HCMKX vs. VBAIX

Last updated Jul 17, 2026

HCMKX (HCM Income Plus Fund) and VBAIX (Vanguard Balanced Index Fund Institutional Shares) are both Diversified Portfolio funds. Over the past 5 years, HCMKX returned 9.12%/yr vs 8.09%/yr for VBAIX. Their correlation of 0.89 suggests significant overlap in exposure. HCMKX charges 2.10%/yr vs 0.04%/yr for VBAIX.

Performance

HCMKX vs. VBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Income Plus Fund (HCMKX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCMKX achieves a 8.35% return, which is significantly higher than VBAIX's 7.17% return.

HCMKX

• 1D: -0.10%
• 1M: -1.42%
• 6M: 7.10%
• YTD: 8.35%
• 1Y: 19.71%
• 3Y*: 19.35%
• 5Y*: 9.12%
• 10Y*: —

VBAIX

• 1D: 0.29%
• 1M: 0.36%
• 6M: 5.75%
• YTD: 7.17%
• 1Y: 15.17%
• 3Y*: 14.74%
• 5Y*: 8.09%
• 10Y*: 9.86%

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

HCMKX vs. VBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCMKX HCM Income Plus Fund	8.35%	15.06%	32.19%	20.68%	-24.98%	8.97%	39.45%	14.64%	-4.75%	5.72%
VBAIX Vanguard Balanced Index Fund Institutional Shares	7.17%	13.60%	17.78%	17.55%	-16.87%	14.20%	16.40%	21.79%	-2.83%	13.86%

Correlation

The correlation between HCMKX and VBAIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between HCMKX and VBAIX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

HCMKX vs. VBAIX — Risk / Return Rank

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

HCMKX

HCMKX Risk / Return Rank: 25
HCMKX Sharpe Ratio Rank: 22
HCMKX Sortino Ratio Rank: 20
HCMKX Omega Ratio Rank: 22
HCMKX Calmar Ratio Rank: 32
HCMKX Martin Ratio Rank: 26

VBAIX

VBAIX Risk / Return Rank: 73
VBAIX Sharpe Ratio Rank: 71
VBAIX Sortino Ratio Rank: 70
VBAIX Omega Ratio Rank: 69
VBAIX Calmar Ratio Rank: 73
VBAIX Martin Ratio Rank: 83

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.

HCMKX vs. VBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Income Plus Fund (HCMKX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). 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.

	HCMKX	VBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.86	-0.76
Sortino ratio: Return per unit of downside risk	1.53	2.64	-1.11
Omega ratio: Gain probability vs. loss probability	1.20	1.34	-0.14
Calmar ratio: Return relative to maximum drawdown	1.81	2.67	-0.86
Martin ratio: Return relative to average drawdown	5.05	11.69	-6.65

HCMKX vs. VBAIX - Sharpe Ratio Comparison

The current HCMKX Sharpe Ratio is 1.10, which is lower than the VBAIX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HCMKX and VBAIX, 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

HCMKX vs. VBAIX - Drawdown Comparison

The maximum HCMKX drawdown since its inception was -28.43%, smaller than the maximum VBAIX drawdown of -35.82%. Use the drawdown chart below to compare losses from any high point for HCMKX and VBAIX.

Drawdown Indicators

	HCMKX	VBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-35.82%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-5.84%	-5.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	-11.57%	-5.48%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-21.52%	-6.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.77%	—
Current Drawdown Current decline from peak	-3.76%	-0.21%	-3.55%
Average Drawdown Average peak-to-trough decline	-7.01%	-4.40%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	1.33%	+2.66%

Volatility

HCMKX vs. VBAIX - Volatility Comparison

HCM Income Plus Fund (HCMKX) has a higher volatility of 8.17% compared to Vanguard Balanced Index Fund Institutional Shares (VBAIX) at 2.38%. This indicates that HCMKX's price experiences larger fluctuations and is considered to be riskier than VBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMKX	VBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	2.38%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	6.77%	+8.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	8.38%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	11.18%	+4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	11.24%	+3.10%

HCMKX vs. VBAIX - Expense Ratio Comparison

HCMKX has a 2.10% expense ratio, which is higher than VBAIX's 0.04% expense ratio.

Dividends

HCMKX vs. VBAIX - Dividend Comparison

HCMKX's dividend yield for the trailing twelve months is around 3.37%, less than VBAIX's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCMKX HCM Income Plus Fund	3.37%	3.66%	19.48%	0.04%	0.00%	0.20%	0.27%	0.16%	5.97%	0.21%	0.00%	0.00%
VBAIX Vanguard Balanced Index Fund Institutional Shares	5.32%	6.01%	8.01%	4.36%	2.84%	3.20%	2.65%	2.29%	2.33%	1.96%	2.10%	2.10%

Frequently Asked Questions

Can I hold both HCMKX and VBAIX in my portfolio?

With a correlation of 0.92, HCMKX and VBAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HCMKX or VBAIX?

HCMKX has higher volatility (8.17%) compared to VBAIX (2.38%). In terms of maximum drawdown, HCMKX dropped -28.43% vs VBAIX's -35.82%.

Which has better risk-adjusted returns?

VBAIX currently has the higher Sharpe Ratio (1.86 vs 1.10), 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.