VLISX vs. VINIX
VLISX (Vanguard Large-Cap Index Fund Institutional Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VLISX is a Large Cap Blend Equities fund managed by Vanguard, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VLISX returned 15.58%/yr vs 15.64%/yr for VINIX. With a 1.00 correlation, they move nearly in lockstep. VLISX charges 0.04%/yr vs 0.04%/yr for VINIX.
Performance
VLISX vs. VINIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VLISX having a 9.99% return and VINIX slightly higher at 10.18%. Both investments have delivered pretty close results over the past 10 years, with VLISX having a 15.58% annualized return and VINIX not far ahead at 15.64%.
VLISX
- 1D
- 1.11%
- 1M
- 0.66%
- YTD
- 9.99%
- 6M
- 9.48%
- 1Y
- 26.91%
- 3Y*
- 21.20%
- 5Y*
- 13.64%
- 10Y*
- 15.58%
VINIX
- 1D
- 1.09%
- 1M
- 0.47%
- YTD
- 10.18%
- 6M
- 9.68%
- 1Y
- 27.16%
- 3Y*
- 21.37%
- 5Y*
- 14.22%
- 10Y*
- 15.64%
VLISX vs. VINIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLISX Vanguard Large-Cap Index Fund Institutional Shares | 9.99% | 18.11% | 25.12% | 27.26% | -19.68% | 27.04% | 21.04% | 31.38% | -4.47% | 22.04% |
VINIX Vanguard Institutional Index Fund Institutional Shares | 10.18% | 17.85% | 26.28% | 25.77% | -18.15% | 28.67% | 18.40% | 31.46% | -4.42% | 21.79% |
Correlation
The correlation between VLISX and VINIX is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004 | 1.00 |
The correlation between VLISX and VINIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VLISX vs. VINIX — Risk / Return Rank
VLISX
VINIX
VLISX vs. VINIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap Index Fund Institutional Shares (VLISX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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.
| VLISX | VINIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.39 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 3.04 | -0.13 |
| Martin ratioReturn relative to average drawdown | 12.95 | 13.73 | -0.78 |
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Drawdowns
VLISX vs. VINIX - Drawdown Comparison
The maximum VLISX drawdown since its inception was -54.48%, roughly equal to the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VLISX and VINIX.
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Drawdown Indicators
| VLISX | VINIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.48% | -55.19% | +0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -9.19% | -8.90% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -18.75% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -25.65% | -24.51% | -1.14% |
Max Drawdown (10Y)Largest decline over 10 years | -33.97% | -33.79% | -0.18% |
Current DrawdownCurrent decline from peak | -1.35% | -1.36% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -6.73% | -8.52% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.96% | +0.10% |
Volatility
VLISX vs. VINIX - Volatility Comparison
Vanguard Large-Cap Index Fund Institutional Shares (VLISX) and Vanguard Institutional Index Fund Institutional Shares (VINIX) have volatilities of 4.87% and 4.77%, 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.
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Volatility by Period
| VLISX | VINIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 4.77% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 9.91% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 12.47% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 16.99% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 18.10% | +0.15% |
VLISX vs. VINIX - Expense Ratio Comparison
VLISX has a 0.04% expense ratio, which is higher than VINIX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VLISX vs. VINIX - Dividend Comparison
VLISX's dividend yield for the trailing twelve months is around 0.98%, less than VINIX's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VINIX Vanguard Institutional Index Fund Institutional Shares | 2.43% | 2.10% | 3.64% | 2.65% | 3.38% | 4.77% | 3.06% | 2.85% | 2.43% | 1.82% | 2.36% | 2.45% |
VLISX Vanguard Large-Cap Index Fund Institutional Shares | 0.98% | 1.08% | 1.24% | 1.41% | 1.67% | 1.19% | 1.46% | 1.81% | 2.09% | 1.76% | 1.99% | 1.97% |
Frequently Asked Questions
With a correlation of 1.00, VLISX and VINIX 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.
VLISX has higher volatility (4.87%) compared to VINIX (4.77%). In terms of maximum drawdown, VLISX dropped -54.48% vs VINIX's -55.19%.
VINIX currently has the higher Sharpe Ratio (2.17 vs 2.13), 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.
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