VGPMX vs. PSI

Last updated Jun 9, 2026

VGPMX (Vanguard Global Capital Cycles Fund) and PSI (Invesco Semiconductors ETF) are both funds - VGPMX is a Global Equities fund managed by Vanguard, while PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Over the past 10 years, VGPMX returned 10.80%/yr vs 33.31%/yr for PSI. At a 0.47 correlation, their price movements are largely independent. VGPMX charges 0.36%/yr vs 0.56%/yr for PSI.

Performance

VGPMX vs. PSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Capital Cycles Fund (VGPMX) and Invesco Semiconductors ETF (PSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGPMX achieves a 14.15% return, which is significantly lower than PSI's 93.40% return. Over the past 10 years, VGPMX has underperformed PSI with an annualized return of 10.80%, while PSI has yielded a comparatively higher 33.31% annualized return.

VGPMX

• 1D: -4.16%
• 1M: -3.28%
• YTD: 14.15%
• 6M: 19.93%
• 1Y: 54.88%
• 3Y*: 28.92%
• 5Y*: 18.90%
• 10Y*: 10.80%

PSI

• 1D: 5.16%
• 1M: 0.48%
• YTD: 93.40%
• 6M: 86.01%
• 1Y: 182.03%
• 3Y*: 52.78%
• 5Y*: 30.45%
• 10Y*: 33.31%

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

VGPMX vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGPMX Vanguard Global Capital Cycles Fund	14.15%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%
PSI Invesco Semiconductors ETF	93.40%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Correlation

The correlation between VGPMX and PSI is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.47

The correlation between VGPMX and PSI shifts across timeframes, from 0.47 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

VGPMX vs. PSI - Sectors Allocation Comparison

Sectors	VGPMX	PSI
Basic Materials	38.0%	-
Healthcare	11.9%	-
Technology	9.5%	97.6%
Consumer Defensive	9.4%	-
Communication Services	6.5%	-
Financial Services	5.7%	-
Consumer Cyclical	5.1%	-
Utilities	4.7%	-
Energy	4.4%	-
Industrials	2.6%	2.4%
Real Estate	2.2%	-

Return for Risk

VGPMX vs. PSI — Risk / Return Rank

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

VGPMX

VGPMX Risk / Return Rank: 88
VGPMX Sharpe Ratio Rank: 94
VGPMX Sortino Ratio Rank: 83
VGPMX Omega Ratio Rank: 84
VGPMX Calmar Ratio Rank: 89
VGPMX Martin Ratio Rank: 91

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 94
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

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.

VGPMX vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Capital Cycles Fund (VGPMX) and Invesco Semiconductors ETF (PSI). 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.

	VGPMX	PSI	Difference
Sharpe ratio: Return per unit of total volatility	3.19	4.64	-1.45
Sortino ratio: Return per unit of downside risk	3.86	4.35	-0.50
Omega ratio: Gain probability vs. loss probability	1.55	1.60	-0.05
Calmar ratio: Return relative to maximum drawdown	4.33	11.84	-7.51
Martin ratio: Return relative to average drawdown	17.90	42.10	-24.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGPMX vs. PSI - Sharpe Ratio Comparison

The current VGPMX Sharpe Ratio is 3.19, which is lower than the PSI Sharpe Ratio of 4.64. The chart below compares the historical Sharpe Ratios of VGPMX and PSI, 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

	VGPMX	PSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	4.64	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.80	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.95	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.58	-0.32

Drawdowns

VGPMX vs. PSI - Drawdown Comparison

The maximum VGPMX drawdown since its inception was -78.85%, which is greater than PSI's maximum drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for VGPMX and PSI.

Drawdown Indicators

	VGPMX	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-78.85%	-62.96%	-15.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-15.48%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-41.07%	+26.44%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-44.85%	+22.14%
Max Drawdown (10Y) Largest decline over 10 years	-54.59%	-44.85%	-9.74%
Current Drawdown Current decline from peak	-5.77%	-6.89%	+1.12%
Average Drawdown Average peak-to-trough decline	-34.55%	-15.93%	-18.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	4.34%	-1.25%

Volatility

VGPMX vs. PSI - Volatility Comparison

The current volatility for Vanguard Global Capital Cycles Fund (VGPMX) is 6.90%, while Invesco Semiconductors ETF (PSI) has a volatility of 18.07%. This indicates that VGPMX experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGPMX	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	18.07%	-11.17%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	32.42%	-17.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	39.52%	-22.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	38.19%	-20.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	35.29%	-14.38%

VGPMX vs. PSI - Expense Ratio Comparison

VGPMX has a 0.36% expense ratio, which is lower than PSI's 0.56% expense ratio.

Dividends

VGPMX vs. PSI - Dividend Comparison

VGPMX's dividend yield for the trailing twelve months is around 3.42%, more than PSI's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
VGPMX Vanguard Global Capital Cycles Fund	3.42%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both VGPMX and PSI in my portfolio?

VGPMX and PSI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGPMX or PSI?

PSI has higher volatility (18.07%) compared to VGPMX (6.90%). In terms of maximum drawdown, VGPMX dropped -78.85% vs PSI's -62.96%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.64 vs 3.19), 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.