VRTTX vs. SPY

Last updated Jun 3, 2026

VRTTX (Vanguard Russell 3000 Index Fund Institutional Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VRTTX 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, VRTTX returned 15.01%/yr vs 15.57%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. VRTTX charges 0.08%/yr vs 0.09%/yr for SPY.

Performance

VRTTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 3000 Index Fund Institutional Shares (VRTTX) 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 investments are quite close, with VRTTX having a 11.45% return and SPY slightly higher at 11.69%. Both investments have delivered pretty close results over the past 10 years, with VRTTX having a 15.01% annualized return and SPY not far ahead at 15.57%.

VRTTX

• 1D: 0.23%
• 1M: 5.02%
• YTD: 11.45%
• 6M: 11.81%
• 1Y: 29.18%
• 3Y*: 21.98%
• 5Y*: 12.78%
• 10Y*: 15.01%

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)

VRTTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRTTX Vanguard Russell 3000 Index Fund Institutional Shares	11.45%	16.70%	23.72%	25.92%	-19.27%	25.48%	20.81%	31.03%	-5.29%	21.02%
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 VRTTX 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 Sep 23, 2010	0.99

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

Return for Risk

VRTTX vs. SPY — Risk / Return Rank

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

VRTTX

VRTTX Risk / Return Rank: 70
VRTTX Sharpe Ratio Rank: 71
VRTTX Sortino Ratio Rank: 64
VRTTX Omega Ratio Rank: 62
VRTTX Calmar Ratio Rank: 73
VRTTX Martin Ratio Rank: 82

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.

VRTTX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 3000 Index Fund Institutional Shares (VRTTX) 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.

	VRTTX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.52	-0.07
Sortino ratio Return per unit of downside risk	3.34	3.42	-0.07
Omega ratio Gain probability vs. loss probability	1.44	1.46	-0.02
Calmar ratio Return relative to maximum drawdown	3.35	3.42	-0.07
Martin ratio Return relative to average drawdown	15.42	15.93	-0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRTTX vs. SPY - Sharpe Ratio Comparison

The current VRTTX Sharpe Ratio is 2.45, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VRTTX 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

	VRTTX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.52	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.84	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.87	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.59	+0.24

Drawdowns

VRTTX vs. SPY - Drawdown Comparison

The maximum VRTTX drawdown since its inception was -34.96%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VRTTX and SPY.

Drawdown Indicators

	VRTTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-55.19%	+20.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.88%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-18.76%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-25.13%	-24.50%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	-34.96%	-33.72%	-1.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.04%	-9.05%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.91%	+0.01%

Volatility

VRTTX vs. SPY - Volatility Comparison

Vanguard Russell 3000 Index Fund Institutional Shares (VRTTX) has a higher volatility of 2.95% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that VRTTX'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

	VRTTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.75%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.17%	8.89%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	11.81%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	17.05%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.94%	+0.48%

VRTTX vs. SPY - Expense Ratio Comparison

VRTTX has a 0.08% 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

VRTTX vs. SPY - Dividend Comparison

VRTTX's dividend yield for the trailing twelve months is around 1.00%, 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%
VRTTX Vanguard Russell 3000 Index Fund Institutional Shares	1.00%	0.82%	1.20%	1.49%	1.54%	1.12%	1.38%	1.72%	1.96%	1.69%	1.89%	1.91%

Frequently Asked Questions

Can I hold both VRTTX and SPY in my portfolio?

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

VRTTX has higher volatility (2.95%) compared to SPY (2.75%). In terms of maximum drawdown, VRTTX dropped -34.96% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.45), 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.