DGAGX vs. VMVAX

Last updated Jun 5, 2026

DGAGX (BNY Mellon Appreciation Fund, Inc.) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both mutual funds - DGAGX is a Large Cap Growth Equities fund managed by T. Rowe Price, while VMVAX is a Mid Cap Value Equities fund managed by Vanguard. Over the past 10 years, DGAGX returned 12.73%/yr vs 10.54%/yr for VMVAX. A 0.78 correlation means they provide meaningful diversification when combined. DGAGX charges 0.88%/yr vs 0.07%/yr for VMVAX.

Performance

DGAGX vs. VMVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Appreciation Fund, Inc. (DGAGX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGAGX achieves a 3.42% return, which is significantly lower than VMVAX's 10.74% return. Over the past 10 years, DGAGX has outperformed VMVAX with an annualized return of 12.73%, while VMVAX has yielded a comparatively lower 10.54% annualized return.

DGAGX

• 1D: -1.15%
• 1M: 1.29%
• YTD: 3.42%
• 6M: 3.64%
• 1Y: 10.92%
• 3Y*: 11.95%
• 5Y*: 7.73%
• 10Y*: 12.73%

VMVAX

• 1D: -0.19%
• 1M: 0.80%
• YTD: 10.74%
• 6M: 11.35%
• 1Y: 23.29%
• 3Y*: 16.51%
• 5Y*: 8.42%
• 10Y*: 10.54%

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

DGAGX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGAGX BNY Mellon Appreciation Fund, Inc.	3.42%	10.14%	12.35%	21.37%	-17.86%	27.10%	23.96%	35.22%	-6.59%	26.60%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	10.74%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between DGAGX and VMVAX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.78

Over the past year, the correlation between DGAGX and VMVAX has dropped to 0.54 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

DGAGX vs. VMVAX — Risk / Return Rank

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

DGAGX

DGAGX Risk / Return Rank: 12
DGAGX Sharpe Ratio Rank: 12
DGAGX Sortino Ratio Rank: 12
DGAGX Omega Ratio Rank: 12
DGAGX Calmar Ratio Rank: 11
DGAGX Martin Ratio Rank: 14

VMVAX

VMVAX Risk / Return Rank: 54
VMVAX Sharpe Ratio Rank: 46
VMVAX Sortino Ratio Rank: 47
VMVAX Omega Ratio Rank: 42
VMVAX Calmar Ratio Rank: 72
VMVAX Martin Ratio Rank: 64

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.

DGAGX vs. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Appreciation Fund, Inc. (DGAGX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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.

	DGAGX	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.00	-1.05
Sortino ratio: Return per unit of downside risk	1.38	2.90	-1.52
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.01	3.28	-2.27
Martin ratio: Return relative to average drawdown	4.01	12.50	-8.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGAGX vs. VMVAX - Sharpe Ratio Comparison

The current DGAGX Sharpe Ratio is 0.95, which is lower than the VMVAX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of DGAGX and VMVAX, 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

	DGAGX	VMVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	2.00	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.53	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.56	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.69	-0.05

Drawdowns

DGAGX vs. VMVAX - Drawdown Comparison

The maximum DGAGX drawdown since its inception was -48.80%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for DGAGX and VMVAX.

Drawdown Indicators

	DGAGX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.80%	-43.07%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-6.95%	-4.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-18.40%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.13%	-19.75%	-7.38%
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	-43.07%	+11.08%
Current Drawdown Current decline from peak	-1.85%	-0.19%	-1.66%
Average Drawdown Average peak-to-trough decline	-7.13%	-4.37%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.82%	+0.99%

Volatility

DGAGX vs. VMVAX - Volatility Comparison

BNY Mellon Appreciation Fund, Inc. (DGAGX) has a higher volatility of 3.02% compared to Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) at 2.60%. This indicates that DGAGX's price experiences larger fluctuations and is considered to be riskier than VMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGAGX	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	2.60%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	8.14%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	11.41%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	16.02%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	18.79%	-1.00%

DGAGX vs. VMVAX - Expense Ratio Comparison

DGAGX has a 0.88% expense ratio, which is higher than VMVAX's 0.07% expense ratio.

Dividends

DGAGX vs. VMVAX - Dividend Comparison

DGAGX's dividend yield for the trailing twelve months is around 19.49%, more than VMVAX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGAGX BNY Mellon Appreciation Fund, Inc.	19.49%	21.12%	17.23%	7.44%	9.16%	3.91%	5.29%	10.52%	21.70%	16.17%	27.17%	31.89%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.87%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both DGAGX and VMVAX in my portfolio?

DGAGX and VMVAX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGAGX or VMVAX?

DGAGX has higher volatility (3.02%) compared to VMVAX (2.60%). In terms of maximum drawdown, DGAGX dropped -48.80% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.00 vs 0.95), 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.