VIIIX vs. VRGWX
VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and VRGWX (Vanguard Russell 1000 Growth Index Fund Institutional Shares) are both mutual funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while VRGWX is a Large Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VIIIX returned 15.74%/yr vs 19.22%/yr for VRGWX. With a 0.95 correlation, they move nearly in lockstep. VIIIX charges 0.02%/yr vs 0.07%/yr for VRGWX.
Performance
VIIIX vs. VRGWX - Performance Comparison
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Returns By Period
In the year-to-date period, VIIIX achieves a 11.70% return, which is significantly higher than VRGWX's 8.59% return. Over the past 10 years, VIIIX has underperformed VRGWX with an annualized return of 15.74%, while VRGWX has yielded a comparatively higher 19.22% 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%
VRGWX
- 1D
- -0.37%
- 1M
- 7.10%
- YTD
- 8.59%
- 6M
- 7.96%
- 1Y
- 27.42%
- 3Y*
- 25.44%
- 5Y*
- 16.84%
- 10Y*
- 19.22%
VIIIX vs. VRGWX - 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% |
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares | 8.59% | 18.32% | 33.25% | 42.65% | -29.18% | 32.42% | 38.38% | 36.30% | -1.59% | 30.11% |
Correlation
The correlation between VIIIX and VRGWX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010 | 0.95 |
The correlation between VIIIX and VRGWX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
VIIIX vs. VRGWX — Risk / Return Rank
VIIIX
VRGWX
VIIIX vs. VRGWX - 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 Russell 1000 Growth Index Fund Institutional Shares (VRGWX). 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 | VRGWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.32 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 1.75 | +1.60 |
| Martin ratioReturn relative to average drawdown | 15.69 | 5.89 | +9.81 |
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 | VRGWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 1.85 | +0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.78 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.91 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.90 | -0.41 |
Drawdowns
VIIIX vs. VRGWX - Drawdown Comparison
The maximum VIIIX drawdown since its inception was -55.18%, which is greater than VRGWX's maximum drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for VIIIX and VRGWX.
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Drawdown Indicators
| VIIIX | VRGWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -32.70% | -22.48% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -16.19% | +7.29% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -23.44% | +4.69% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -32.70% | +8.20% |
Max Drawdown (10Y)Largest decline over 10 years | -33.79% | -32.70% | -1.09% |
Current DrawdownCurrent decline from peak | 0.00% | -0.37% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -10.02% | -4.88% | -5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 4.81% | -2.91% |
Volatility
VIIIX vs. VRGWX - Volatility Comparison
The current volatility for Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) is 2.83%, while Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX) has a volatility of 3.32%. This indicates that VIIIX experiences smaller price fluctuations and is considered to be less risky than VRGWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIIIX | VRGWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 3.32% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 11.60% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 15.40% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 21.62% | -4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 21.16% | -3.10% |
VIIIX vs. VRGWX - Expense Ratio Comparison
VIIIX has a 0.02% expense ratio, which is lower than VRGWX's 0.07% 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. VRGWX - Dividend Comparison
VIIIX's dividend yield for the trailing twelve months is around 2.41%, more than VRGWX's 0.43% 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% |
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares | 0.43% | 0.35% | 0.56% | 0.71% | 0.99% | 4.18% | 0.77% | 1.03% | 1.22% | 1.22% | 1.52% | 1.51% |
Frequently Asked Questions
With a correlation of 0.93, VIIIX and VRGWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VRGWX has higher volatility (3.32%) compared to VIIIX (2.83%). In terms of maximum drawdown, VIIIX dropped -55.18% vs VRGWX's -32.70%.
VIIIX currently has the higher Sharpe Ratio (2.52 vs 1.85), 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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