- ISIN
- US9229088359
- CUSIP
- 922908835
- Issuer
- Vanguard
- Inception Date
- May 21, 1998
- Region
- North America (U.S.)
- Category
- Mid Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $219B
Share Price Chart
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Performance
VMCIX Performance Chart
Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is up 11.3% since the beginning of the year. VMCIX is currently trading at $88 per share. Investors who bought $1,000 worth of VMCIX shares 5 years ago would now be looking at an investment worth $1,473.
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Returns By Period
Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) has returned 11.34% so far this year and 18.75% over the past 12 months. Over the last ten years, VMCIX has returned 12.02% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
Vanguard Mid-Cap Index Fund Institutional Shares
- 1D
- 0.41%
- 1M
- 3.04%
- YTD
- 11.34%
- 6M
- 10.02%
- 1Y
- 18.75%
- 3Y*
- 16.60%
- 5Y*
- 8.06%
- 10Y*
- 12.02%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.25%
- 1Y
- 20.90%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
VMCIX Monthly Returns History
Based on dividend-adjusted daily data since May 21, 1998, VMCIX's average daily return is +0.05%, while the average monthly return is +0.94%. At this rate, an investment would double in approximately 6.2 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2020 with a return of +14.4%, while the worst month was Oct 2008 at -22.0%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VMCIX closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +11.8%, while the worst single day was Mar 16, 2020 at -12.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.09% | 3.36% | -5.82% | 7.70% | 2.06% | 1.93% | 11.34% | ||||||
| 2025 | 4.43% | -1.87% | -3.97% | -0.93% | 5.49% | 4.01% | 2.02% | 1.54% | 1.61% | -0.97% | 0.45% | -0.30% | 11.67% |
| 2024 | -1.97% | 5.02% | 4.25% | -4.75% | 2.75% | -0.62% | 4.03% | 2.53% | 2.54% | -0.43% | 8.28% | -6.83% | 14.68% |
| 2023 | 7.96% | -2.71% | -1.12% | -0.75% | -2.65% | 8.43% | 3.54% | -3.59% | -4.90% | -4.72% | 10.00% | 7.65% | 16.54% |
| 2022 | -7.86% | -1.00% | 2.70% | -8.05% | -0.32% | -9.40% | 9.61% | -2.98% | -9.86% | 8.51% | 6.14% | -5.35% | -18.70% |
| 2021 | -0.53% | 5.25% | 2.37% | 4.82% | 0.82% | 1.80% | 1.29% | 3.01% | -4.14% | 6.61% | -2.52% | 3.90% | 24.53% |
Benchmark Metrics
Vanguard Mid-Cap Index Fund Institutional Shares has an annualized alpha of 3.19%, beta of 1.02, and R2 of 0.89 versus S&P 500 Index. Calculated based on daily prices since May 21, 1998.
- This fund captured 113.73% of S&P 500 Index gains but only 98.83% of its losses - a favorable profile for investors.
- This fund generated an annualized alpha of 3.19% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.02 and R2 of 0.89, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 3.19%
- Beta
- 1.02
- R²
- 0.89
- Upside Capture
- 113.73%
- Downside Capture
- 98.83%
Expense Ratio
VMCIX has an expense ratio of 0.04%, which is considered low.
Return for Risk
Risk / Return Rank
VMCIX ranks 38 for risk / return — below 38% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and compare them to S&P 500 Index.
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.
| VMCIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.46 | -0.01 |
| Martin ratioReturn relative to average drawdown | 9.19 | 10.92 | -1.73 |
Dividends
Dividend History
Vanguard Mid-Cap Index Fund Institutional Shares provided a 1.35% dividend yield over the last twelve months, with an annual payout of $1.18 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.18 | $1.21 | $1.08 | $0.97 | $0.89 | $0.78 | $0.82 | $0.72 | $0.69 | $0.58 | $0.52 | $0.49 |
Dividend yield | 1.35% | 1.52% | 1.49% | 1.51% | 1.60% | 1.12% | 1.45% | 1.48% | 1.83% | 1.36% | 1.46% | 1.48% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Mid-Cap Index Fund Institutional Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.00 | $0.29 | ||||||
| 2025 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.31 | $1.21 |
| 2024 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.30 | $1.08 |
| 2023 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.32 | $0.97 |
| 2022 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.31 | $0.89 |
| 2021 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.25 | $0.78 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Mid-Cap Index Fund Institutional Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Mid-Cap Index Fund Institutional Shares was 58.86%, occurring on Mar 9, 2009. Recovery took 485 trading sessions.
The current Vanguard Mid-Cap Index Fund Institutional Shares drawdown is 0.43%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -58.86%Mar 2009 | 1y 7mo | 1y 11mo | 3y 6moJul 2007 - Feb 2011 |
COVID crash2020 | -39.30%Mar 2020 | 1mo 1d | 5mo 13d | 6mo 14dFeb 2020 - Sep 2020 |
Dot-com crash2000–2002 | -31.82%Oct 2002 | 5mo 24d | 1y 22d | 1y 6moApr 2002 - Oct 2003 |
Bear market2022 | -27.54%Oct 2022 | 11mo 1d | 1y 9mo | 2y 8moNov 2021 - Jul 2024 |
1998 bear market1998 | -26.09%Oct 1998 | 2mo 19d | 2mo 21d | 5mo 10dJul 1998 - Dec 1998 |
Drawdown Indicators
| VMCIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.86% | -56.78% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -9.10% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -18.93% | -18.90% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.54% | -25.43% | -2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -33.92% | -5.38% |
Current DrawdownCurrent decline from peak | -0.43% | -3.21% | +2.78% |
Average DrawdownAverage peak-to-trough decline | -7.96% | -10.71% | +2.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.04% | +0.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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