GWSAX vs. VMCIX

Last updated Jul 16, 2026

GWSAX (Gabelli Focused Growth and Income Fund) and VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) are both Mid Cap Blend Equities funds. Over the past 10 years, GWSAX returned 5.47%/yr vs 11.45%/yr for VMCIX. Their correlation of 0.86 suggests significant overlap in exposure. GWSAX charges 1.25%/yr vs 0.03%/yr for VMCIX.

Performance

GWSAX vs. VMCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Focused Growth and Income Fund (GWSAX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWSAX achieves a 4.84% return, which is significantly lower than VMCIX's 12.25% return. Over the past 10 years, GWSAX has underperformed VMCIX with an annualized return of 5.47%, while VMCIX has yielded a comparatively higher 11.45% annualized return.

GWSAX

• 1D: -0.17%
• 1M: -1.57%
• 6M: 2.91%
• YTD: 4.84%
• 1Y: 8.35%
• 3Y*: 7.75%
• 5Y*: 4.47%
• 10Y*: 5.47%

VMCIX

• 1D: 0.03%
• 1M: 0.39%
• 6M: 8.55%
• YTD: 12.25%
• 1Y: 17.32%
• 3Y*: 14.64%
• 5Y*: 8.25%
• 10Y*: 11.45%

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

GWSAX vs. VMCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWSAX Gabelli Focused Growth and Income Fund	4.84%	2.11%	13.19%	11.90%	-13.71%	27.12%	8.69%	26.78%	-25.30%	17.07%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	12.25%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%

Correlation

The correlation between GWSAX and VMCIX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.86

Over the past year, the correlation between GWSAX and VMCIX has dropped to 0.55 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

GWSAX vs. VMCIX — Risk / Return Rank

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

GWSAX

GWSAX Risk / Return Rank: 15
GWSAX Sharpe Ratio Rank: 14
GWSAX Sortino Ratio Rank: 14
GWSAX Omega Ratio Rank: 13
GWSAX Calmar Ratio Rank: 18
GWSAX Martin Ratio Rank: 14

VMCIX

VMCIX Risk / Return Rank: 37
VMCIX Sharpe Ratio Rank: 34
VMCIX Sortino Ratio Rank: 33
VMCIX Omega Ratio Rank: 31
VMCIX Calmar Ratio Rank: 41
VMCIX Martin Ratio Rank: 44

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.

GWSAX vs. VMCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Focused Growth and Income Fund (GWSAX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). 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.

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.

	GWSAX	VMCIX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.25	-0.49
Sortino ratio: Return per unit of downside risk	1.15	1.81	-0.66
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	1.12	1.95	-0.83
Martin ratio: Return relative to average drawdown	2.71	7.33	-4.62

GWSAX vs. VMCIX - Sharpe Ratio Comparison

The current GWSAX Sharpe Ratio is 0.75, which is lower than the VMCIX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of GWSAX and VMCIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GWSAX vs. VMCIX - Drawdown Comparison

The maximum GWSAX drawdown since its inception was -55.75%, smaller than the maximum VMCIX drawdown of -58.86%. Use the drawdown chart below to compare losses from any high point for GWSAX and VMCIX.

Drawdown Indicators

	GWSAX	VMCIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.75%	-58.86%	+3.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-8.13%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-18.93%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-18.91%	-27.54%	+8.63%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	-39.30%	-11.37%
Current Drawdown Current decline from peak	-3.88%	-0.09%	-3.79%
Average Drawdown Average peak-to-trough decline	-9.23%	-7.94%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.16%	+0.53%

Volatility

GWSAX vs. VMCIX - Volatility Comparison

Gabelli Focused Growth and Income Fund (GWSAX) has a higher volatility of 3.18% compared to Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) at 2.89%. This indicates that GWSAX's price experiences larger fluctuations and is considered to be riskier than VMCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWSAX	VMCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	2.89%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	6.94%	9.65%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	12.71%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	17.68%	-2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	18.85%	+0.88%

GWSAX vs. VMCIX - Expense Ratio Comparison

GWSAX has a 1.25% expense ratio, which is higher than VMCIX's 0.03% expense ratio.

Dividends

GWSAX vs. VMCIX - Dividend Comparison

GWSAX's dividend yield for the trailing twelve months is around 5.04%, more than VMCIX's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWSAX Gabelli Focused Growth and Income Fund	5.04%	5.11%	4.39%	4.57%	5.00%	3.90%	0.00%	0.00%	0.09%	0.49%	1.16%	0.00%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.32%	1.52%	1.49%	1.51%	1.60%	1.12%	1.45%	1.48%	1.83%	1.36%	1.46%	1.48%

Frequently Asked Questions

Can I hold both GWSAX and VMCIX in my portfolio?

GWSAX and VMCIX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWSAX or VMCIX?

GWSAX has higher volatility (3.18%) compared to VMCIX (2.89%). In terms of maximum drawdown, GWSAX dropped -55.75% vs VMCIX's -58.86%.

Which has better risk-adjusted returns?

VMCIX currently has the higher Sharpe Ratio (1.25 vs 0.75), 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.