VOO vs. VINIX

Last updated Jun 14, 2026

VOO (Vanguard S&P 500 ETF) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both S&P 500 funds from Vanguard tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VOO returned 15.50%/yr vs 15.50%/yr for VINIX. With a 1.00 correlation, they move nearly in lockstep. VOO charges 0.03%/yr vs 0.04%/yr for VINIX.

Performance

VOO vs. VINIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and Vanguard Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOO achieves a 9.08% return, which is significantly higher than VINIX's 8.58% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VOO at 15.50% and VINIX at 15.50%.

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%

VINIX

• 1D: 1.75%
• 1M: -1.31%
• YTD: 8.58%
• 6M: 8.93%
• 1Y: 25.16%
• 3Y*: 21.46%
• 5Y*: 13.46%
• 10Y*: 15.50%

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

VOO vs. VINIX - 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%
VINIX Vanguard Institutional Index Fund Institutional Shares	8.58%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between VOO and VINIX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	1.00

The correlation between VOO and VINIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VOO vs. VINIX - Sectors Allocation Comparison

Sectors	VOO	VINIX
Technology	35.6%	35.7%
Financial Services	11.6%	11.6%
Communication Services	11.1%	11.3%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.5%	8.5%
Industrials	8.0%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.8%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

VOO vs. VINIX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 76

VINIX

VINIX Risk / Return Rank: 73
VINIX Sharpe Ratio Rank: 72
VINIX Sortino Ratio Rank: 68
VINIX Omega Ratio Rank: 68
VINIX Calmar Ratio Rank: 73
VINIX Martin Ratio Rank: 83

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.

VOO vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.97	+0.02
Sortino ratio: Return per unit of downside risk	2.70	2.67	+0.03
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.75	2.74	+0.01
Martin ratio: Return relative to average drawdown	12.42	12.44	-0.02

VOO vs. VINIX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.99, which is comparable to the VINIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VOO and VINIX, 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

VOO vs. VINIX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VOO and VINIX.

Drawdown Indicators

	VOO	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-55.19%	+21.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.90%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-18.75%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-24.51%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	-33.79%	-0.20%
Current Drawdown Current decline from peak	-2.34%	-2.79%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.68%	-8.52%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.95%	+0.02%

Volatility

VOO vs. VINIX - Volatility Comparison

Vanguard S&P 500 ETF (VOO) and Vanguard Institutional Index Fund Institutional Shares (VINIX) have volatilities of 4.34% and 4.43%, 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

	VOO	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.43%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	9.70%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	12.37%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	16.96%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	18.09%	-0.06%

VOO vs. VINIX - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than VINIX's 0.04% 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. VINIX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, less than VINIX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VINIX Vanguard Institutional Index Fund Institutional Shares	2.46%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%
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

Can I hold both VOO and VINIX in my portfolio?

With a correlation of 1.00, VOO and VINIX 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.

Which is riskier, VOO or VINIX?

VINIX has higher volatility (4.43%) compared to VOO (4.34%). In terms of maximum drawdown, VOO dropped -33.99% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.99 vs 1.97), 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.