VSPMX vs. IVOO
Compare and contrast key facts about Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Vanguard S&P Mid-Cap 400 ETF (IVOO).
VSPMX is managed by Vanguard. It was launched on Mar 28, 2011. IVOO is a passively managed fund by Vanguard that tracks the performance of the S&P MidCap 400 Index. It was launched on Sep 7, 2010.
Performance
VSPMX vs. IVOO - Performance Comparison
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VSPMX vs. IVOO - 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 | -0.37% | 7.11% | 12.83% | 17.42% | -13.12% | 24.66% | 13.53% | 26.12% | -11.14% | 16.18% |
IVOO Vanguard S&P Mid-Cap 400 ETF | 2.57% | 7.47% | 13.77% | 16.45% | -13.17% | 24.61% | 13.61% | 26.18% | -11.33% | 16.38% |
Returns By Period
In the year-to-date period, VSPMX achieves a -0.37% return, which is significantly lower than IVOO's 2.57% return. Both investments have delivered pretty close results over the past 10 years, with VSPMX having a 10.11% annualized return and IVOO not far ahead at 10.44%.
VSPMX
- 1D
- -0.82%
- 1M
- -8.03%
- YTD
- -0.37%
- 6M
- 1.27%
- 1Y
- 14.05%
- 3Y*
- 10.85%
- 5Y*
- 6.18%
- 10Y*
- 10.11%
IVOO
- 1D
- 2.97%
- 1M
- -5.28%
- YTD
- 2.57%
- 6M
- 4.28%
- 1Y
- 17.42%
- 3Y*
- 12.05%
- 5Y*
- 6.55%
- 10Y*
- 10.44%
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VSPMX vs. IVOO - Expense Ratio Comparison
VSPMX has a 0.08% expense ratio, which is lower than IVOO's 0.10% 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
VSPMX vs. IVOO — Risk / Return Rank
VSPMX
IVOO
VSPMX vs. IVOO - 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 Vanguard S&P Mid-Cap 400 ETF (IVOO). 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.
| VSPMX | IVOO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.82 | -0.14 |
Sortino ratioReturn per unit of downside risk | 1.11 | 1.30 | -0.19 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.18 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.24 | -0.38 |
Martin ratioReturn relative to average drawdown | 3.77 | 5.38 | -1.61 |
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
| VSPMX | IVOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.82 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.33 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.49 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.58 | 0.00 |
Correlation
The correlation between VSPMX and IVOO is 0.99, 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
VSPMX vs. IVOO - Dividend Comparison
VSPMX's dividend yield for the trailing twelve months is around 1.40%, more than IVOO's 1.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 1.40% | 1.07% | 1.32% | 1.26% | 1.59% | 1.15% | 1.24% | 1.49% | 1.64% | 1.27% | 1.54% | 1.52% |
IVOO Vanguard S&P Mid-Cap 400 ETF | 1.32% | 1.35% | 1.30% | 1.25% | 1.58% | 1.14% | 1.23% | 1.49% | 1.56% | 1.22% | 1.37% | 1.45% |
Drawdowns
VSPMX vs. IVOO - Drawdown Comparison
The maximum VSPMX drawdown since its inception was -42.04%, roughly equal to the maximum IVOO drawdown of -42.33%. Use the drawdown chart below to compare losses from any high point for VSPMX and IVOO.
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Drawdown Indicators
| VSPMX | IVOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.04% | -42.33% | +0.29% |
Max Drawdown (1Y)Largest decline over 1 year | -14.10% | -14.17% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -24.22% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -42.04% | -42.33% | +0.29% |
Current DrawdownCurrent decline from peak | -8.82% | -6.10% | -2.72% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -5.31% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 3.27% | -0.03% |
Volatility
VSPMX vs. IVOO - Volatility Comparison
The current volatility for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) is 5.75%, while Vanguard S&P Mid-Cap 400 ETF (IVOO) has a volatility of 6.56%. This indicates that VSPMX experiences smaller price fluctuations and is considered to be less risky than IVOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSPMX | IVOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 6.56% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 11.48% | 11.90% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 21.22% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 19.73% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 21.17% | -0.20% |