VMCIX vs. SPY

Last updated Jun 4, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VMCIX returned 11.59%/yr vs 15.49%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. VMCIX charges 0.04%/yr vs 0.09%/yr for SPY.

Performance

VMCIX vs. SPY - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VMCIX having a 10.56% return and SPY slightly higher at 10.91%. Over the past 10 years, VMCIX has underperformed SPY with an annualized return of 11.59%, while SPY has yielded a comparatively higher 15.49% annualized return.

VMCIX

• 1D: 0.90%
• 1M: 3.69%
• YTD: 10.56%
• 6M: 10.21%
• 1Y: 18.75%
• 3Y*: 16.83%
• 5Y*: 8.11%
• 10Y*: 11.59%

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)

VMCIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	10.56%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VMCIX and SPY is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 22, 1998	0.90

The correlation between VMCIX and SPY shifts across timeframes, from 0.78 (1 year) to 0.91 (10 years), reflecting how their relationship changes across market environments.

VMCIX vs. SPY - Sectors Allocation Comparison

Sectors	VMCIX	SPY
Technology	18.6%	35.9%
Industrials	17.9%	7.8%
Financial Services	12.8%	11.8%
Consumer Cyclical	8.6%	10.3%
Energy	8.5%	3.6%
Utilities	8.3%	2.4%
Healthcare	7.6%	8.4%
Real Estate	5.4%	1.9%
Consumer Defensive	4.8%	4.8%
Basic Materials	4.2%	1.8%
Communication Services	3.1%	11.3%

Return for Risk

VMCIX vs. SPY — Risk / Return Rank

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

VMCIX

VMCIX Risk / Return Rank: 35
VMCIX Sharpe Ratio Rank: 32
VMCIX Sortino Ratio Rank: 31
VMCIX Omega Ratio Rank: 29
VMCIX Calmar Ratio Rank: 42
VMCIX Martin Ratio Rank: 44

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.

VMCIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) 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.

	VMCIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.38	-0.76
Sortino ratio: Return per unit of downside risk	2.31	3.24	-0.93
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.15
Calmar ratio: Return relative to maximum drawdown	2.45	3.16	-0.72
Martin ratio: Return relative to average drawdown	9.29	14.72	-5.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMCIX vs. SPY - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.62, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VMCIX 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

	VMCIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.38	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.82	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.87	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.59	-0.10

Drawdowns

VMCIX vs. SPY - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VMCIX and SPY.

Drawdown Indicators

	VMCIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-55.19%	-3.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.88%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-18.76%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-24.50%	-3.04%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-33.72%	-5.58%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.97%	-9.05%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.91%	+0.23%

Volatility

VMCIX vs. SPY - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.97% and 2.84%, 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.

Volatility by Period

	VMCIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.84%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	8.90%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	11.83%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.05%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	17.94%	+0.98%

VMCIX vs. SPY - Expense Ratio Comparison

VMCIX 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%.

Dividends

VMCIX vs. SPY - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.35%, more 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%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.35%	1.52%	1.49%	1.51%	1.60%	1.12%	1.45%	1.48%	1.83%	1.36%	1.46%	1.48%

Frequently Asked Questions

Can I hold both VMCIX and SPY in my portfolio?

VMCIX and SPY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMCIX or SPY?

VMCIX has higher volatility (2.97%) compared to SPY (2.84%). In terms of maximum drawdown, VMCIX dropped -58.86% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.62), 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.