VKSFX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Virtus KAR Small-Mid Cap Value Fund (VKSFX) and State Street SPDR S&P 500 ETF (SPY).

VKSFX is managed by Virtus. It was launched on Aug 2, 2021. 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

VKSFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Small-Mid Cap Value Fund (VKSFX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

VKSFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VKSFX Virtus KAR Small-Mid Cap Value Fund	-4.29%	-3.61%	10.24%	16.94%	-20.43%	4.02%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	8.92%

Returns By Period

The year-to-date returns for both stocks are quite close, with VKSFX having a -4.29% return and SPY slightly lower at -4.37%.

VKSFX

• 1D: -0.10%
• 1M: -8.75%
• YTD: -4.29%
• 6M: -6.22%
• 1Y: -3.49%
• 3Y*: 4.48%
• 5Y*: —
• 10Y*: —

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%

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

VKSFX vs. SPY - Expense Ratio Comparison

VKSFX has a 0.94% expense ratio, which is higher than SPY's 0.09% expense ratio.

VKSFX

Virtus KAR Small-Mid Cap Value Fund

SPY

State Street SPDR S&P 500 ETF

Return for Risk

VKSFX vs. SPY — Risk / Return Rank

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

VKSFX

VKSFX Risk / Return Rank: 3
VKSFX Sharpe Ratio Rank: 3
VKSFX Sortino Ratio Rank: 3
VKSFX Omega Ratio Rank: 3
VKSFX Calmar Ratio Rank: 2
VKSFX Martin Ratio Rank: 3

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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.

VKSFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Mid Cap Value Fund (VKSFX) 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.

	VKSFX	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.17	0.93	-1.10
Sortino ratio Return per unit of downside risk	-0.13	1.45	-1.58
Omega ratio Gain probability vs. loss probability	0.99	1.22	-0.24
Calmar ratio Return relative to maximum drawdown	-0.37	1.53	-1.90
Martin ratio Return relative to average drawdown	-0.88	7.30	-8.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VKSFX vs. SPY - Sharpe Ratio Comparison

The current VKSFX Sharpe Ratio is -0.17, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VKSFX 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

	VKSFX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	0.93	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.56	-0.58

Correlation

The correlation between VKSFX and SPY is 0.79, 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

VKSFX vs. SPY - Dividend Comparison

VKSFX's dividend yield for the trailing twelve months is around 0.24%, less than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VKSFX Virtus KAR Small-Mid Cap Value Fund	0.24%	0.23%	0.54%	0.70%	0.46%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

VKSFX vs. SPY - Drawdown Comparison

The maximum VKSFX drawdown since its inception was -25.46%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VKSFX and SPY.

Drawdown Indicators

	VKSFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-55.19%	+29.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-12.05%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-15.09%	-6.24%	-8.85%
Average Drawdown Average peak-to-trough decline	-10.62%	-9.09%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	2.52%	+2.42%

Volatility

VKSFX vs. SPY - Volatility Comparison

The current volatility for Virtus KAR Small-Mid Cap Value Fund (VKSFX) is 3.62%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VKSFX 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.

Volatility by Period

	VKSFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	5.31%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	9.47%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	19.05%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	17.06%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	17.92%	+0.37%