VITPX vs. SPY

Last updated Jun 24, 2026

VITPX (Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VITPX is a Large Cap Blend Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VITPX returned 15.36%/yr vs 15.53%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. VITPX charges 0.02%/yr vs 0.09%/yr for SPY.

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.

Returns By Period

In the year-to-date period, VITPX achieves a 10.34% return, which is significantly higher than SPY's 8.15% return. Both investments have delivered pretty close results over the past 10 years, with VITPX having a 15.36% annualized return and SPY not far ahead at 15.53%.

VITPX

• 1D: -0.35%
• 1M: 0.55%
• YTD: 10.34%
• 6M: 9.20%
• 1Y: 25.98%
• 3Y*: 21.74%
• 5Y*: 12.69%
• 10Y*: 15.36%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

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	10.34%	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	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VITPX and SPY 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	0.98

The correlation between VITPX and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

VITPX vs. SPY - Sectors Allocation Comparison

Sectors	VITPX	SPY
Technology	33.5%	39.0%
Financial Services	11.9%	11.1%
Communication Services	10.3%	10.6%
Consumer Cyclical	10.0%	9.9%
Industrials	9.8%	7.8%
Healthcare	9.2%	8.3%
Consumer Defensive	4.7%	4.5%
Energy	3.7%	3.1%
Real Estate	2.4%	1.8%
Utilities	2.3%	2.1%
Basic Materials	2.0%	1.7%

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: 65
VITPX Sharpe Ratio Rank: 62
VITPX Sortino Ratio Rank: 56
VITPX Omega Ratio Rank: 57
VITPX Calmar Ratio Rank: 69
VITPX Martin Ratio Rank: 79

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

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.

	VITPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.90	+0.23
Sortino ratio: Return per unit of downside risk	2.89	2.58	+0.31
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.06	2.67	+0.39
Martin ratio: Return relative to average drawdown	13.70	11.92	+1.78

VITPX vs. SPY - Sharpe Ratio Comparison

The current VITPX Sharpe Ratio is 2.13, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VITPX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-8.92%	-8.88%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-18.76%	-0.59%
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	-1.47%	-3.17%	+1.70%
Average Drawdown Average peak-to-trough decline	-8.01%	-9.04%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.98%	+0.01%

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 4.77% and 4.87%, 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	4.77%	4.87%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.85%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	12.50%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.15%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	17.95%	+0.51%

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%.

Dividends

VITPX vs. SPY - Dividend Comparison

VITPX's dividend yield for the trailing twelve months is around 2.27%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VITPX Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	2.27%	2.64%	4.14%	2.41%	6.48%	5.38%	11.57%	2.91%	3.93%	1.90%	2.80%	2.30%

Frequently Asked Questions

Can I hold both VITPX and SPY in my portfolio?

With a correlation of 0.99, VITPX and SPY 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.

Which is riskier, VITPX or SPY?

SPY has higher volatility (4.87%) compared to VITPX (4.77%). In terms of maximum drawdown, VITPX dropped -55.28% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VITPX currently has the higher Sharpe Ratio (2.13 vs 1.90), 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.