VIVIX vs. SPY
Compare and contrast key facts about Vanguard Value Index Fund Institutional Shares (VIVIX) and State Street SPDR S&P 500 ETF (SPY).
VIVIX is managed by Vanguard. It was launched on Jul 2, 1998. 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
VIVIX vs. SPY - Performance Comparison
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VIVIX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIVIX Vanguard Value Index Fund Institutional Shares | 1.63% | 15.30% | 15.99% | 9.23% | -2.05% | 26.50% | 2.30% | 25.83% | -5.44% | 17.14% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 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, VIVIX achieves a 1.63% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VIVIX has underperformed SPY with an annualized return of 11.62%, while SPY has yielded a comparatively higher 13.98% annualized return.
VIVIX
- 1D
- -0.17%
- 1M
- -6.36%
- YTD
- 1.63%
- 6M
- 4.64%
- 1Y
- 14.18%
- 3Y*
- 14.46%
- 5Y*
- 10.63%
- 10Y*
- 11.62%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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VIVIX vs. SPY - Expense Ratio Comparison
VIVIX has a 0.04% 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%.
Return for Risk
VIVIX vs. SPY — Risk / Return Rank
VIVIX
SPY
VIVIX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Value Index Fund Institutional Shares (VIVIX) 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.
| VIVIX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.04 | 0.93 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.50 | 1.45 | +0.05 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.53 | -0.28 |
Martin ratioReturn relative to average drawdown | 5.67 | 7.30 | -1.63 |
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
| VIVIX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 0.93 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.69 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.78 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.56 | -0.17 |
Correlation
The correlation between VIVIX and SPY is 0.91, 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
VIVIX vs. SPY - Dividend Comparison
VIVIX's dividend yield for the trailing twelve months is around 2.06%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIVIX Vanguard Value Index Fund Institutional Shares | 2.06% | 2.04% | 2.31% | 2.46% | 2.52% | 2.15% | 2.55% | 2.50% | 2.73% | 2.30% | 2.46% | 2.61% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VIVIX vs. SPY - Drawdown Comparison
The maximum VIVIX drawdown since its inception was -59.30%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VIVIX and SPY.
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Drawdown Indicators
| VIVIX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.30% | -55.19% | -4.11% |
Max Drawdown (1Y)Largest decline over 1 year | -11.29% | -12.05% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -24.50% | +7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -36.80% | -33.72% | -3.08% |
Current DrawdownCurrent decline from peak | -6.36% | -6.24% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -9.09% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 2.52% | -0.04% |
Volatility
VIVIX vs. SPY - Volatility Comparison
The current volatility for Vanguard Value Index Fund Institutional Shares (VIVIX) is 3.27%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VIVIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIVIX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 5.31% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.52% | 9.47% | -1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.82% | 19.05% | -4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 17.06% | -3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.74% | 17.92% | -1.18% |