VKSFX vs. SPY

Last updated Jun 3, 2026

VKSFX (Virtus KAR Small-Mid Cap Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - VKSFX is a Mid Cap Blend Equities fund managed by Virtus, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, VKSFX returned 5.54%/yr vs 22.35%/yr for SPY. A 0.78 correlation means they provide meaningful diversification when combined. VKSFX charges 0.94%/yr vs 0.09%/yr for SPY.

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.

Returns By Period

In the year-to-date period, VKSFX achieves a -2.39% return, which is significantly lower than SPY's 10.91% return.

VKSFX

• 1D: -0.10%
• 1M: -2.78%
• YTD: -2.39%
• 6M: -2.56%
• 1Y: -3.33%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

VKSFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VKSFX Virtus KAR Small-Mid Cap Value Fund	-2.39%	-3.61%	10.24%	16.94%	-20.43%	4.02%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	8.92%

Correlation

The correlation between VKSFX and SPY is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.78

Over the past year, the correlation between VKSFX and SPY has dropped to 0.56 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

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: 1
VKSFX Sharpe Ratio Rank: 2
VKSFX Sortino Ratio Rank: 1
VKSFX Omega Ratio Rank: 2
VKSFX Calmar Ratio Rank: 1
VKSFX Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
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	-0.29	2.38	-2.66
Sortino ratio Return per unit of downside risk	-0.33	3.24	-3.57
Omega ratio Gain probability vs. loss probability	0.97	1.43	-0.47
Calmar ratio Return relative to maximum drawdown	-0.36	3.16	-3.52
Martin ratio Return relative to average drawdown	-0.74	14.72	-15.45
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 -0.29, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VKSFX 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.

Sharpe Ratios by Period

	VKSFX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	2.38	-2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.59	-0.58

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	-11.36%	-8.88%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-18.76%	-2.08%
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	-13.41%	-0.70%	-12.71%
Average Drawdown Average peak-to-trough decline	-10.66%	-9.05%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	1.91%	+3.64%

Volatility

VKSFX vs. SPY - Volatility Comparison

Virtus KAR Small-Mid Cap Value Fund (VKSFX) has a higher volatility of 3.60% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that VKSFX's price experiences larger fluctuations and is considered to be riskier 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	3.60%	2.84%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	8.90%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	11.83%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	17.05%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	17.94%	+0.22%

VKSFX vs. SPY - Expense Ratio Comparison

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

Dividends

VKSFX vs. SPY - Dividend Comparison

VKSFX's dividend yield for the trailing twelve months is around 0.24%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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%

Frequently Asked Questions

Can I hold both VKSFX and SPY in my portfolio?

VKSFX and SPY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VKSFX or SPY?

VKSFX has higher volatility (3.60%) compared to SPY (2.84%). In terms of maximum drawdown, VKSFX dropped -25.46% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.29), 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.