SBMAX vs. VO

Last updated Jun 24, 2026

SBMAX (ClearBridge Mid Cap Fund) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds. Over the past 10 years, SBMAX returned 8.47%/yr vs 11.93%/yr for VO. With a 0.96 correlation, they move nearly in lockstep. SBMAX charges 1.13%/yr vs 0.03%/yr for VO.

Performance

SBMAX vs. VO - Performance Comparison

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

Returns By Period

In the year-to-date period, SBMAX achieves a 3.76% return, which is significantly lower than VO's 10.36% return. Over the past 10 years, SBMAX has underperformed VO with an annualized return of 8.47%, while VO has yielded a comparatively higher 11.93% annualized return.

SBMAX

• 1D: 0.12%
• 1M: 2.93%
• YTD: 3.76%
• 6M: 2.34%
• 1Y: 7.28%
• 3Y*: 9.24%
• 5Y*: 2.37%
• 10Y*: 8.47%

VO

• 1D: -0.85%
• 1M: 2.16%
• YTD: 10.36%
• 6M: 9.10%
• 1Y: 17.71%
• 3Y*: 16.26%
• 5Y*: 7.72%
• 10Y*: 11.93%

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

SBMAX vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBMAX ClearBridge Mid Cap Fund	3.76%	4.21%	9.79%	13.51%	-25.19%	28.37%	16.25%	32.77%	-12.92%	12.69%
VO Vanguard Mid-Cap ETF	10.36%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between SBMAX and VO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.96

The correlation between SBMAX and VO has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

SBMAX vs. VO — Risk / Return Rank

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

SBMAX

SBMAX Risk / Return Rank: 8
SBMAX Sharpe Ratio Rank: 8
SBMAX Sortino Ratio Rank: 8
SBMAX Omega Ratio Rank: 7
SBMAX Calmar Ratio Rank: 9
SBMAX Martin Ratio Rank: 9

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 41
VO Sortino Ratio Rank: 40
VO Omega Ratio Rank: 39
VO Calmar Ratio Rank: 45
VO Martin Ratio Rank: 50

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.

SBMAX vs. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Mid Cap Fund (SBMAX) and Vanguard Mid-Cap ETF (VO). 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	VO	Difference
Sharpe ratio: Return per unit of total volatility	0.57	1.39	-0.82
Sortino ratio: Return per unit of downside risk	0.90	2.00	-1.10
Omega ratio: Gain probability vs. loss probability	1.11	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.80	2.18	-1.38
Martin ratio: Return relative to average drawdown	2.38	8.21	-5.82

SBMAX vs. VO - Sharpe Ratio Comparison

The current SBMAX Sharpe Ratio is 0.57, which is lower than the VO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SBMAX and VO, 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. VO - Drawdown Comparison

The maximum SBMAX drawdown since its inception was -52.41%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for SBMAX and VO.

Drawdown Indicators

	SBMAX	VO	Difference
Max Drawdown Largest peak-to-trough decline	-52.41%	-58.87%	+6.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-8.17%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-23.62%	-19.02%	-4.60%
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	-27.57%	-3.98%
Max Drawdown (10Y) Largest decline over 10 years	-39.88%	-39.37%	-0.51%
Current Drawdown Current decline from peak	-1.84%	-1.29%	-0.55%
Average Drawdown Average peak-to-trough decline	-9.65%	-7.85%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.16%	+1.30%

Volatility

SBMAX vs. VO - Volatility Comparison

The current volatility for ClearBridge Mid Cap Fund (SBMAX) is 3.63%, while Vanguard Mid-Cap ETF (VO) has a volatility of 4.46%. This indicates that SBMAX experiences smaller price fluctuations and is considered to be less risky than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMAX	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	4.46%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	9.84%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	12.81%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.84%	17.66%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	18.93%	+1.33%

SBMAX vs. VO - Expense Ratio Comparison

SBMAX has a 1.13% expense ratio, which is higher than VO's 0.03% expense ratio.

Dividends

SBMAX vs. VO - Dividend Comparison

SBMAX's dividend yield for the trailing twelve months is around 8.60%, more than VO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMAX ClearBridge Mid Cap Fund	8.60%	8.92%	8.73%	1.83%	4.96%	12.79%	7.27%	7.78%	4.52%	6.52%	1.70%	5.00%
VO Vanguard Mid-Cap ETF	1.36%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both SBMAX and VO in my portfolio?

With a correlation of 0.93, SBMAX and VO 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 VO?

VO has higher volatility (4.46%) compared to SBMAX (3.63%). In terms of maximum drawdown, SBMAX dropped -52.41% vs VO's -58.87%.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.39 vs 0.57), 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.