VTPSX vs. SPY

Last updated Jun 5, 2026

VTPSX (Vanguard Total International Stock Index Fund Institutional Plus Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VTPSX is a Foreign Large Cap Equities fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VTPSX returned 9.80%/yr vs 15.48%/yr for SPY. Their correlation of 0.81 suggests significant overlap in exposure. VTPSX charges 0.07%/yr vs 0.09%/yr for SPY.

Performance

VTPSX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Stock Index Fund Institutional Plus Shares (VTPSX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTPSX achieves a 14.49% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, VTPSX has underperformed SPY with an annualized return of 9.80%, while SPY has yielded a comparatively higher 15.48% annualized return.

VTPSX

• 1D: -0.81%
• 1M: 3.56%
• YTD: 14.49%
• 6M: 16.99%
• 1Y: 31.54%
• 3Y*: 19.52%
• 5Y*: 8.49%
• 10Y*: 9.80%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

VTPSX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTPSX Vanguard Total International Stock Index Fund Institutional Plus Shares	14.49%	32.25%	5.39%	15.31%	-15.99%	8.64%	11.29%	21.57%	-14.40%	27.56%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VTPSX and SPY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 30, 2010	0.81

The correlation between VTPSX and SPY has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

VTPSX vs. SPY - Sectors Allocation Comparison

Sectors	VTPSX	SPY
Financial Services	22.3%	11.8%
Technology	18.1%	35.9%
Industrials	16.1%	7.8%
Consumer Cyclical	8.4%	10.3%
Basic Materials	7.6%	1.8%
Healthcare	7.1%	8.4%
Energy	5.2%	3.6%
Consumer Defensive	5.0%	4.8%
Communication Services	4.4%	11.3%
Utilities	3.2%	2.4%
Real Estate	2.6%	1.9%

Return for Risk

VTPSX vs. SPY — Risk / Return Rank

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

VTPSX

VTPSX Risk / Return Rank: 57
VTPSX Sharpe Ratio Rank: 59
VTPSX Sortino Ratio Rank: 54
VTPSX Omega Ratio Rank: 58
VTPSX Calmar Ratio Rank: 56
VTPSX Martin Ratio Rank: 56

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

VTPSX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Stock Index Fund Institutional Plus Shares (VTPSX) 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.

	VTPSX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.42	-0.14
Sortino ratio: Return per unit of downside risk	3.11	3.29	-0.18
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	2.88	3.22	-0.34
Martin ratio: Return relative to average drawdown	11.37	14.99	-3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTPSX vs. SPY - Sharpe Ratio Comparison

The current VTPSX Sharpe Ratio is 2.29, which is comparable to the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VTPSX and SPY, 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

	VTPSX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.42	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.82	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.87	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.59	-0.14

Drawdowns

VTPSX vs. SPY - Drawdown Comparison

The maximum VTPSX drawdown since its inception was -35.77%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VTPSX and SPY.

Drawdown Indicators

	VTPSX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.77%	-55.19%	+19.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-8.88%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-18.76%	+5.62%
Max Drawdown (5Y) Largest decline over 5 years	-29.54%	-24.50%	-5.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.77%	-33.72%	-2.05%
Current Drawdown Current decline from peak	-0.81%	-0.33%	-0.48%
Average Drawdown Average peak-to-trough decline	-8.04%	-9.05%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	1.91%	+0.94%

Volatility

VTPSX vs. SPY - Volatility Comparison

Vanguard Total International Stock Index Fund Institutional Plus Shares (VTPSX) has a higher volatility of 4.87% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that VTPSX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTPSX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	2.79%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	8.91%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	11.82%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	17.05%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	17.93%	-2.00%

VTPSX vs. SPY - Expense Ratio Comparison

VTPSX has a 0.07% 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%.

Dividends

VTPSX vs. SPY - Dividend Comparison

VTPSX's dividend yield for the trailing twelve months is around 2.65%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VTPSX Vanguard Total International Stock Index Fund Institutional Plus Shares	2.65%	3.18%	3.37%	3.25%	3.09%	3.09%	2.13%	3.08%	3.20%	2.77%	2.97%	2.89%

Frequently Asked Questions

Can I hold both VTPSX and SPY in my portfolio?

VTPSX and SPY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTPSX or SPY?

VTPSX has higher volatility (4.87%) compared to SPY (2.79%). In terms of maximum drawdown, VTPSX dropped -35.77% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.42 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.