	1.30	1.45	-0.16
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.06	1.53	-0.47
Martin ratio Return relative to average drawdown	5.14	7.30	-2.16
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. SPY - Sharpe Ratio Comparison

The current VIIIX Sharpe Ratio is 0.84, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VIIIX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VIIIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.93	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.69	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.78	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.56	-0.10

Correlation

The correlation between VIIIX and SPY is 0.98, 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

VIIIX vs. SPY - Dividend Comparison

VIIIX's dividend yield for the trailing twelve months is around 2.90%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.90%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

VIIIX vs. SPY - Drawdown Comparison

The maximum VIIIX drawdown since its inception was -55.18%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VIIIX and SPY.

Drawdown Indicators

	VIIIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.18%	-55.19%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-12.05%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-24.50%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-33.72%	-0.07%
Current Drawdown Current decline from peak	-8.90%	-6.24%	-2.66%
Average Drawdown Average peak-to-trough decline	-10.07%	-9.09%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.52%	-0.03%

Volatility

VIIIX vs. SPY - Volatility Comparison

The current volatility for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) is 4.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VIIIX 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

	VIIIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	5.31%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	9.47%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	19.05%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.06%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	17.92%	+0.10%