MGV vs. VMVLX

Last updated Jun 5, 2026

MGV (Vanguard Mega Cap Value ETF) and VMVLX (Vanguard Mega Cap Value Index Fund Institutional Shares) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, MGV returned 12.84%/yr vs 12.75%/yr for VMVLX. With a 0.99 correlation, they move nearly in lockstep. MGV charges 0.05%/yr vs 0.06%/yr for VMVLX.

Performance

MGV vs. VMVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Value ETF (MGV) and Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGV achieves a 14.01% return, which is significantly higher than VMVLX's 13.09% return. Both investments have delivered pretty close results over the past 10 years, with MGV having a 12.84% annualized return and VMVLX not far behind at 12.75%.

MGV

• 1D: 0.77%
• 1M: 4.80%
• YTD: 14.01%
• 6M: 14.90%
• 1Y: 28.63%
• 3Y*: 19.33%
• 5Y*: 12.10%
• 10Y*: 12.84%

VMVLX

• 1D: 0.07%
• 1M: 3.96%
• YTD: 13.09%
• 6M: 13.98%
• 1Y: 27.55%
• 3Y*: 18.86%
• 5Y*: 11.93%
• 10Y*: 12.75%

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

MGV vs. VMVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGV Vanguard Mega Cap Value ETF	14.01%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	13.09%	15.60%	16.87%	9.14%	-1.21%	25.92%	2.48%	25.71%	-4.09%	16.81%

Correlation

The correlation between MGV and VMVLX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.99

The correlation between MGV and VMVLX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

MGV vs. VMVLX — Risk / Return Rank

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

MGV

MGV Risk / Return Rank: 87
MGV Sharpe Ratio Rank: 88
MGV Sortino Ratio Rank: 90
MGV Omega Ratio Rank: 87
MGV Calmar Ratio Rank: 84
MGV Martin Ratio Rank: 84

VMVLX

VMVLX Risk / Return Rank: 83
VMVLX Sharpe Ratio Rank: 84
VMVLX Sortino Ratio Rank: 82
VMVLX Omega Ratio Rank: 75
VMVLX Calmar Ratio Rank: 87
VMVLX Martin Ratio Rank: 86

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.

MGV vs. VMVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Value ETF (MGV) and Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX). 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.

	MGV	VMVLX	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.75	+0.17
Sortino ratio: Return per unit of downside risk	4.16	3.93	+0.22
Omega ratio: Gain probability vs. loss probability	1.53	1.49	+0.03
Calmar ratio: Return relative to maximum drawdown	4.48	4.23	+0.25
Martin ratio: Return relative to average drawdown	17.05	16.07	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGV vs. VMVLX - Sharpe Ratio Comparison

The current MGV Sharpe Ratio is 2.93, which is comparable to the VMVLX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of MGV and VMVLX, 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

	MGV	VMVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	2.75	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.88	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.78	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.47	+0.01

Drawdowns

MGV vs. VMVLX - Drawdown Comparison

The maximum MGV drawdown since its inception was -55.87%, roughly equal to the maximum VMVLX drawdown of -55.79%. Use the drawdown chart below to compare losses from any high point for MGV and VMVLX.

Drawdown Indicators

	MGV	VMVLX	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	-55.79%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-6.41%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-13.12%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-16.54%	-16.60%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	-35.57%	+0.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.69%	-7.65%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.68%	0.00%

Volatility

MGV vs. VMVLX - Volatility Comparison

Vanguard Mega Cap Value ETF (MGV) and Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) have volatilities of 2.37% and 2.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGV	VMVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.45%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	7.48%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.85%	9.84%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	13.57%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	16.46%	-0.13%

MGV vs. VMVLX - Expense Ratio Comparison

MGV has a 0.05% expense ratio, which is lower than VMVLX's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MGV vs. VMVLX - Dividend Comparison

MGV's dividend yield for the trailing twelve months is around 1.87%, less than VMVLX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.87%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	1.89%	2.05%	2.32%	2.49%	2.46%	2.18%	2.47%	2.70%	2.66%	2.36%	1.90%	2.62%

Frequently Asked Questions

Can I hold both MGV and VMVLX in my portfolio?

With a correlation of 0.99, MGV and VMVLX 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, MGV or VMVLX?

VMVLX has higher volatility (2.45%) compared to MGV (2.37%). In terms of maximum drawdown, MGV dropped -55.87% vs VMVLX's -55.79%.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.93 vs 2.75), 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.