VOO vs. VBAIX
VOO (Vanguard S&P 500 ETF) and VBAIX (Vanguard Balanced Index Fund Institutional Shares) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while VBAIX is a Diversified Portfolio fund managed by Vanguard. Over the past 10 years, VOO returned 15.50%/yr vs 10.02%/yr for VBAIX. With a 0.97 correlation, they move nearly in lockstep. VOO charges 0.03%/yr vs 0.06%/yr for VBAIX.
Performance
VOO vs. VBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, VOO achieves a 9.08% return, which is significantly higher than VBAIX's 5.76% return. Over the past 10 years, VOO has outperformed VBAIX with an annualized return of 15.50%, while VBAIX has yielded a comparatively lower 10.02% annualized return.
VOO
- 1D
- 0.55%
- 1M
- -0.84%
- YTD
- 9.08%
- 6M
- 9.44%
- 1Y
- 25.76%
- 3Y*
- 20.95%
- 5Y*
- 13.43%
- 10Y*
- 15.50%
VBAIX
- 1D
- 1.35%
- 1M
- -0.24%
- YTD
- 5.76%
- 6M
- 5.96%
- 1Y
- 17.26%
- 3Y*
- 15.19%
- 5Y*
- 8.00%
- 10Y*
- 10.02%
VOO vs. VBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOO Vanguard S&P 500 ETF | 9.08% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
VBAIX Vanguard Balanced Index Fund Institutional Shares | 5.76% | 13.60% | 17.78% | 17.55% | -16.87% | 14.20% | 16.40% | 21.79% | -2.83% | 13.86% |
Correlation
The correlation between VOO and VBAIX is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.97 |
The correlation between VOO and VBAIX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
VOO vs. VBAIX — Risk / Return Rank
VOO
VBAIX
VOO vs. VBAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). 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.
| VOO | VBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.86 | -0.11 |
| Martin ratioReturn relative to average drawdown | 12.42 | 12.76 | -0.34 |
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Drawdowns
VOO vs. VBAIX - Drawdown Comparison
The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum VBAIX drawdown of -35.82%. Use the drawdown chart below to compare losses from any high point for VOO and VBAIX.
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Drawdown Indicators
| VOO | VBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -35.82% | +1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -5.84% | -3.06% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -11.57% | -7.12% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -21.52% | -3.00% |
Max Drawdown (10Y)Largest decline over 10 years | -33.99% | -22.77% | -11.22% |
Current DrawdownCurrent decline from peak | -2.34% | -1.53% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -4.42% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 1.31% | +0.66% |
Volatility
VOO vs. VBAIX - Volatility Comparison
Vanguard S&P 500 ETF (VOO) has a higher volatility of 4.34% compared to Vanguard Balanced Index Fund Institutional Shares (VBAIX) at 3.23%. This indicates that VOO's price experiences larger fluctuations and is considered to be riskier than VBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VOO | VBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 3.23% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 6.61% | +2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.27% | 8.29% | +3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.88% | 11.15% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 11.26% | +6.77% |
VOO vs. VBAIX - Expense Ratio Comparison
VOO has a 0.03% expense ratio, which is lower than VBAIX's 0.06% 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
VOO vs. VBAIX - Dividend Comparison
VOO's dividend yield for the trailing twelve months is around 1.05%, less than VBAIX's 5.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBAIX Vanguard Balanced Index Fund Institutional Shares | 5.31% | 6.01% | 8.01% | 4.36% | 2.84% | 3.20% | 2.65% | 2.29% | 2.33% | 1.96% | 2.10% | 2.10% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
With a correlation of 0.98, VOO and VBAIX 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.
VOO has higher volatility (4.34%) compared to VBAIX (3.23%). In terms of maximum drawdown, VOO dropped -33.99% vs VBAIX's -35.82%.
VBAIX currently has the higher Sharpe Ratio (2.02 vs 1.99), 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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