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VIIIX vs. VTI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIIIX vs. VTI

Last updated Jun 23, 2026

VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) and VTI (Vanguard Total Stock Market ETF) are both funds - VIIIX is a S&P 500 fund tracking the S&P 500 Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, VIIIX returned 15.65%/yr vs 15.31%/yr for VTI. With a 0.99 correlation, they move nearly in lockstep. VIIIX charges 0.02%/yr vs 0.03%/yr for VTI.

Performance

VIIIX vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VIIIX having a 10.19% return and VTI slightly higher at 10.35%. Both investments have delivered pretty close results over the past 10 years, with VIIIX having a 15.65% annualized return and VTI not far behind at 15.31%.

VIIIX

1D
1.09%
1M
0.47%
YTD
10.19%
6M
9.68%
1Y
27.18%
3Y*
21.39%
5Y*
14.24%
10Y*
15.65%

VTI

1D
-0.32%
1M
0.55%
YTD
10.35%
6M
9.59%
1Y
27.18%
3Y*
21.19%
5Y*
12.36%
10Y*
15.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIIIX vs. VTI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		10.19%17.87%26.29%25.79%-18.14%28.69%18.41%31.48%-4.41%21.82%
VTI
Vanguard Total Stock Market ETF		10.35%17.10%23.81%26.05%-19.52%25.68%21.08%30.67%-5.23%21.21%

Correlation

The correlation between VIIIX and VTI 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 (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since May 31, 2001

0.99

The correlation between VIIIX and VTI has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

VIIIX vs. VTI - Sectors Allocation Comparison

Sectors
VIIIX
VTI

Technology

39.1%
37.0%

Financial Services

10.9%
11.3%

Communication Services

10.7%
9.8%

Consumer Cyclical

9.9%
9.7%

Healthcare

8.3%
9.0%

Industrials

7.8%
9.4%

Consumer Defensive

4.5%
4.3%

Energy

3.1%
3.3%

Utilities

2.1%
2.1%

Real Estate

1.8%
2.3%

Basic Materials

1.7%
1.9%

Technology

VIIIX
39.1%
VTI
37.0%

Financial Services

VIIIX
10.9%
VTI
11.3%

Communication Services

VIIIX
10.7%
VTI
9.8%

Consumer Cyclical

VIIIX
9.9%
VTI
9.7%

Healthcare

VIIIX
8.3%
VTI
9.0%

Industrials

VIIIX
7.8%
VTI
9.4%

Consumer Defensive

VIIIX
4.5%
VTI
4.3%

Energy

VIIIX
3.1%
VTI
3.3%

Utilities

VIIIX
2.1%
VTI
2.1%

Real Estate

VIIIX
1.8%
VTI
2.3%

Basic Materials

VIIIX
1.7%
VTI
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Institutional Index Fund Institutional Plus Shares

Vanguard Total Stock Market ETF

Often compared with VIIIX:
VIIIX vs. VIGIXVIIIX vs. SPYVIIIX vs. OIEJXVIIIX vs. VTSNXVIIIX vs. VEMPXVIIIX vs. VFIFXVIIIX vs. TRLGX
Often compared with VTI:
VTI vs. VOOVTI vs. VXUSVTI vs. SPYVTI vs. VTVTI vs. SCHDVTI vs. FZROXVTI vs. QQQ

Return for Risk

VIIIX vs. VTI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIIIX
VIIIX Risk / Return Rank: 6666
Overall Rank
VIIIX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
VIIIX Sortino Ratio Rank: 5959
Sortino Ratio Rank
VIIIX Omega Ratio Rank: 6161
Omega Ratio Rank
VIIIX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VIIIX Martin Ratio Rank: 7979
Martin Ratio Rank
VTI
VTI Risk / Return Rank: 6868
Overall Rank
VTI Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VTI Sortino Ratio Rank: 6666
Sortino Ratio Rank
VTI Omega Ratio Rank: 6767
Omega Ratio Rank
VTI Calmar Ratio Rank: 6464
Calmar Ratio Rank
VTI Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIIIX vs. VTI - 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 ETF (VTI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

VIIIXVTIDifference
Sharpe ratioReturn per unit of total volatility
2.17
2.14

+0.03

Sortino ratioReturn per unit of downside risk
2.93
2.90

+0.03

Omega ratioGain probability vs. loss probability

1.39

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

3.04

3.06

-0.02

Martin ratioReturn relative to average drawdown

13.74

13.68

+0.07

VIIIX vs. VTI - Sharpe Ratio Comparison

The current VIIIX Sharpe Ratio is 2.17, which is comparable to the VTI Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of VIIIX and VTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VIIIX vs. VTI - Drawdown Comparison

The maximum VIIIX drawdown since its inception was -55.18%, roughly equal to the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for VIIIX and VTI.

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Drawdown Indicators

VIIIXVTIDifference

Max Drawdown

Largest peak-to-trough decline

-55.18%

-55.45%

+0.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-8.92%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-18.75%

-19.30%

+0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-24.50%

-25.36%

+0.86%

Max Drawdown (10Y)

Largest decline over 10 years

-33.79%

-35.00%

+1.21%

Current Drawdown

Current decline from peak

-1.36%

-1.48%

+0.12%

Average Drawdown

Average peak-to-trough decline

-10.00%

-8.01%

-1.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

1.99%

-0.03%

Volatility

VIIIX vs. VTI - Volatility Comparison

Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) and Vanguard Total Stock Market ETF (VTI) have volatilities of 4.77% and 4.74%, 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

VIIIXVTIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

4.74%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

9.91%

9.96%

-0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

12.47%

12.76%

-0.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.99%

17.49%

-0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.10%

18.35%

-0.25%

VIIIX vs. VTI - Expense Ratio Comparison

VIIIX has a 0.02% expense ratio, which is lower than VTI's 0.03% 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. VTI - Dividend Comparison

VIIIX's dividend yield for the trailing twelve months is around 2.44%, more than VTI's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		2.44%2.11%3.66%2.66%3.39%4.79%3.07%2.86%2.45%1.84%2.38%2.47%
VTI
Vanguard Total Stock Market ETF		1.02%1.12%1.27%1.44%1.66%1.21%1.42%1.78%2.04%1.71%1.92%1.98%

Frequently Asked Questions

With a correlation of 0.99, VIIIX and VTI 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.

VIIIX has higher volatility (4.77%) compared to VTI (4.74%). In terms of maximum drawdown, VIIIX dropped -55.18% vs VTI's -55.45%.

VIIIX currently has the higher Sharpe Ratio (2.17 vs 2.14), 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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