VIIIX vs. VIVIX
VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and VIVIX (Vanguard Value Index Fund Institutional Shares) are both mutual funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while VIVIX is a Large Cap Value Equities fund managed by Vanguard. Over the past 10 years, VIIIX returned 15.74%/yr vs 12.47%/yr for VIVIX. Their correlation of 0.92 suggests significant overlap in exposure. VIIIX charges 0.02%/yr vs 0.04%/yr for VIVIX.
Performance
VIIIX vs. VIVIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VIIIX having a 11.70% return and VIVIX slightly higher at 12.24%. Over the past 10 years, VIIIX has outperformed VIVIX with an annualized return of 15.74%, while VIVIX has yielded a comparatively lower 12.47% annualized return.
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%
VIVIX
- 1D
- 0.86%
- 1M
- 4.21%
- YTD
- 12.24%
- 6M
- 13.09%
- 1Y
- 26.23%
- 3Y*
- 18.25%
- 5Y*
- 11.30%
- 10Y*
- 12.47%
VIIIX vs. VIVIX - 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% |
VIVIX Vanguard Value Index Fund Institutional Shares | 12.24% | 15.30% | 15.99% | 9.23% | -2.05% | 26.50% | 2.30% | 25.83% | -5.44% | 17.14% |
Correlation
The correlation between VIIIX and VIVIX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 1998 | 0.92 |
Over the past year, the correlation between VIIIX and VIVIX has dropped to 0.68 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.
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Return for Risk
VIIIX vs. VIVIX — Risk / Return Rank
VIIIX
VIVIX
VIIIX vs. VIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Vanguard Value Index Fund Institutional Shares (VIVIX). 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 | VIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.48 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 4.24 | -0.88 |
| Martin ratioReturn relative to average drawdown | 15.69 | 15.97 | -0.28 |
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 | VIVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 2.68 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.82 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.75 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.41 | +0.08 |
Drawdowns
VIIIX vs. VIVIX - Drawdown Comparison
The maximum VIIIX drawdown since its inception was -55.18%, smaller than the maximum VIVIX drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for VIIIX and VIVIX.
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Drawdown Indicators
| VIIIX | VIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -59.30% | +4.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -6.36% | -2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -14.40% | -4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -17.12% | -7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -33.79% | -36.80% | +3.01% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -10.02% | -9.26% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.69% | +0.21% |
Volatility
VIIIX vs. VIVIX - Volatility Comparison
Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a higher volatility of 2.83% compared to Vanguard Value Index Fund Institutional Shares (VIVIX) at 2.69%. This indicates that VIIIX's price experiences larger fluctuations and is considered to be riskier than VIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIIIX | VIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.69% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 7.62% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 10.07% | +1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 13.91% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 16.74% | +1.32% |
VIIIX vs. VIVIX - Expense Ratio Comparison
VIIIX has a 0.02% expense ratio, which is lower than VIVIX's 0.04% 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. VIVIX - Dividend Comparison
VIIIX's dividend yield for the trailing twelve months is around 2.41%, more than VIVIX's 1.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VIVIX Vanguard Value Index Fund Institutional Shares | 1.86% | 2.04% | 2.31% | 2.46% | 2.52% | 2.15% | 2.55% | 2.50% | 2.73% | 2.30% | 2.46% | 2.61% |
Frequently Asked Questions
VIIIX and VIVIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIIIX has higher volatility (2.83%) compared to VIVIX (2.69%). In terms of maximum drawdown, VIIIX dropped -55.18% vs VIVIX's -59.30%.
VIVIX currently has the higher Sharpe Ratio (2.68 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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