VSPMX vs. VFIAX
VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VSPMX is a Mid Cap Blend Equities fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VSPMX returned 11.21%/yr vs 15.54%/yr for VFIAX. Their correlation of 0.86 suggests significant overlap in exposure. VSPMX charges 0.08%/yr vs 0.04%/yr for VFIAX.
Performance
VSPMX vs. VFIAX - Performance Comparison
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Returns By Period
In the year-to-date period, VSPMX achieves a 14.08% return, which is significantly higher than VFIAX's 10.87% return. Over the past 10 years, VSPMX has underperformed VFIAX with an annualized return of 11.21%, while VFIAX has yielded a comparatively higher 15.54% annualized return.
VSPMX
- 1D
- -0.09%
- 1M
- 2.50%
- YTD
- 14.08%
- 6M
- 13.80%
- 1Y
- 25.73%
- 3Y*
- 15.97%
- 5Y*
- 8.09%
- 10Y*
- 11.21%
VFIAX
- 1D
- -0.73%
- 1M
- 4.17%
- YTD
- 10.87%
- 6M
- 10.78%
- 1Y
- 27.99%
- 3Y*
- 22.42%
- 5Y*
- 13.87%
- 10Y*
- 15.54%
VSPMX vs. VFIAX - 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 | 14.08% | 7.11% | 12.83% | 17.42% | -13.12% | 24.66% | 13.53% | 26.12% | -11.14% | 16.18% |
VFIAX Vanguard 500 Index Fund Admiral Shares | 10.87% | 17.83% | 24.97% | 26.24% | -18.16% | 28.65% | 18.32% | 31.46% | -4.45% | 21.78% |
Correlation
The correlation between VSPMX and VFIAX is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.86 |
The correlation between VSPMX and VFIAX shifts across timeframes, from 0.76 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VSPMX vs. VFIAX — Risk / Return Rank
VSPMX
VFIAX
VSPMX vs. VFIAX - 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 500 Index Fund Admiral Shares (VFIAX). 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 | VFIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.43 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.16 | -0.26 |
| Martin ratioReturn relative to average drawdown | 10.60 | 14.76 | -4.16 |
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 | VFIAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 2.37 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.83 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.86 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.47 | +0.17 |
Drawdowns
VSPMX vs. VFIAX - Drawdown Comparison
The maximum VSPMX drawdown since its inception was -42.04%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VSPMX and VFIAX.
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Drawdown Indicators
| VSPMX | VFIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.04% | -55.20% | +13.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -8.90% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -24.27% | -18.75% | -5.52% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -24.53% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -42.04% | -33.83% | -8.21% |
Current DrawdownCurrent decline from peak | -0.09% | -0.73% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -9.40% | +4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 1.90% | +0.51% |
Volatility
VSPMX vs. VFIAX - Volatility Comparison
Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) has a higher volatility of 4.37% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 2.92%. This indicates that VSPMX's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSPMX | VFIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 2.92% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 8.99% | +2.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 11.88% | +3.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 16.90% | +2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.01% | 18.07% | +2.94% |
VSPMX vs. VFIAX - Expense Ratio Comparison
VSPMX has a 0.08% expense ratio, which is higher than VFIAX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VSPMX vs. VFIAX - Dividend Comparison
VSPMX's dividend yield for the trailing twelve months is around 1.22%, more than VFIAX's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFIAX Vanguard 500 Index Fund Admiral Shares | 1.02% | 1.12% | 1.24% | 1.45% | 1.68% | 1.24% | 1.53% | 1.87% | 2.05% | 1.78% | 2.02% | 2.10% |
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 1.22% | 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
VSPMX and VFIAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSPMX has higher volatility (4.37%) compared to VFIAX (2.92%). In terms of maximum drawdown, VSPMX dropped -42.04% vs VFIAX's -55.20%.
VFIAX currently has the higher Sharpe Ratio (2.37 vs 1.66), 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.
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