VSPMX vs. GENIX

Last updated Jun 23, 2026

VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and GENIX (Gotham Enhanced Return Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VSPMX returned 11.38%/yr vs 13.82%/yr for GENIX. Their correlation of 0.83 suggests significant overlap in exposure. VSPMX charges 0.08%/yr vs 1.50%/yr for GENIX.

Performance

VSPMX vs. GENIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Gotham Enhanced Return Fund (GENIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSPMX achieves a 15.40% return, which is significantly higher than GENIX's 12.07% return. Over the past 10 years, VSPMX has underperformed GENIX with an annualized return of 11.38%, while GENIX has yielded a comparatively higher 13.82% annualized return.

VSPMX

• 1D: 1.14%
• 1M: 3.34%
• YTD: 15.40%
• 6M: 12.94%
• 1Y: 27.05%
• 3Y*: 15.24%
• 5Y*: 9.27%
• 10Y*: 11.38%

GENIX

• 1D: 0.31%
• 1M: 0.67%
• YTD: 12.07%
• 6M: 11.61%
• 1Y: 26.94%
• 3Y*: 24.74%
• 5Y*: 18.30%
• 10Y*: 13.82%

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

VSPMX vs. GENIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	15.40%	7.11%	12.83%	17.42%	-13.12%	24.66%	13.53%	26.12%	-11.14%	16.18%
GENIX Gotham Enhanced Return Fund	12.07%	21.16%	27.31%	25.26%	-12.02%	39.66%	-8.21%	21.54%	-5.97%	18.21%

Correlation

The correlation between VSPMX and GENIX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.83

The correlation between VSPMX and GENIX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

VSPMX vs. GENIX — Risk / Return Rank

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

VSPMX

VSPMX Risk / Return Rank: 50
VSPMX Sharpe Ratio Rank: 41
VSPMX Sortino Ratio Rank: 42
VSPMX Omega Ratio Rank: 38
VSPMX Calmar Ratio Rank: 70
VSPMX Martin Ratio Rank: 60

GENIX

GENIX Risk / Return Rank: 74
GENIX Sharpe Ratio Rank: 67
GENIX Sortino Ratio Rank: 63
GENIX Omega Ratio Rank: 58
GENIX Calmar Ratio Rank: 89
GENIX Martin Ratio Rank: 93

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.

VSPMX vs. GENIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Gotham Enhanced Return Fund (GENIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VSPMX	GENIX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.20	-0.47
Sortino ratio: Return per unit of downside risk	2.51	3.03	-0.52
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	3.09	4.26	-1.17
Martin ratio: Return relative to average drawdown	11.27	18.01	-6.74

VSPMX vs. GENIX - Sharpe Ratio Comparison

The current VSPMX Sharpe Ratio is 1.73, which is comparable to the GENIX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of VSPMX and GENIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSPMX vs. GENIX - Drawdown Comparison

The maximum VSPMX drawdown since its inception was -42.04%, which is greater than GENIX's maximum drawdown of -39.35%. Use the drawdown chart below to compare losses from any high point for VSPMX and GENIX.

Drawdown Indicators

	VSPMX	GENIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.04%	-39.35%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.44%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.27%	-19.20%	-5.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-20.74%	-3.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-39.35%	-2.69%
Current Drawdown Current decline from peak	-0.42%	-2.14%	+1.72%
Average Drawdown Average peak-to-trough decline	-5.08%	-5.63%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	1.51%	+0.90%

Volatility

VSPMX vs. GENIX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Gotham Enhanced Return Fund (GENIX) have volatilities of 4.86% and 4.72%, 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

	VSPMX	GENIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.72%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	9.70%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	12.47%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	17.25%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	18.56%	+2.48%

VSPMX vs. GENIX - Expense Ratio Comparison

VSPMX has a 0.08% expense ratio, which is lower than GENIX's 1.50% expense ratio.

Dividends

VSPMX vs. GENIX - Dividend Comparison

VSPMX's dividend yield for the trailing twelve months is around 1.21%, less than GENIX's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GENIX Gotham Enhanced Return Fund	1.85%	2.07%	19.28%	9.82%	8.02%	19.31%	0.14%	32.49%	9.60%	0.97%	0.00%	1.85%
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	1.21%	1.07%	1.32%	1.26%	1.59%	1.15%	1.24%	1.49%	1.64%	1.27%	1.54%	1.52%

Frequently Asked Questions

Can I hold both VSPMX and GENIX in my portfolio?

VSPMX and GENIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSPMX or GENIX?

VSPMX has higher volatility (4.86%) compared to GENIX (4.72%). In terms of maximum drawdown, VSPMX dropped -42.04% vs GENIX's -39.35%.

Which has better risk-adjusted returns?

GENIX currently has the higher Sharpe Ratio (2.20 vs 1.73), 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.