VSPGX vs. SPY
Compare and contrast key facts about Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) and State Street SPDR S&P 500 ETF (SPY).
VSPGX is managed by Vanguard. It was launched on Apr 5, 2019. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VSPGX vs. SPY - Performance Comparison
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VSPGX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares | -8.12% | 21.91% | 35.48% | 30.38% | -29.46% | 31.88% | 33.34% | 31.06% | -0.05% | 23.40% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 19.52% |
Returns By Period
In the year-to-date period, VSPGX achieves a -8.12% return, which is significantly lower than SPY's -3.65% return.
VSPGX
- 1D
- 4.06%
- 1M
- -5.53%
- YTD
- -8.12%
- 6M
- -6.48%
- 1Y
- 21.59%
- 3Y*
- 21.76%
- 5Y*
- 12.17%
- 10Y*
- —
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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VSPGX vs. SPY - Expense Ratio Comparison
VSPGX 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%.
Return for Risk
VSPGX vs. SPY — Risk / Return Rank
VSPGX
SPY
VSPGX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) 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.
| VSPGX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | 0.96 | +0.06 |
Sortino ratioReturn per unit of downside risk | 1.58 | 1.49 | +0.09 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.53 | +0.14 |
Martin ratioReturn relative to average drawdown | 6.58 | 7.27 | -0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSPGX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 0.96 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.70 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.56 | +0.20 |
Correlation
The correlation between VSPGX and SPY is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VSPGX vs. SPY - Dividend Comparison
VSPGX's dividend yield for the trailing twelve months is around 0.56%, less than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares | 0.56% | 0.38% | 0.50% | 1.14% | 0.95% | 0.55% | 0.89% | 0.68% | 0.31% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VSPGX vs. SPY - Drawdown Comparison
The maximum VSPGX drawdown since its inception was -32.73%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSPGX and SPY.
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Drawdown Indicators
| VSPGX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.73% | -55.19% | +22.46% |
Max Drawdown (1Y)Largest decline over 1 year | -13.68% | -12.05% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -32.73% | -24.50% | -8.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -10.18% | -5.53% | -4.65% |
Average DrawdownAverage peak-to-trough decline | -6.87% | -9.09% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 2.54% | +0.94% |
Volatility
VSPGX vs. SPY - Volatility Comparison
Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) has a higher volatility of 7.19% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that VSPGX'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
| VSPGX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.19% | 5.35% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 12.70% | 9.50% | +3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.40% | 19.06% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 17.06% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.43% | 17.92% | +3.51% |