VOX vs. SPY
VOX (Vanguard Communication Services ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VOX returned 8.39%/yr vs 15.70%/yr for SPY. A 0.78 correlation means they provide meaningful diversification when combined. VOX charges 0.09%/yr vs 0.09%/yr for SPY.
Performance
VOX vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, VOX achieves a -5.59% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, VOX has underperformed SPY with an annualized return of 8.39%, while SPY has yielded a comparatively higher 15.70% annualized return.
VOX
- 1D
- -2.41%
- 1M
- -6.74%
- YTD
- -5.59%
- 6M
- -5.26%
- 1Y
- 13.76%
- 3Y*
- 21.71%
- 5Y*
- 6.17%
- 10Y*
- 8.39%
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%
VOX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOX Vanguard Communication Services ETF | -5.59% | 26.27% | 33.12% | 44.81% | -38.85% | 13.83% | 29.12% | 28.03% | -16.75% | -5.50% |
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 VOX and SPY is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004 | 0.78 |
The correlation between VOX and SPY shifts across timeframes, from 0.71 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VOX vs. SPY — Risk / Return Rank
VOX
SPY
VOX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) 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.
| VOX | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.39 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 3.01 | -1.99 |
| Martin ratioReturn relative to average drawdown | 3.65 | 13.54 | -9.89 |
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Drawdowns
VOX vs. SPY - Drawdown Comparison
The maximum VOX drawdown since its inception was -57.18%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VOX and SPY.
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Drawdown Indicators
| VOX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.18% | -55.19% | -1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -8.88% | -4.68% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -18.76% | -2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -46.76% | -24.50% | -22.26% |
Max Drawdown (10Y)Largest decline over 10 years | -46.76% | -33.72% | -13.04% |
Current DrawdownCurrent decline from peak | -8.76% | -1.75% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -11.90% | -9.04% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 1.97% | +1.81% |
Volatility
VOX vs. SPY - Volatility Comparison
Vanguard Communication Services ETF (VOX) has a higher volatility of 5.45% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that VOX's price experiences larger fluctuations and is considered to be riskier 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
| VOX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.45% | 4.64% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 11.94% | 9.75% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 12.43% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 17.14% | +4.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.94% | 17.99% | +2.95% |
VOX vs. SPY - Expense Ratio Comparison
VOX has a 0.09% 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
VOX vs. SPY - Dividend Comparison
VOX's dividend yield for the trailing twelve months is around 1.04%, 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% |
VOX Vanguard Communication Services ETF | 1.04% | 0.95% | 1.05% | 1.03% | 0.88% | 0.93% | 0.73% | 0.90% | 2.77% | 3.83% | 2.67% | 3.55% |
Frequently Asked Questions
VOX and SPY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOX has higher volatility (5.45%) compared to SPY (4.64%). In terms of maximum drawdown, VOX dropped -57.18% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 8.39% for VOX. On fees, VOX is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOX is cheaper with a 0.09% expense ratio, compared with 0.09% for SPY.
VOX has the higher dividend yield at 1.04%, compared with 1.01% for SPY.
VOX is categorized as Communications Equities, while SPY is S&P 500. VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for VOX and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.87), 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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