VIIIX vs. VSTSX
VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and VSTSX (Vanguard Total Stock Market Index Fund Institutional Select Shares) are both mutual funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while VSTSX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 5 years, VIIIX returned 14.42%/yr vs 13.07%/yr for VSTSX. With a 0.99 correlation, they move nearly in lockstep. VIIIX charges 0.02%/yr vs 0.01%/yr for VSTSX.
Performance
VIIIX vs. VSTSX - 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 VSTSX slightly higher at 11.99%.
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%
VSTSX
- 1D
- 0.24%
- 1M
- 5.76%
- YTD
- 11.99%
- 6M
- 11.89%
- 1Y
- 29.14%
- 3Y*
- 22.38%
- 5Y*
- 13.07%
- 10Y*
- —
VIIIX vs. VSTSX - 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% | 20.79% |
VSTSX Vanguard Total Stock Market Index Fund Institutional Select Shares | 11.99% | 17.16% | 23.27% | 26.54% | -19.49% | 25.75% | 21.02% | 30.81% | -5.15% | 20.21% |
Correlation
The correlation between VIIIX and VSTSX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017 | 0.99 |
The correlation between VIIIX and VSTSX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
VIIIX vs. VSTSX — Risk / Return Rank
VIIIX
VSTSX
VIIIX vs. VSTSX - 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 Total Stock Market Index Fund Institutional Select Shares (VSTSX). 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 | VSTSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.44 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 3.38 | -0.02 |
| Martin ratioReturn relative to average drawdown | 15.69 | 15.60 | +0.10 |
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 | VSTSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 2.47 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.76 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.80 | -0.31 |
Drawdowns
VIIIX vs. VSTSX - Drawdown Comparison
The maximum VIIIX drawdown since its inception was -55.18%, which is greater than VSTSX's maximum drawdown of -34.97%. Use the drawdown chart below to compare losses from any high point for VIIIX and VSTSX.
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Drawdown Indicators
| VIIIX | VSTSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -34.97% | -20.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -8.92% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -19.36% | +0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -25.35% | +0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -33.79% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -10.02% | -4.89% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.93% | -0.03% |
Volatility
VIIIX vs. VSTSX - Volatility Comparison
Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Vanguard Total Stock Market Index Fund Institutional Select Shares (VSTSX) have volatilities of 2.83% and 2.95%, 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.
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Volatility by Period
| VIIIX | VSTSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.95% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 9.19% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.86% | 12.19% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.89% | 17.36% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 18.76% | -0.70% |
VIIIX vs. VSTSX - Expense Ratio Comparison
VIIIX has a 0.02% expense ratio, which is higher than VSTSX's 0.01% expense ratio. However, 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. VSTSX - Dividend Comparison
VIIIX's dividend yield for the trailing twelve months is around 2.41%, more than VSTSX's 1.02% 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% |
VSTSX Vanguard Total Stock Market Index Fund Institutional Select Shares | 1.02% | 1.13% | 1.27% | 1.43% | 1.67% | 1.23% | 1.44% | 1.79% | 2.07% | 1.74% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, VIIIX and VSTSX 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.
VSTSX has higher volatility (2.95%) compared to VIIIX (2.83%). In terms of maximum drawdown, VIIIX dropped -55.18% vs VSTSX's -34.97%.
VIIIX currently has the higher Sharpe Ratio (2.52 vs 2.47), 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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