VPMCX vs. SPY

Last updated Jun 6, 2026

VPMCX (Vanguard PRIMECAP Fund Investor Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VPMCX is a Large Cap Growth Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VPMCX returned 17.54%/yr vs 15.16%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. VPMCX charges 0.38%/yr vs 0.09%/yr for SPY.

Performance

VPMCX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard PRIMECAP Fund Investor Shares (VPMCX) 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, VPMCX achieves a 25.53% return, which is significantly higher than SPY's 8.45% return. Over the past 10 years, VPMCX has outperformed SPY with an annualized return of 17.54%, while SPY has yielded a comparatively lower 15.16% annualized return.

VPMCX

• 1D: -0.09%
• 1M: 7.67%
• YTD: 25.53%
• 6M: 26.74%
• 1Y: 58.87%
• 3Y*: 28.17%
• 5Y*: 16.22%
• 10Y*: 17.54%

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

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

VPMCX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPMCX Vanguard PRIMECAP Fund Investor Shares	25.53%	29.60%	13.23%	28.16%	-15.22%	21.64%	17.16%	27.78%	-1.99%	28.17%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VPMCX and SPY is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.89

The correlation between VPMCX and SPY has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

VPMCX vs. SPY - Sectors Allocation Comparison

Sectors	VPMCX	SPY
Technology	28.9%	35.9%
Healthcare	25.1%	8.4%
Industrials	13.2%	7.8%
Consumer Cyclical	11.8%	10.3%
Communication Services	7.7%	11.3%
Financial Services	7.6%	11.8%
Energy	1.8%	3.6%
Basic Materials	1.6%	1.8%
Consumer Defensive	1.1%	4.8%
Real Estate	0.1%	1.9%
Utilities	0.0%	2.4%

Return for Risk

VPMCX vs. SPY — Risk / Return Rank

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

VPMCX

VPMCX Risk / Return Rank: 94
VPMCX Sharpe Ratio Rank: 97
VPMCX Sortino Ratio Rank: 95
VPMCX Omega Ratio Rank: 89
VPMCX Calmar Ratio Rank: 93
VPMCX Martin Ratio Rank: 96

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

VPMCX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard PRIMECAP Fund Investor Shares (VPMCX) 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.

	VPMCX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.66	2.14	+1.52
Sortino ratio: Return per unit of downside risk	4.95	2.88	+2.07
Omega ratio: Gain probability vs. loss probability	1.64	1.39	+0.25
Calmar ratio: Return relative to maximum drawdown	5.00	2.92	+2.08
Martin ratio: Return relative to average drawdown	23.04	13.50	+9.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPMCX vs. SPY - Sharpe Ratio Comparison

The current VPMCX Sharpe Ratio is 3.66, which is higher than the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of VPMCX 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.

Sharpe Ratios by Period

	VPMCX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	2.14	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.78	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.85	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.58	+0.22

Drawdowns

VPMCX vs. SPY - Drawdown Comparison

The maximum VPMCX drawdown since its inception was -50.45%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VPMCX and SPY.

Drawdown Indicators

	VPMCX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-50.45%	-55.19%	+4.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-8.88%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-20.56%	-18.76%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	-24.50%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-32.65%	-33.72%	+1.07%
Current Drawdown Current decline from peak	-0.09%	-2.90%	+2.81%
Average Drawdown Average peak-to-trough decline	-7.40%	-9.05%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.91%	+0.63%

Volatility

VPMCX vs. SPY - Volatility Comparison

Vanguard PRIMECAP Fund Investor Shares (VPMCX) has a higher volatility of 5.85% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that VPMCX'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.

Volatility by Period

	VPMCX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	3.73%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	9.31%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	12.12%	+3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	17.09%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	17.95%	+1.23%

VPMCX vs. SPY - Expense Ratio Comparison

VPMCX has a 0.38% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VPMCX vs. SPY - Dividend Comparison

VPMCX's dividend yield for the trailing twelve months is around 13.03%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VPMCX Vanguard PRIMECAP Fund Investor Shares	13.03%	16.36%	6.62%	7.16%	9.85%	10.08%	9.74%	7.15%	8.32%	4.53%	5.05%	5.91%

Frequently Asked Questions

Can I hold both VPMCX and SPY in my portfolio?

VPMCX and SPY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPMCX or SPY?

VPMCX has higher volatility (5.85%) compared to SPY (3.73%). In terms of maximum drawdown, VPMCX dropped -50.45% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VPMCX currently has the higher Sharpe Ratio (3.66 vs 2.14), 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.