VCMDX vs. VOO

Last updated Aug 2, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VCMDX is a Commodities fund actively managed by Vanguard, while VOO is a S&P 500 fund tracking the S&P 500 Index. VCMDX is actively managed, while VOO is passively managed. Over the past 5 years, VCMDX returned 10.30%/yr vs 12.83%/yr for VOO. Their 0.21 correlation means their historical movements had little consistent relationship. VCMDX charges 0.16%/yr vs 0.03%/yr for VOO.

Performance

VCMDX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCMDX achieves a 18.03% return, which is significantly higher than VOO's 10.16% return.

VCMDX

• 1D: -0.16%
• 1M: 6.12%
• 6M: 8.44%
• YTD: 18.03%
• 1Y: 30.34%
• 3Y*: 11.75%
• 5Y*: 10.30%
• 10Y*: —
• ALL TIME*: 12.13%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

VCMDX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	18.03%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	11.86%

Correlation

The correlation between VCMDX and VOO is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.21

The correlation between VCMDX and VOO shifts across timeframes, from 0.02 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. VOO — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 68
VCMDX Sharpe Ratio Rank: 78
VCMDX Sortino Ratio Rank: 71
VCMDX Omega Ratio Rank: 74
VCMDX Calmar Ratio Rank: 64
VCMDX Martin Ratio Rank: 51

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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.

VCMDX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Vanguard S&P 500 ETF (VOO). 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.

	VCMDX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.53	+0.26
Sortino ratio: Return per unit of downside risk	2.35	2.13	+0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.06	2.21	-0.15
Martin ratio: Return relative to average drawdown	6.78	9.44	-2.66

VCMDX vs. VOO - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 1.79, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VCMDX and VOO, 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

VCMDX vs. VOO - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VCMDX and VOO.

Drawdown Indicators

	VCMDX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-33.99%	+7.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-8.90%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-18.69%	+5.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-24.52%	-0.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-7.22%	-1.38%	-5.84%
Average Drawdown Average peak-to-trough decline	-10.81%	-3.67%	-7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	2.08%	+2.01%

Volatility

VCMDX vs. VOO - Volatility Comparison

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) has a higher volatility of 4.00% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that VCMDX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCMDX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.54%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	10.10%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	12.82%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	16.93%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	18.01%	-2.64%

VCMDX vs. VOO - Expense Ratio Comparison

VCMDX has a 0.16% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VCMDX vs. VOO - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 12.89%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.89%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VCMDX and VOO in my portfolio?

VCMDX and VOO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCMDX or VOO?

VCMDX has higher volatility (4.00%) compared to VOO (3.54%). In terms of maximum drawdown, VCMDX dropped -26.67% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.79 vs 1.53), 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.