From 22/03/2022 to 24/03/2023, these are the S&P total market index and the Vanguard U.S. Equity Index Fund:
S&P total market index:
Price on 24/03/2022: $4619.20
Price on 24/03/2023: $3974.30
Price down by ~13.75%
Vanguard U.S. Equity Index Fund
Price on 24/03/2022: £752.42
Price on 24/03/2023: £722.15
Price down by ~6.51%
I understand the index fund is not perfect and cannot replicate the market index perfectly, but this difference is huge. How is this possible?