VQNPX vs. SPY

Last updated Jun 3, 2026

VQNPX (Vanguard Growth and Income Fund Investor Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VQNPX is a Large Cap Blend Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VQNPX returned 15.29%/yr vs 15.57%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. VQNPX charges 0.32%/yr vs 0.09%/yr for SPY.

Performance

VQNPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth and Income Fund Investor Shares (VQNPX) 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, VQNPX achieves a 10.36% return, which is significantly lower than SPY's 11.69% return. Both investments have delivered pretty close results over the past 10 years, with VQNPX having a 15.29% annualized return and SPY not far ahead at 15.57%.

VQNPX

• 1D: 0.50%
• 1M: 5.42%
• YTD: 10.36%
• 6M: 10.92%
• 1Y: 29.31%
• 3Y*: 23.04%
• 5Y*: 14.08%
• 10Y*: 15.29%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

VQNPX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VQNPX Vanguard Growth and Income Fund Investor Shares	10.36%	19.13%	25.72%	24.72%	-17.26%	28.74%	17.90%	29.66%	-4.70%	19.82%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VQNPX and SPY is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.97

The correlation between VQNPX and SPY has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

VQNPX vs. SPY - Sectors Allocation Comparison

Sectors	VQNPX	SPY
Technology	30.6%	35.9%
Financial Services	12.5%	11.8%
Consumer Cyclical	11.2%	10.3%
Healthcare	10.6%	8.4%
Communication Services	10.1%	11.3%
Industrials	8.9%	7.8%
Energy	5.8%	3.6%
Consumer Defensive	3.6%	4.8%
Basic Materials	2.9%	1.8%
Utilities	2.4%	2.4%
Real Estate	1.6%	1.9%

Return for Risk

VQNPX vs. SPY — Risk / Return Rank

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

VQNPX

VQNPX Risk / Return Rank: 65
VQNPX Sharpe Ratio Rank: 67
VQNPX Sortino Ratio Rank: 59
VQNPX Omega Ratio Rank: 59
VQNPX Calmar Ratio Rank: 65
VQNPX Martin Ratio Rank: 74

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

VQNPX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth and Income Fund Investor Shares (VQNPX) 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.

	VQNPX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.52	-0.12
Sortino ratio Return per unit of downside risk	3.24	3.42	-0.18
Omega ratio Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio Return relative to maximum drawdown	3.10	3.42	-0.32
Martin ratio Return relative to average drawdown	14.00	15.93	-1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VQNPX vs. SPY - Sharpe Ratio Comparison

The current VQNPX Sharpe Ratio is 2.40, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VQNPX 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

	VQNPX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.52	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.84	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.87	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.59	+0.03

Drawdowns

VQNPX vs. SPY - Drawdown Comparison

The maximum VQNPX drawdown since its inception was -55.93%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VQNPX and SPY.

Drawdown Indicators

	VQNPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.93%	-55.19%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-8.88%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-19.68%	-18.76%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	-24.50%	+1.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	-33.72%	-0.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.87%	-9.05%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.91%	+0.25%

Volatility

VQNPX vs. SPY - Volatility Comparison

Vanguard Growth and Income Fund Investor Shares (VQNPX) has a higher volatility of 3.03% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that VQNPX'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

	VQNPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.75%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	8.89%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	11.81%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	17.05%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	17.94%	+0.28%

VQNPX vs. SPY - Expense Ratio Comparison

VQNPX has a 0.32% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VQNPX vs. SPY - Dividend Comparison

VQNPX's dividend yield for the trailing twelve months is around 9.61%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VQNPX Vanguard Growth and Income Fund Investor Shares	9.61%	10.60%	11.56%	8.60%	9.69%	15.16%	6.53%	4.09%	7.92%	5.01%	6.90%	7.60%

Frequently Asked Questions

Can I hold both VQNPX and SPY in my portfolio?

With a correlation of 0.99, VQNPX and SPY 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, VQNPX or SPY?

VQNPX has higher volatility (3.03%) compared to SPY (2.75%). In terms of maximum drawdown, VQNPX dropped -55.93% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.40), 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.