VETAX vs. VMVAX

Last updated Aug 4, 2026

VETAX (Victory Sycamore Established Value Fund Class A) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both Mid Cap Value Equities funds. VETAX is actively managed, while VMVAX is passively managed. Over the past 10 years, VETAX returned 10.84%/yr vs 10.84%/yr for VMVAX. Their 0.96 correlation means they have historically moved very closely together. VETAX charges 0.89%/yr vs 0.07%/yr for VMVAX.

Performance

VETAX vs. VMVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Established Value Fund Class A (VETAX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VETAX achieves a 14.20% return, which is significantly lower than VMVAX's 16.59% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VETAX at 10.84% and VMVAX at 10.84%.

VETAX

• 1D: -0.02%
• 1M: -0.20%
• 6M: 7.38%
• YTD: 14.20%
• 1Y: 17.40%
• 3Y*: 9.31%
• 5Y*: 7.64%
• 10Y*: 10.84%
• ALL TIME*: 9.79%

VMVAX

• 1D: -0.27%
• 1M: 2.26%
• 6M: 11.28%
• YTD: 16.59%
• 1Y: 25.94%
• 3Y*: 15.24%
• 5Y*: 10.12%
• 10Y*: 10.84%
• ALL TIME*: 12.51%

*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)
VETAX Victory Sycamore Established Value Fund Class A	$0.00	$0.00	$0.00
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	$0.00	$0.00	$0.00

VETAX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VETAX Victory Sycamore Established Value Fund Class A	14.20%	2.15%	9.80%	10.06%	-2.85%	31.49%	7.79%	28.38%	-10.33%	15.67%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	16.59%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between VETAX and VMVAX is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
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 Sep 27, 2011	0.96

The correlation between VETAX and VMVAX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

VETAX vs. VMVAX — Risk / Return Rank

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

VETAX

VETAX Risk / Return Rank: 45
VETAX Sharpe Ratio Rank: 40
VETAX Sortino Ratio Rank: 45
VETAX Omega Ratio Rank: 38
VETAX Calmar Ratio Rank: 56
VETAX Martin Ratio Rank: 45

VMVAX

VMVAX Risk / Return Rank: 88
VMVAX Sharpe Ratio Rank: 88
VMVAX Sortino Ratio Rank: 87
VMVAX Omega Ratio Rank: 82
VMVAX Calmar Ratio Rank: 91
VMVAX Martin Ratio Rank: 92

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.

VETAX vs. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Established Value Fund Class A (VETAX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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.

	VETAX	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.20	-0.89
Sortino ratio: Return per unit of downside risk	2.02	3.19	-1.17
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	2.14	3.59	-1.45
Martin ratio: Return relative to average drawdown	6.83	14.00	-7.17

VETAX vs. VMVAX - Sharpe Ratio Comparison

The current VETAX Sharpe Ratio is 1.31, which is lower than the VMVAX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of VETAX and VMVAX, 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

VETAX vs. VMVAX - Drawdown Comparison

The maximum VETAX drawdown since its inception was -48.94%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for VETAX and VMVAX.

Drawdown Indicators

	VETAX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.94%	-43.07%	-5.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-6.95%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.47%	-18.40%	-2.07%
Max Drawdown (5Y) Largest decline over 5 years	-20.47%	-19.75%	-0.72%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-43.07%	+2.03%
Current Drawdown Current decline from peak	-1.49%	-1.34%	-0.15%
Average Drawdown Average peak-to-trough decline	-6.31%	-4.33%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.78%	+0.57%

Volatility

VETAX vs. VMVAX - Volatility Comparison

Victory Sycamore Established Value Fund Class A (VETAX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) have volatilities of 2.61% and 2.72%, 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

	VETAX	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.72%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	8.13%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	11.35%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	15.88%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	18.69%	+0.48%

VETAX vs. VMVAX - Expense Ratio Comparison

VETAX has a 0.89% expense ratio, which is higher than VMVAX's 0.07% expense ratio.

Dividends

VETAX vs. VMVAX - Dividend Comparison

VETAX's dividend yield for the trailing twelve months is around 4.22%, more than VMVAX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VETAX Victory Sycamore Established Value Fund Class A	4.22%	4.31%	11.24%	5.86%	7.95%	8.10%	5.20%	5.81%	10.32%	3.03%	1.32%	11.27%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.81%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both VETAX and VMVAX in my portfolio?

With a correlation of 0.92, VETAX and VMVAX 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, VETAX or VMVAX?

VMVAX has higher volatility (2.72%) compared to VETAX (2.61%). In terms of maximum drawdown, VETAX dropped -48.94% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.20 vs 1.31), 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.