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VINIX vs. SWPPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VINIX vs. SWPPX

Last updated Jun 13, 2026

VINIX (Vanguard Institutional Index Fund Institutional Shares) and SWPPX (Schwab S&P 500 Index Fund) are both mutual funds - VINIX is a S&P 500 fund tracking the S&P 500 Index, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VINIX returned 15.50%/yr vs 15.41%/yr for SWPPX. With a 1.00 correlation, they move nearly in lockstep. VINIX charges 0.04%/yr vs 0.02%/yr for SWPPX.

Performance

VINIX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Shares (VINIX) and Schwab S&P 500 Index Fund (SWPPX). 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 stocks are quite close, with VINIX having a 8.58% return and SWPPX slightly lower at 8.55%. Both investments have delivered pretty close results over the past 10 years, with VINIX having a 15.50% annualized return and SWPPX not far behind at 15.41%.

VINIX

1D
1.75%
1M
-0.55%
YTD
8.58%
6M
8.93%
1Y
23.77%
3Y*
21.46%
5Y*
13.46%
10Y*
15.50%

SWPPX

1D
1.76%
1M
-0.57%
YTD
8.55%
6M
8.92%
1Y
23.75%
3Y*
21.04%
5Y*
13.31%
10Y*
15.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VINIX vs. SWPPX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VINIX
Vanguard Institutional Index Fund Institutional Shares		8.58%17.85%26.28%25.77%-18.15%28.67%18.40%31.46%-4.42%21.79%
SWPPX
Schwab S&P 500 Index Fund		8.55%17.87%24.96%26.26%-18.14%28.67%18.38%31.46%-4.47%21.81%

Correlation

The correlation between VINIX and SWPPX is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since May 20, 1997

1.00

The correlation between VINIX and SWPPX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VINIX vs. SWPPX - Sectors Allocation Comparison

Sectors
VINIX
SWPPX

Technology

35.7%
35.6%

Financial Services

11.6%
11.8%

Communication Services

11.3%
11.2%

Consumer Cyclical

10.2%
10.1%

Healthcare

8.5%
8.5%

Industrials

8.3%
8.3%

Consumer Defensive

4.9%
4.9%

Energy

3.5%
3.5%

Utilities

2.4%
2.4%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.8%

Technology

VINIX
35.7%
SWPPX
35.6%

Financial Services

VINIX
11.6%
SWPPX
11.8%

Communication Services

VINIX
11.3%
SWPPX
11.2%

Consumer Cyclical

VINIX
10.2%
SWPPX
10.1%

Healthcare

VINIX
8.5%
SWPPX
8.5%

Industrials

VINIX
8.3%
SWPPX
8.3%

Consumer Defensive

VINIX
4.9%
SWPPX
4.9%

Energy

VINIX
3.5%
SWPPX
3.5%

Utilities

VINIX
2.4%
SWPPX
2.4%

Real Estate

VINIX
1.9%
SWPPX
1.9%

Basic Materials

VINIX
1.8%
SWPPX
1.8%

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 Shares

Schwab S&P 500 Index Fund

Often compared with VINIX:
VINIX vs. VOOVINIX vs. VIGIXVINIX vs. JLGMXVINIX vs. VITSXVINIX vs. VTIVINIX vs. VSIAXVINIX vs. VSCIX
Often compared with SWPPX:
SWPPX vs. VOOSWPPX vs. SWTSXSWPPX vs. SCHXSWPPX vs. SCHDSWPPX vs. SWLGXSWPPX vs. SNXFXSWPPX vs. QQQ

Return for Risk

VINIX vs. SWPPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VINIX
VINIX Risk / Return Rank: 7373
Overall Rank
VINIX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VINIX Sortino Ratio Rank: 6868
Sortino Ratio Rank
VINIX Omega Ratio Rank: 6868
Omega Ratio Rank
VINIX Calmar Ratio Rank: 7373
Calmar Ratio Rank
VINIX Martin Ratio Rank: 8383
Martin Ratio Rank
SWPPX
SWPPX Risk / Return Rank: 7373
Overall Rank
SWPPX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
SWPPX Sortino Ratio Rank: 6767
Sortino Ratio Rank
SWPPX Omega Ratio Rank: 6868
Omega Ratio Rank
SWPPX Calmar Ratio Rank: 7373
Calmar Ratio Rank
SWPPX Martin Ratio Rank: 8383
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.

VINIX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Shares (VINIX) and Schwab S&P 500 Index Fund (SWPPX). 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.

VINIXSWPPXDifference
Sharpe ratioReturn per unit of total volatility
1.97
1.96

+0.01

Sortino ratioReturn per unit of downside risk
2.67
2.66

+0.02

Omega ratioGain probability vs. loss probability

1.36

1.36

0.00

Calmar ratioReturn relative to maximum drawdown

2.74

2.74

0.00

Martin ratioReturn relative to average drawdown

12.44

12.42

+0.03

VINIX vs. SWPPX - Sharpe Ratio Comparison

The current VINIX Sharpe Ratio is 1.97, which is comparable to the SWPPX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VINIX and SWPPX, 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

VINIX vs. SWPPX - Drawdown Comparison

The maximum VINIX drawdown since its inception was -55.19%, roughly equal to the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for VINIX and SWPPX.

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Drawdown Indicators

VINIXSWPPXDifference

Max Drawdown

Largest peak-to-trough decline

-55.19%

-55.06%

-0.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-8.89%

-0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-18.75%

-18.74%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-24.51%

-24.51%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

-33.79%

-33.80%

+0.01%

Current Drawdown

Current decline from peak

-2.79%

-2.81%

+0.02%

Average Drawdown

Average peak-to-trough decline

-8.52%

-9.94%

+1.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

1.96%

-0.01%

Volatility

VINIX vs. SWPPX - Volatility Comparison

Vanguard Institutional Index Fund Institutional Shares (VINIX) and Schwab S&P 500 Index Fund (SWPPX) have volatilities of 4.43% and 4.47%, 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

VINIXSWPPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.43%

4.47%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

9.70%

9.73%

-0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

12.37%

12.40%

-0.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.96%

17.01%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.09%

18.26%

-0.17%

VINIX vs. SWPPX - Expense Ratio Comparison

VINIX has a 0.04% expense ratio, which is higher than SWPPX's 0.02% 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

VINIX vs. SWPPX - Dividend Comparison

VINIX's dividend yield for the trailing twelve months is around 2.46%, more than SWPPX's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
SWPPX
Schwab S&P 500 Index Fund		1.02%1.11%1.23%1.43%1.67%1.27%1.81%1.95%2.67%1.79%2.55%3.17%
VINIX
Vanguard Institutional Index Fund Institutional Shares		2.46%2.10%3.64%2.65%3.38%4.77%3.06%2.85%2.43%1.82%2.36%2.45%

Frequently Asked Questions

With a correlation of 1.00, VINIX and SWPPX 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.

SWPPX has higher volatility (4.47%) compared to VINIX (4.43%). In terms of maximum drawdown, VINIX dropped -55.19% vs SWPPX's -55.06%.

VINIX currently has the higher Sharpe Ratio (1.97 vs 1.96), 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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