SPY vs VIPIX
State Street SPDR S&P 500 ETF Trust vs Vanguard Inflation Protected Securities Fund Insti Shs
Quick Verdict
VIPIX has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | VIPIX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.07% | |
| AUM | $789.1B | $12.5B | |
| Dividend Yield | 1.01% | 3.54% | |
| Holdings | 505 | 63 | |
| YTD Return | +14.47% | -1.07% | |
| 1Y Return | +21.96% | -3.04% | |
| 3Y Return (annualized) | +21.70% | -0.43% | |
| 5Y Return (annualized) | +13.30% | -4.84% | |
| Volatility (annualized) | 15.3% | 6.7% | |
| Max Drawdown | -56.5% | -24.5% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Dec 12, 2003 |
SPY vs VIPIX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Inflation Protected Securities Fund Insti Shs (VIPIX) is a mutual fund from Vanguard (US). Over the past year SPY returned +21.96% while VIPIX returned -3.04%. Year to date, SPY is up 14.47% versus a loss of 1.07% for VIPIX.
Over three years, SPY compounded at +21.70% per year against -0.43% for VIPIX; over five years the annualized figures are +13.30% and -4.84% respectively. Across the full 5-year window we track, SPY has the edge at +8.87% annualized vs -4.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 6.7% for VIPIX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -24.5% for VIPIX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while VIPIX charges 0.07%. On a $10,000 position that is $9 vs $7 annually, a gap of $2 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.54% for VIPIX.
Holdings Overlap
SPY and VIPIX share 0 holdings out of 558 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or VIPIX?
SPY has an expense ratio of 0.09% while VIPIX charges 0.07%. VIPIX is the cheaper option. On a $10,000 investment, that is $2 per year of difference.
Which performed better, SPY or VIPIX?
Over the past year SPY returned +21.96% vs -3.04% for VIPIX, so SPY leads on 1-year performance. Over the longest common window we track (5 years), SPY annualized +8.87% vs -4.84% for VIPIX. Past performance does not guarantee future results.
Which is riskier, SPY or VIPIX?
SPY has been the more volatile fund at 15.3% annualized versus 6.7% for VIPIX. Worst drawdown: SPY -56.5% vs VIPIX -24.5%.
Should I hold both SPY and VIPIX?
SPY and VIPIX have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VIPIX?
SPY and VIPIX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 558 unique securities.
Which pays a higher dividend, SPY or VIPIX?
SPY yields 1.01% while VIPIX yields 3.54%, so VIPIX currently pays the higher dividend yield.
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