VIIIX vs. SVSPX
VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and SVSPX (State Street S&P 500 Index Fund Class N) are both mutual funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while SVSPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VIIIX returned 15.74%/yr vs 15.51%/yr for SVSPX. With a 0.99 correlation, they move nearly in lockstep. VIIIX charges 0.02%/yr vs 0.16%/yr for SVSPX.
Performance
VIIIX vs. SVSPX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VIIIX having a 11.70% return and SVSPX slightly lower at 11.63%. Both investments have delivered pretty close results over the past 10 years, with VIIIX having a 15.74% annualized return and SVSPX not far behind at 15.51%.
VIIIX
- 1D
- 0.13%
- 1M
- 5.80%
- YTD
- 11.70%
- 6M
- 11.74%
- 1Y
- 28.99%
- 3Y*
- 23.17%
- 5Y*
- 14.42%
- 10Y*
- 15.74%
SVSPX
- 1D
- 0.13%
- 1M
- 5.79%
- YTD
- 11.63%
- 6M
- 11.79%
- 1Y
- 28.97%
- 3Y*
- 22.73%
- 5Y*
- 14.16%
- 10Y*
- 15.51%
VIIIX vs. SVSPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 11.70% | 17.87% | 26.29% | 25.79% | -18.14% | 28.69% | 18.41% | 31.48% | -4.41% | 21.82% |
SVSPX State Street S&P 500 Index Fund Class N | 11.63% | 17.83% | 25.07% | 26.21% | -18.31% | 28.38% | 18.48% | 31.27% | -4.87% | 21.71% |
Correlation
The correlation between VIIIX and SVSPX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 1997 | 0.99 |
Over the past year, the correlation between VIIIX and SVSPX has dropped to 0.75 - well below their long-term average of 0.99, suggesting their price drivers have been diverging.
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Return for Risk
VIIIX vs. SVSPX — Risk / Return Rank
VIIIX
SVSPX
VIIIX vs. SVSPX - 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 S&P 500 Index Fund Class N (SVSPX). 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 | SVSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.54 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 4.25 | -0.89 |
| Martin ratioReturn relative to average drawdown | 15.69 | 20.11 | -4.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIIIX | SVSPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 3.00 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.85 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.87 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.58 | -0.09 |
Drawdowns
VIIIX vs. SVSPX - Drawdown Comparison
The maximum VIIIX drawdown since its inception was -55.18%, roughly equal to the maximum SVSPX drawdown of -55.76%. Use the drawdown chart below to compare losses from any high point for VIIIX and SVSPX.
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Drawdown Indicators
| VIIIX | SVSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -55.76% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -8.93% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -19.09% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -24.59% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -33.79% | -33.69% | -0.10% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -10.02% | -9.24% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 2.88% | -0.98% |
Volatility
VIIIX vs. SVSPX - Volatility Comparison
The current volatility for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) is 2.83%, while State Street S&P 500 Index Fund Class N (SVSPX) has a volatility of 3.12%. This indicates that VIIIX experiences smaller price fluctuations and is considered to be less risky than SVSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIIIX | SVSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 3.12% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 10.25% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 12.65% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 17.45% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 18.34% | -0.28% |
VIIIX vs. SVSPX - Expense Ratio Comparison
VIIIX has a 0.02% expense ratio, which is lower than SVSPX's 0.16% 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. SVSPX - Dividend Comparison
VIIIX's dividend yield for the trailing twelve months is around 2.41%, less than SVSPX's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SVSPX State Street S&P 500 Index Fund Class N | 7.43% | 8.28% | 9.39% | 12.38% | 10.53% | 11.65% | 15.98% | 6.40% | 13.29% | 4.94% | 8.63% | 4.05% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 2.41% | 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
VIIIX and SVSPX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVSPX has higher volatility (3.12%) compared to VIIIX (2.83%). In terms of maximum drawdown, VIIIX dropped -55.18% vs SVSPX's -55.76%.
SVSPX currently has the higher Sharpe Ratio (3.00 vs 2.52), 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.
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