VMCIX vs. SVSPX

Last updated Jul 14, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and SVSPX (State Street S&P 500 Index Fund Class N) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while SVSPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VMCIX returned 11.48%/yr vs 15.12%/yr for SVSPX. Their correlation of 0.90 suggests significant overlap in exposure. VMCIX charges 0.03%/yr vs 0.16%/yr for SVSPX.

Performance

VMCIX vs. SVSPX - 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 S&P 500 Index Fund Class N (SVSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMCIX achieves a 12.35% return, which is significantly higher than SVSPX's 10.79% return. Over the past 10 years, VMCIX has underperformed SVSPX with an annualized return of 11.48%, while SVSPX has yielded a comparatively higher 15.12% annualized return.

VMCIX

• 1D: 0.17%
• 1M: 1.72%
• 6M: 8.96%
• YTD: 12.35%
• 1Y: 16.36%
• 3Y*: 14.85%
• 5Y*: 7.86%
• 10Y*: 11.48%

SVSPX

• 1D: 0.00%
• 1M: 1.58%
• 6M: 8.66%
• YTD: 10.79%
• 1Y: 21.51%
• 3Y*: 20.90%
• 5Y*: 13.03%
• 10Y*: 15.12%

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

VMCIX vs. SVSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	12.35%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
SVSPX State Street S&P 500 Index Fund Class N	10.79%	17.83%	25.07%	26.21%	-18.31%	28.38%	18.48%	31.27%	-4.87%	21.71%

Correlation

The correlation between VMCIX and SVSPX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 21, 1998	0.90

Over the past year, the correlation between VMCIX and SVSPX has dropped to 0.59 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

VMCIX vs. SVSPX — 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: 32
VMCIX Omega Ratio Rank: 30
VMCIX Calmar Ratio Rank: 40
VMCIX Martin Ratio Rank: 43

SVSPX

SVSPX Risk / Return Rank: 79
SVSPX Sharpe Ratio Rank: 76
SVSPX Sortino Ratio Rank: 76
SVSPX Omega Ratio Rank: 73
SVSPX Calmar Ratio Rank: 81
SVSPX Martin Ratio Rank: 88

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. SVSPX - 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 S&P 500 Index Fund Class N (SVSPX). 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.

	VMCIX	SVSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.97	-0.74
Sortino ratio: Return per unit of downside risk	1.79	2.82	-1.04
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.93	2.98	-1.05
Martin ratio: Return relative to average drawdown	7.25	13.13	-5.88

VMCIX vs. SVSPX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.23, which is lower than the SVSPX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VMCIX and SVSPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMCIX vs. SVSPX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than SVSPX's maximum drawdown of -55.76%. Use the drawdown chart below to compare losses from any high point for VMCIX and SVSPX.

Drawdown Indicators

	VMCIX	SVSPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-55.76%	-3.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.93%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-19.09%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-24.59%	-2.95%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-33.69%	-5.61%
Current Drawdown Current decline from peak	0.00%	-0.75%	+0.75%
Average Drawdown Average peak-to-trough decline	-7.95%	-9.22%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.86%	+0.30%

Volatility

VMCIX vs. SVSPX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 3.79%, while State Street S&P 500 Index Fund Class N (SVSPX) has a volatility of 4.55%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than SVSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	SVSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.55%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	10.35%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	13.49%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	17.56%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	18.33%	+0.51%

VMCIX vs. SVSPX - Expense Ratio Comparison

VMCIX has a 0.03% expense ratio, which is lower than SVSPX's 0.16% 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. SVSPX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.32%, less than SVSPX's 7.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SVSPX State Street S&P 500 Index Fund Class N	7.50%	8.28%	9.39%	12.38%	10.53%	11.65%	15.98%	6.40%	13.29%	4.94%	8.63%	4.05%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.32%	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 SVSPX in my portfolio?

VMCIX and SVSPX have a correlation of 0.59, 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 SVSPX?

SVSPX has higher volatility (4.55%) compared to VMCIX (3.79%). In terms of maximum drawdown, VMCIX dropped -58.86% vs SVSPX's -55.76%.

Which has better risk-adjusted returns?

SVSPX currently has the higher Sharpe Ratio (1.97 vs 1.23), 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.