VLCAX vs. SPY
Compare and contrast key facts about Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) and State Street SPDR S&P 500 ETF (SPY).
VLCAX is managed by Vanguard. It was launched on Feb 2, 2004. 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
VLCAX vs. SPY - Performance Comparison
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VLCAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLCAX Vanguard Large-Cap Index Fund Admiral Shares | -7.50% | 18.09% | 25.10% | 27.26% | -19.69% | 27.02% | 21.03% | 31.39% | -4.49% | 22.02% |
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, VLCAX achieves a -7.50% return, which is significantly lower than SPY's -4.37% return. Both investments have delivered pretty close results over the past 10 years, with VLCAX having a 13.70% annualized return and SPY not far ahead at 13.98%.
VLCAX
- 1D
- -0.38%
- 1M
- -7.67%
- YTD
- -7.50%
- 6M
- -5.21%
- 1Y
- 14.27%
- 3Y*
- 17.31%
- 5Y*
- 10.92%
- 10Y*
- 13.70%
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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VLCAX vs. SPY - Expense Ratio Comparison
VLCAX has a 0.05% 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
VLCAX vs. SPY — Risk / Return Rank
VLCAX
SPY
VLCAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) 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.
| VLCAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.93 | -0.11 |
Sortino ratioReturn per unit of downside risk | 1.28 | 1.45 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.53 | -0.49 |
Martin ratioReturn relative to average drawdown | 4.94 | 7.30 | -2.36 |
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
| VLCAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.93 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.69 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.78 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.56 | -0.02 |
Correlation
The correlation between VLCAX and SPY is 0.99, 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
VLCAX vs. SPY - Dividend Comparison
VLCAX's dividend yield for the trailing twelve months is around 1.16%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VLCAX Vanguard Large-Cap Index Fund Admiral Shares | 1.16% | 1.08% | 1.23% | 1.40% | 1.66% | 1.18% | 1.45% | 1.80% | 2.08% | 1.75% | 1.98% | 1.96% |
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
VLCAX vs. SPY - Drawdown Comparison
The maximum VLCAX drawdown since its inception was -54.76%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VLCAX and SPY.
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Drawdown Indicators
| VLCAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.76% | -55.19% | +0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -12.05% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -25.65% | -24.50% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -33.97% | -33.72% | -0.25% |
Current DrawdownCurrent decline from peak | -9.19% | -6.24% | -2.95% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -9.09% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 2.52% | +0.03% |
Volatility
VLCAX vs. SPY - Volatility Comparison
The current volatility for Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) is 4.23%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VLCAX 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
| VLCAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 5.31% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.13% | 9.47% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.23% | 19.05% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 17.06% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.16% | 17.92% | +0.24% |