VGPMX vs. VCMDX
VGPMX (Vanguard Global Capital Cycles Fund) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both mutual funds - VGPMX is a Global Equities fund managed by Vanguard, while VCMDX is a Commodities fund actively managed by Vanguard. Over the past 5 years, VGPMX returned 20.40%/yr vs 10.46%/yr for VCMDX. Their 0.46 correlation means their historical movements had little consistent relationship. VGPMX charges 0.36%/yr vs 0.16%/yr for VCMDX.
Performance
VGPMX vs. VCMDX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VGPMX having a 16.43% return and VCMDX slightly higher at 17.19%.
VGPMX
- 1D
- 0.04%
- 1M
- 2.44%
- 6M
- 3.55%
- YTD
- 16.43%
- 1Y
- 55.56%
- 3Y*
- 28.41%
- 5Y*
- 20.40%
- 10Y*
- 9.23%
- ALL TIME*
- 6.51%
VCMDX
- 1D
- -0.55%
- 1M
- 5.36%
- 6M
- 9.36%
- YTD
- 17.19%
- 1Y
- 29.36%
- 3Y*
- 11.88%
- 5Y*
- 10.46%
- 10Y*
- —
- ALL TIME*
- 11.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VGPMX vs. VCMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VGPMX Vanguard Global Capital Cycles Fund | 16.43% | 65.96% | 5.78% | 10.06% | 7.34% | 19.50% | 17.21% | 7.05% |
VCMDX Vanguard Commodity Strategy Fund Admiral Shares | 17.19% | 18.20% | 5.27% | -7.45% | 13.83% | 34.82% | 5.07% | 2.74% |
Correlation
The correlation between VGPMX and VCMDX is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019 | 0.46 |
Over the past year, the correlation between VGPMX and VCMDX has dropped to 0.26 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
VGPMX vs. VCMDX — Risk / Return Rank
VGPMX
VCMDX
VGPMX vs. VCMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Capital Cycles Fund (VGPMX) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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.
| VGPMX | VCMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.34 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 2.21 | +2.31 |
| Martin ratioReturn relative to average drawdown | 15.22 | 7.17 | +8.04 |
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Drawdowns
VGPMX vs. VCMDX - Drawdown Comparison
The maximum VGPMX drawdown since its inception was -78.85%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for VGPMX and VCMDX.
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Drawdown Indicators
| VGPMX | VCMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.85% | -26.67% | -52.18% |
Max Drawdown (1Y)Largest decline over 1 year | -12.80% | -13.39% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -13.39% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | -25.45% | +2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -54.56% | — | — |
Current DrawdownCurrent decline from peak | -3.89% | -7.89% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -34.44% | -10.81% | -23.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 4.11% | -0.32% |
Volatility
VGPMX vs. VCMDX - Volatility Comparison
Vanguard Global Capital Cycles Fund (VGPMX) has a higher volatility of 4.33% compared to Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) at 4.09%. This indicates that VGPMX's price experiences larger fluctuations and is considered to be riskier than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGPMX | VCMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 4.09% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 14.95% | 11.95% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 15.25% | +2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 15.83% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.63% | 15.36% | +5.27% |
VGPMX vs. VCMDX - Expense Ratio Comparison
VGPMX has a 0.36% expense ratio, which is higher than VCMDX's 0.16% expense ratio.
Dividends
VGPMX vs. VCMDX - Dividend Comparison
VGPMX's dividend yield for the trailing twelve months is around 3.35%, less than VCMDX's 12.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCMDX Vanguard Commodity Strategy Fund Admiral Shares | 12.98% | 15.21% | 2.19% | 2.50% | 14.21% | 30.56% | 0.50% | 0.60% | 0.00% | 0.00% | 0.00% | 0.00% |
VGPMX Vanguard Global Capital Cycles Fund | 3.35% | 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
VGPMX and VCMDX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGPMX has higher volatility (4.33%) compared to VCMDX (4.09%). In terms of maximum drawdown, VGPMX dropped -78.85% vs VCMDX's -26.67%.
VGPMX currently has the higher Sharpe Ratio (3.20 vs 1.94), 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.
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