VRNIX vs. SPY

Last updated Jun 4, 2026

VRNIX (Vanguard Russell 1000 Index Fund Institutional Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VRNIX 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, VRNIX returned 15.51%/yr vs 15.49%/yr for SPY. With a 1.00 correlation, they move nearly in lockstep. VRNIX charges 0.07%/yr vs 0.09%/yr for SPY.

Performance

VRNIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VRNIX having a 11.37% return and SPY slightly lower at 10.91%. Both investments have delivered pretty close results over the past 10 years, with VRNIX having a 15.51% annualized return and SPY not far behind at 15.49%.

VRNIX

• 1D: 0.19%
• 1M: 5.72%
• YTD: 11.37%
• 6M: 11.32%
• 1Y: 28.06%
• 3Y*: 22.29%
• 5Y*: 13.78%
• 10Y*: 15.51%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

VRNIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares	11.37%	16.94%	24.44%	26.49%	-19.19%	28.64%	20.90%	31.36%	-4.84%	21.58%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VRNIX 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	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 23, 2010	1.00

The correlation between VRNIX and SPY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

VRNIX vs. SPY — Risk / Return Rank

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

VRNIX

VRNIX Risk / Return Rank: 69
VRNIX Sharpe Ratio Rank: 69
VRNIX Sortino Ratio Rank: 62
VRNIX Omega Ratio Rank: 62
VRNIX Calmar Ratio Rank: 71
VRNIX Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

VRNIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) 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.

	VRNIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.38	+0.05
Sortino ratio: Return per unit of downside risk	3.30	3.24	+0.06
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	3.27	3.16	+0.11
Martin ratio: Return relative to average drawdown	15.13	14.72	+0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRNIX vs. SPY - Sharpe Ratio Comparison

The current VRNIX Sharpe Ratio is 2.42, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VRNIX 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

	VRNIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.38	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.82	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.87	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.59	+0.27

Drawdowns

VRNIX vs. SPY - Drawdown Comparison

The maximum VRNIX drawdown since its inception was -34.57%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VRNIX and SPY.

Drawdown Indicators

	VRNIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.57%	-55.19%	+20.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.88%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.40%	-18.76%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-25.14%	-24.50%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-34.57%	-33.72%	-0.85%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-3.90%	-9.05%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.91%	0.00%

Volatility

VRNIX vs. SPY - Volatility Comparison

Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.85% and 2.84%, 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

	VRNIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.84%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	8.90%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.97%	11.83%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.24%	17.05%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	17.94%	+0.34%

VRNIX vs. SPY - Expense Ratio Comparison

VRNIX has a 0.07% 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

VRNIX vs. SPY - Dividend Comparison

VRNIX's dividend yield for the trailing twelve months is around 0.99%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares	0.99%	0.82%	1.21%	1.41%	1.59%	2.86%	1.46%	1.65%	2.00%	1.73%	1.93%	1.92%

Frequently Asked Questions

Can I hold both VRNIX and SPY in my portfolio?

With a correlation of 0.99, VRNIX 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, VRNIX or SPY?

VRNIX has higher volatility (2.85%) compared to SPY (2.84%). In terms of maximum drawdown, VRNIX dropped -34.57% vs SPY's -55.19%.

Which has better risk-adjusted returns?

VRNIX currently has the higher Sharpe Ratio (2.42 vs 2.38), 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.