VSPVX vs. VTIVX

Last updated Jun 4, 2026

VSPVX (Vanguard S&P 500 Value Index Fund Institutional Shares) and VTIVX (Vanguard Target Retirement 2045 Fund) are both mutual funds - VSPVX is a Large Cap Value Equities fund managed by Vanguard, while VTIVX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, VSPVX returned 11.85%/yr vs 11.35%/yr for VTIVX. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.08% expense ratio.

Performance

VSPVX vs. VTIVX - 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 Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSPVX achieves a 7.91% return, which is significantly lower than VTIVX's 11.08% return. Both investments have delivered pretty close results over the past 10 years, with VSPVX having a 11.85% annualized return and VTIVX not far behind at 11.35%.

VSPVX

• 1D: 0.50%
• 1M: 2.64%
• YTD: 7.91%
• 6M: 8.20%
• 1Y: 21.76%
• 3Y*: 15.66%
• 5Y*: 10.71%
• 10Y*: 11.85%

VTIVX

• 1D: 0.31%
• 1M: 4.78%
• YTD: 11.08%
• 6M: 11.92%
• 1Y: 26.04%
• 3Y*: 18.49%
• 5Y*: 9.63%
• 10Y*: 11.35%

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

VSPVX vs. VTIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	7.91%	12.62%	11.99%	22.39%	-5.33%	24.80%	1.23%	31.84%	-9.02%	15.28%
VTIVX Vanguard Target Retirement 2045 Fund	11.08%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%

Correlation

The correlation between VSPVX and VTIVX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 29, 2014	0.86

The correlation between VSPVX and VTIVX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

VSPVX vs. VTIVX — Risk / Return Rank

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

VSPVX

VSPVX Risk / Return Rank: 65
VSPVX Sharpe Ratio Rank: 61
VSPVX Sortino Ratio Rank: 58
VSPVX Omega Ratio Rank: 54
VSPVX Calmar Ratio Rank: 79
VSPVX Martin Ratio Rank: 72

VTIVX

VTIVX Risk / Return Rank: 71
VTIVX Sharpe Ratio Rank: 75
VTIVX Sortino Ratio Rank: 71
VTIVX Omega Ratio Rank: 68
VTIVX Calmar Ratio Rank: 68
VTIVX Martin Ratio Rank: 74

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.

VSPVX vs. VTIVX - 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 Target Retirement 2045 Fund (VTIVX). 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	VTIVX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.51	-0.22
Sortino ratio: Return per unit of downside risk	3.20	3.50	-0.30
Omega ratio: Gain probability vs. loss probability	1.41	1.46	-0.05
Calmar ratio: Return relative to maximum drawdown	3.60	3.18	+0.43
Martin ratio: Return relative to average drawdown	13.77	14.06	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSPVX vs. VTIVX - Sharpe Ratio Comparison

The current VSPVX Sharpe Ratio is 2.29, which is comparable to the VTIVX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VSPVX and VTIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VSPVX	VTIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.51	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.72	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.77	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.55	+0.08

Drawdowns

VSPVX vs. VTIVX - Drawdown Comparison

The maximum VSPVX drawdown since its inception was -37.05%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for VSPVX and VTIVX.

Drawdown Indicators

	VSPVX	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-37.05%	-51.69%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-8.30%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-13.40%	-4.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-25.10%	+7.10%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-31.42%	-5.63%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.06%	-6.33%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.87%	-0.24%

Volatility

VSPVX vs. VTIVX - Volatility Comparison

The current volatility for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) is 2.18%, while Vanguard Target Retirement 2045 Fund (VTIVX) has a volatility of 3.18%. This indicates that VSPVX experiences smaller price fluctuations and is considered to be less risky than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSPVX	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	3.18%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	8.37%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.80%	10.50%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	13.49%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	14.79%	+2.28%

VSPVX vs. VTIVX - Expense Ratio Comparison

Both VSPVX and VTIVX have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VSPVX vs. VTIVX - Dividend Comparison

VSPVX's dividend yield for the trailing twelve months is around 1.69%, less than VTIVX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	1.69%	1.35%	2.12%	1.70%	2.21%	1.88%	2.46%	2.12%	2.73%	2.18%	2.30%	2.47%
VTIVX Vanguard Target Retirement 2045 Fund	2.25%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both VSPVX and VTIVX in my portfolio?

VSPVX and VTIVX have a correlation of 0.77, 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 VTIVX?

VTIVX has higher volatility (3.18%) compared to VSPVX (2.18%). In terms of maximum drawdown, VSPVX dropped -37.05% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.51 vs 2.29), 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.