SBMAX vs. VMCPX

Last updated Aug 1, 2026

SBMAX (ClearBridge Mid Cap Fund) and VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) are both Mid Cap Blend Equities funds. Over the past 10 years, SBMAX returned 8.01%/yr vs 11.39%/yr for VMCPX. Their 0.97 correlation means they have historically moved very closely together. SBMAX charges 1.13%/yr vs 0.02%/yr for VMCPX.

Performance

SBMAX vs. VMCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Mid Cap Fund (SBMAX) and Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBMAX achieves a 6.04% return, which is significantly lower than VMCPX's 12.42% return. Over the past 10 years, SBMAX has underperformed VMCPX with an annualized return of 8.01%, while VMCPX has yielded a comparatively higher 11.39% annualized return.

SBMAX

• 1D: -0.06%
• 1M: -1.29%
• 6M: 3.55%
• YTD: 6.04%
• 1Y: 6.82%
• 3Y*: 7.50%
• 5Y*: 2.15%
• 10Y*: 8.01%
• ALL TIME*: 9.45%

VMCPX

• 1D: 0.44%
• 1M: 0.55%
• 6M: 10.12%
• YTD: 12.42%
• 1Y: 16.57%
• 3Y*: 14.21%
• 5Y*: 7.79%
• 10Y*: 11.39%
• ALL TIME*: 11.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SBMAX ClearBridge Mid Cap Fund	$0.00	$0.00	$0.00
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

SBMAX vs. VMCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBMAX ClearBridge Mid Cap Fund	6.04%	4.21%	9.79%	13.51%	-25.19%	28.37%	16.25%	32.77%	-12.92%	12.69%
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	12.42%	11.70%	14.68%	16.55%	-18.68%	24.54%	18.20%	31.06%	-9.23%	19.28%

Correlation

The correlation between SBMAX and VMCPX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.97

The correlation between SBMAX and VMCPX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

SBMAX vs. VMCPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBMAX

SBMAX Risk / Return Rank: 9
SBMAX Sharpe Ratio Rank: 9
SBMAX Sortino Ratio Rank: 9
SBMAX Omega Ratio Rank: 8
SBMAX Calmar Ratio Rank: 10
SBMAX Martin Ratio Rank: 10

VMCPX

VMCPX Risk / Return Rank: 44
VMCPX Sharpe Ratio Rank: 40
VMCPX Sortino Ratio Rank: 41
VMCPX Omega Ratio Rank: 38
VMCPX Calmar Ratio Rank: 50
VMCPX Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBMAX vs. VMCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Mid Cap Fund (SBMAX) and Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX). 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.

	SBMAX	VMCPX	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.17	-0.85
Sortino ratio: Return per unit of downside risk	0.55	1.70	-1.15
Omega ratio: Gain probability vs. loss probability	1.06	1.21	-0.14
Calmar ratio: Return relative to maximum drawdown	0.45	1.81	-1.36
Martin ratio: Return relative to average drawdown	1.33	6.90	-5.57

SBMAX vs. VMCPX - Sharpe Ratio Comparison

The current SBMAX Sharpe Ratio is 0.32, which is lower than the VMCPX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of SBMAX and VMCPX, 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

SBMAX vs. VMCPX - Drawdown Comparison

The maximum SBMAX drawdown since its inception was -52.41%, which is greater than VMCPX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for SBMAX and VMCPX.

Drawdown Indicators

	SBMAX	VMCPX	Difference
Max Drawdown Largest peak-to-trough decline	-52.41%	-39.30%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-8.13%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-23.62%	-18.93%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	-27.54%	-4.01%
Max Drawdown (10Y) Largest decline over 10 years	-39.88%	-39.30%	-0.58%
Current Drawdown Current decline from peak	-1.66%	-0.44%	-1.22%
Average Drawdown Average peak-to-trough decline	-9.62%	-5.17%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.13%	+1.35%

Volatility

SBMAX vs. VMCPX - Volatility Comparison

ClearBridge Mid Cap Fund (SBMAX) has a higher volatility of 2.90% compared to Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) at 2.10%. This indicates that SBMAX's price experiences larger fluctuations and is considered to be riskier than VMCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMAX	VMCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.10%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	9.49%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	12.60%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	17.63%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	18.84%	+1.33%

SBMAX vs. VMCPX - Expense Ratio Comparison

SBMAX has a 1.13% expense ratio, which is higher than VMCPX's 0.02% expense ratio.

Dividends

SBMAX vs. VMCPX - Dividend Comparison

SBMAX's dividend yield for the trailing twelve months is around 8.41%, more than VMCPX's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMAX ClearBridge Mid Cap Fund	8.41%	8.92%	8.73%	1.83%	4.96%	12.79%	7.27%	7.78%	4.52%	6.52%	1.70%	5.00%
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	1.33%	1.53%	1.50%	1.52%	1.61%	1.13%	1.45%	1.49%	1.84%	1.37%	1.47%	1.50%

Frequently Asked Questions

Can I hold both SBMAX and VMCPX in my portfolio?

With a correlation of 0.93, SBMAX and VMCPX 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, SBMAX or VMCPX?

SBMAX has higher volatility (2.90%) compared to VMCPX (2.10%). In terms of maximum drawdown, SBMAX dropped -52.41% vs VMCPX's -39.30%.

Which has better risk-adjusted returns?

VMCPX currently has the higher Sharpe Ratio (1.17 vs 0.32), 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.