VSPVX vs. SPY
Compare and contrast key facts about Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) and State Street SPDR S&P 500 ETF (SPY).
VSPVX is managed by Vanguard. It was launched on Mar 3, 2015. 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
VSPVX vs. SPY - Performance Comparison
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VSPVX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares | 0.02% | 12.62% | 11.99% | 22.39% | -5.33% | 24.80% | 1.23% | 31.84% | -9.02% | 15.28% |
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% | 21.71% |
Returns By Period
In the year-to-date period, VSPVX achieves a 0.02% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, VSPVX has underperformed SPY with an annualized return of 11.31%, while SPY has yielded a comparatively higher 14.06% annualized return.
VSPVX
- 1D
- 1.73%
- 1M
- -4.47%
- YTD
- 0.02%
- 6M
- 2.93%
- 1Y
- 12.95%
- 3Y*
- 13.66%
- 5Y*
- 10.32%
- 10Y*
- 11.31%
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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VSPVX vs. SPY - Expense Ratio Comparison
VSPVX 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
VSPVX vs. SPY — Risk / Return Rank
VSPVX
SPY
VSPVX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) 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.
| VSPVX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 0.96 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.25 | 1.49 | -0.24 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.53 | -0.39 |
Martin ratioReturn relative to average drawdown | 5.43 | 7.27 | -1.83 |
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
| VSPVX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.96 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.70 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.79 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.56 | +0.03 |
Correlation
The correlation between VSPVX and SPY is 0.88, 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
VSPVX vs. SPY - Dividend Comparison
VSPVX's dividend yield for the trailing twelve months is around 1.82%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares | 1.82% | 1.35% | 2.12% | 1.70% | 2.21% | 1.88% | 2.46% | 2.12% | 2.73% | 2.18% | 2.30% | 2.47% |
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
VSPVX vs. SPY - Drawdown Comparison
The maximum VSPVX drawdown since its inception was -37.05%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSPVX and SPY.
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Drawdown Indicators
| VSPVX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.05% | -55.19% | +18.14% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -12.05% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -18.00% | -24.50% | +6.50% |
Max Drawdown (10Y)Largest decline over 10 years | -37.05% | -33.72% | -3.33% |
Current DrawdownCurrent decline from peak | -4.58% | -5.53% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -9.09% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.54% | +0.02% |
Volatility
VSPVX vs. SPY - Volatility Comparison
The current volatility for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) is 3.84%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that VSPVX experiences smaller price fluctuations and is considered to be less risky 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
| VSPVX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 5.35% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 7.71% | 9.50% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 19.06% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.49% | 17.06% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.09% | 17.92% | -0.83% |