VMCPX vs. SPY
Compare and contrast key facts about Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and State Street SPDR S&P 500 ETF (SPY).
VMCPX is managed by Vanguard. It was launched on Dec 15, 2010. 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
VMCPX vs. SPY - Performance Comparison
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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 | -2.79% | 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 | -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, VMCPX achieves a -2.79% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VMCPX has underperformed SPY with an annualized return of 10.44%, while SPY has yielded a comparatively higher 13.98% annualized return.
VMCPX
- 1D
- -0.66%
- 1M
- -7.87%
- YTD
- -2.79%
- 6M
- -3.58%
- 1Y
- 10.32%
- 3Y*
- 11.80%
- 5Y*
- 6.52%
- 10Y*
- 10.44%
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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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%.
Return for Risk
VMCPX vs. SPY — Risk / Return Rank
VMCPX
SPY
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.
| VMCPX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 0.93 | -0.30 |
Sortino ratioReturn per unit of downside risk | 0.99 | 1.45 | -0.46 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.73 | 1.53 | -0.79 |
Martin ratioReturn relative to average drawdown | 3.40 | 7.30 | -3.90 |
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
| VMCPX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.93 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.69 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.78 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.56 | +0.02 |
Correlation
The correlation between VMCPX and SPY is 0.93, 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
VMCPX vs. SPY - Dividend Comparison
VMCPX's dividend yield for the trailing twelve months is around 1.55%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares | 1.55% | 1.53% | 1.50% | 1.52% | 1.61% | 1.13% | 1.45% | 1.49% | 1.84% | 1.37% | 1.47% | 1.50% |
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
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.
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Drawdown Indicators
| VMCPX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -55.19% | +15.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.77% | -12.05% | -0.72% |
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 DrawdownCurrent decline from peak | -8.13% | -6.24% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -5.26% | -9.09% | +3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 2.52% | +0.22% |
Volatility
VMCPX vs. SPY - Volatility Comparison
The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 4.23%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VMCPX 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
| VMCPX | 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 | 9.43% | 9.47% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.58% | 19.05% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 17.06% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 17.92% | +0.98% |