VMCPX vs. SPY

Last updated Jun 23, 2026

VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VMCPX 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, VMCPX returned 11.68%/yr vs 15.70%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. VMCPX charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

VMCPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) 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, VMCPX achieves a 10.88% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, VMCPX has underperformed SPY with an annualized return of 11.68%, while SPY has yielded a comparatively higher 15.70% annualized return.

VMCPX

• 1D: 0.74%
• 1M: 2.63%
• YTD: 10.88%
• 6M: 9.31%
• 1Y: 19.30%
• 3Y*: 15.59%
• 5Y*: 8.44%
• 10Y*: 11.68%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

VMCPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	10.88%	11.70%	14.68%	16.55%	-18.68%	24.54%	18.20%	31.06%	-9.23%	19.28%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VMCPX and SPY is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
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 Dec 13, 2010	0.92

The correlation between VMCPX and SPY shifts across timeframes, from 0.79 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

VMCPX vs. SPY - Sectors Allocation Comparison

Sectors	VMCPX	SPY
Technology	20.8%	39.0%
Industrials	17.7%	7.8%
Financial Services	12.5%	11.1%
Consumer Cyclical	8.6%	9.9%
Utilities	7.9%	2.1%
Energy	7.9%	3.1%
Healthcare	7.5%	8.3%
Real Estate	5.1%	1.8%
Consumer Defensive	4.7%	4.5%
Basic Materials	4.0%	1.7%
Communication Services	3.0%	10.6%

Return for Risk

VMCPX vs. SPY — Risk / Return Rank

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

VMCPX

VMCPX Risk / Return Rank: 37
VMCPX Sharpe Ratio Rank: 33
VMCPX Sortino Ratio Rank: 32
VMCPX Omega Ratio Rank: 30
VMCPX Calmar Ratio Rank: 44
VMCPX Martin Ratio Rank: 46

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

VMCPX vs. SPY - Risk-Adjusted Trends Comparison

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

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.

	VMCPX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.16	-0.62
Sortino ratio: Return per unit of downside risk	2.19	2.91	-0.72
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.42	3.01	-0.59
Martin ratio: Return relative to average drawdown	9.10	13.54	-4.44

VMCPX vs. SPY - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 1.54, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VMCPX 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.

Drawdowns

VMCPX vs. SPY - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VMCPX and SPY.

Drawdown Indicators

	VMCPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-55.19%	+15.89%
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	-0.83%	-1.75%	+0.92%
Average Drawdown Average peak-to-trough decline	-5.20%	-9.04%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.97%	+0.19%

Volatility

VMCPX vs. SPY - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.45% and 4.64%, 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

	VMCPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.64%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	9.75%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	12.43%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	17.14%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	17.99%	+0.96%

VMCPX vs. SPY - Expense Ratio Comparison

VMCPX has a 0.03% 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

VMCPX vs. SPY - Dividend Comparison

VMCPX's dividend yield for the trailing twelve months is around 1.36%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	1.36%	1.53%	1.50%	1.52%	1.61%	1.13%	1.45%	1.49%	1.84%	1.37%	1.47%	1.50%

Frequently Asked Questions

Can I hold both VMCPX and SPY in my portfolio?

VMCPX and SPY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMCPX or SPY?

SPY has higher volatility (4.64%) compared to VMCPX (4.45%). In terms of maximum drawdown, VMCPX dropped -39.30% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.54), 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.