VITPX vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) and State Street SPDR S&P 500 ETF (SPY).

VITPX is managed by Vanguard. It was launched on May 31, 2001. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

VITPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

VITPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VITPX Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	-3.97%	17.17%	25.43%	26.01%	-19.48%	25.76%	20.95%	30.87%	-5.59%	20.51%
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, VITPX achieves a -3.97% return, which is significantly lower than SPY's -3.65% return. Both investments have delivered pretty close results over the past 10 years, with VITPX having a 13.67% annualized return and SPY not far ahead at 14.06%.

VITPX

• 1D: 2.97%
• 1M: -5.09%
• YTD: -3.97%
• 6M: -1.95%
• 1Y: 17.76%
• 3Y*: 18.40%
• 5Y*: 10.81%
• 10Y*: 13.67%

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VITPX vs. SPY - Expense Ratio Comparison

VITPX has a 0.02% expense ratio, which is lower than SPY's 0.09% 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%.

SPY

State Street SPDR S&P 500 ETF

VITPX

Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares

Return for Risk

VITPX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VITPX

VITPX Risk / Return Rank: 58
VITPX Sharpe Ratio Rank: 48
VITPX Sortino Ratio Rank: 53
VITPX Omega Ratio Rank: 55
VITPX Calmar Ratio Rank: 62
VITPX Martin Ratio Rank: 74

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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.

VITPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) and State Street SPDR S&P 500 ETF (SPY). 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.

	VITPX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.98	0.96	+0.03
Sortino ratio Return per unit of downside risk	1.50	1.49	+0.01
Omega ratio Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio Return relative to maximum drawdown	1.51	1.53	-0.02
Martin ratio Return relative to average drawdown	7.25	7.27	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VITPX vs. SPY - Sharpe Ratio Comparison

The current VITPX Sharpe Ratio is 0.98, which is comparable to the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of VITPX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VITPX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	0.96	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.70	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.79	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.56	-0.09

Correlation

The correlation between VITPX and SPY is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VITPX vs. SPY - Dividend Comparison

VITPX's dividend yield for the trailing twelve months is around 2.61%, more than SPY's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VITPX Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	2.61%	2.64%	4.14%	2.41%	6.48%	5.38%	11.57%	2.91%	3.93%	1.90%	2.80%	2.30%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

VITPX vs. SPY - Drawdown Comparison

The maximum VITPX drawdown since its inception was -55.28%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VITPX and SPY.

Drawdown Indicators

	VITPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-55.19%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-12.05%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-25.31%	-24.50%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-34.99%	-33.72%	-1.27%
Current Drawdown Current decline from peak	-6.21%	-5.53%	-0.68%
Average Drawdown Average peak-to-trough decline	-8.07%	-9.09%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.54%	+0.05%

Volatility

VITPX vs. SPY - Volatility Comparison

Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.49% and 5.35%, 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.

Volatility by Period

	VITPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	5.35%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.79%	9.50%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	19.06%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	17.06%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	17.92%	+0.48%