VSPVX vs. VIG

Last updated Aug 1, 2026

VSPVX (Vanguard S&P 500 Value Index Fund Institutional Shares) and VIG (Vanguard Dividend Appreciation ETF) are both funds - VSPVX is a Large Cap Value Equities fund managed by Vanguard, while VIG is a Dividend fund tracking the S&P U.S. Dividend Growers Index. Over the past 10 years, VSPVX returned 11.78%/yr vs 13.03%/yr for VIG. Their correlation of 0.90 means they have usually moved in the same direction. VSPVX charges 0.08%/yr vs 0.04%/yr for VIG.

Performance

VSPVX vs. VIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) and Vanguard Dividend Appreciation ETF (VIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSPVX achieves a 10.34% return, which is significantly higher than VIG's 9.71% return. Over the past 10 years, VSPVX has underperformed VIG with an annualized return of 11.78%, while VIG has yielded a comparatively higher 13.03% annualized return.

VSPVX

• 1D: -0.06%
• 1M: 0.77%
• 6M: 7.66%
• YTD: 10.34%
• 1Y: 21.40%
• 3Y*: 13.68%
• 5Y*: 11.42%
• 10Y*: 11.78%
• ALL TIME*: 10.53%

VIG

• 1D: -0.37%
• 1M: 0.23%
• 6M: 7.64%
• YTD: 9.71%
• 1Y: 19.10%
• 3Y*: 14.92%
• 5Y*: 10.43%
• 10Y*: 13.03%
• ALL TIME*: 10.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VIG Vanguard Dividend Appreciation ETF	$229.58M	$245.27M	$258.85M
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

VSPVX vs. VIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	10.34%	12.62%	11.99%	22.39%	-5.33%	24.80%	1.23%	31.84%	-9.02%	15.28%
VIG Vanguard Dividend Appreciation ETF	9.71%	14.17%	16.99%	14.51%	-9.80%	23.76%	15.43%	29.62%	-2.08%	22.22%

Correlation

The correlation between VSPVX and VIG is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 28, 2014	0.90

The correlation between VSPVX and VIG has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

VSPVX vs. VIG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VSPVX

VSPVX Risk / Return Rank: 83
VSPVX Sharpe Ratio Rank: 81
VSPVX Sortino Ratio Rank: 79
VSPVX Omega Ratio Rank: 78
VSPVX Calmar Ratio Rank: 87
VSPVX Martin Ratio Rank: 89

VIG

VIG Risk / Return Rank: 75
VIG Sharpe Ratio Rank: 79
VIG Sortino Ratio Rank: 80
VIG Omega Ratio Rank: 77
VIG Calmar Ratio Rank: 66
VIG Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VSPVX vs. VIG - 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 Vanguard Dividend Appreciation ETF (VIG). 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.

	VSPVX	VIG	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.79	+0.13
Sortino ratio: Return per unit of downside risk	2.69	2.58	+0.11
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.06	2.28	+0.78
Martin ratio: Return relative to average drawdown	11.83	9.28	+2.56

VSPVX vs. VIG - Sharpe Ratio Comparison

The current VSPVX Sharpe Ratio is 1.92, which is comparable to the VIG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VSPVX and VIG, 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

VSPVX vs. VIG - Drawdown Comparison

The maximum VSPVX drawdown since its inception was -37.05%, smaller than the maximum VIG drawdown of -46.81%. Use the drawdown chart below to compare losses from any high point for VSPVX and VIG.

Drawdown Indicators

	VSPVX	VIG	Difference
Max Drawdown Largest peak-to-trough decline	-37.05%	-46.81%	+9.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-7.91%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-14.95%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-20.39%	+2.39%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-31.72%	-5.33%
Current Drawdown Current decline from peak	-0.95%	-1.06%	+0.11%
Average Drawdown Average peak-to-trough decline	-4.02%	-5.47%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.94%	-0.32%

Volatility

VSPVX vs. VIG - Volatility Comparison

Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) and Vanguard Dividend Appreciation ETF (VIG) have volatilities of 2.67% and 2.69%, 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

	VSPVX	VIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.69%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	7.61%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	10.14%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	14.20%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	16.02%	+0.98%

VSPVX vs. VIG - Expense Ratio Comparison

VSPVX has a 0.08% expense ratio, which is higher than VIG'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

VSPVX vs. VIG - Dividend Comparison

VSPVX's dividend yield for the trailing twelve months is around 1.68%, more than VIG's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIG Vanguard Dividend Appreciation ETF	1.50%	1.62%	1.73%	1.88%	1.96%	1.55%	1.63%	1.71%	2.08%	1.88%	2.14%	2.34%
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	1.68%	1.35%	2.12%	1.70%	2.21%	1.88%	2.46%	2.12%	2.73%	2.18%	2.30%	2.47%

Frequently Asked Questions

Can I hold both VSPVX and VIG in my portfolio?

VSPVX and VIG have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSPVX or VIG?

VIG has higher volatility (2.69%) compared to VSPVX (2.67%). In terms of maximum drawdown, VSPVX dropped -37.05% vs VIG's -46.81%.

Which has better risk-adjusted returns?

VSPVX currently has the higher Sharpe Ratio (1.92 vs 1.79), 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.