VIIIX vs. SPY
Compare and contrast key facts about Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VIIIX or SPY.
Performance
VIIIX vs. SPY - Performance Comparison
Returns By Period
The year-to-date returns for both investments are quite close, with VIIIX having a 24.70% return and SPY slightly higher at 24.91%. Over the past 10 years, VIIIX has underperformed SPY with an annualized return of 11.98%, while SPY has yielded a comparatively higher 13.04% annualized return.
VIIIX
24.70%
0.60%
11.74%
30.48%
13.36%
11.98%
SPY
24.91%
0.61%
11.66%
32.24%
15.43%
13.04%
Key characteristics
| VIIIX | SPY | |
|---|---|---|
| Sharpe Ratio | 2.49 | 2.67 |
| Sortino Ratio | 3.34 | 3.56 |
| Omega Ratio | 1.46 | 1.50 |
| Calmar Ratio | 3.63 | 3.85 |
| Martin Ratio | 16.05 | 17.38 |
| Ulcer Index | 1.91% | 1.86% |
| Daily Std Dev | 12.34% | 12.17% |
| Max Drawdown | -55.18% | -55.19% |
| Current Drawdown | -1.75% | -1.77% |
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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%.
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.
Risk-Adjusted Performance
VIIIX vs. SPY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and 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.
Dividends
VIIIX vs. SPY - Dividend Comparison
VIIIX's dividend yield for the trailing twelve months is around 1.28%, more than SPY's 1.19% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 1.28% | 1.49% | 1.75% | 1.30% | 1.60% | 1.93% | 2.14% | 1.84% | 2.09% | 2.47% | 1.90% | 1.87% |
SPY SPDR S&P 500 ETF | 1.19% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
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. For additional features, visit the drawdowns tool.
Volatility
VIIIX vs. SPY - Volatility Comparison
Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and SPDR S&P 500 ETF (SPY) have volatilities of 4.05% and 4.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.