VGPMX vs. VT

Last updated Jul 21, 2026

VGPMX (Vanguard Global Capital Cycles Fund) and VT (Vanguard Total World Stock ETF) are both Global Equities funds from Vanguard. Over the past 10 years, VGPMX returned 9.25%/yr vs 12.25%/yr for VT. A 0.66 correlation means they provide meaningful diversification when combined. VGPMX charges 0.36%/yr vs 0.06%/yr for VT.

Performance

VGPMX vs. VT - Performance Comparison

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

Returns By Period

In the year-to-date period, VGPMX achieves a 13.06% return, which is significantly higher than VT's 10.03% return. Over the past 10 years, VGPMX has underperformed VT with an annualized return of 9.25%, while VT has yielded a comparatively higher 12.25% annualized return.

VGPMX

• 1D: -0.48%
• 1M: -1.81%
• 6M: 6.78%
• YTD: 13.06%
• 1Y: 50.10%
• 3Y*: 26.51%
• 5Y*: 20.34%
• 10Y*: 9.25%
• ALL TIME*: 6.44%

VT

• 1D: -0.32%
• 1M: -2.14%
• 6M: 7.09%
• YTD: 10.03%
• 1Y: 20.89%
• 3Y*: 18.12%
• 5Y*: 10.45%
• 10Y*: 12.25%
• ALL TIME*: 8.76%

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

VGPMX vs. VT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGPMX Vanguard Global Capital Cycles Fund	13.06%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%
VT Vanguard Total World Stock ETF	10.03%	22.43%	16.49%	22.02%	-18.00%	18.27%	16.59%	26.81%	-9.76%	24.50%

Correlation

The correlation between VGPMX and VT is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 26, 2008	0.66

The correlation between VGPMX and VT shifts across timeframes, from 0.66 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

VGPMX vs. VT - Sectors Allocation Comparison

Sectors	VGPMX	VT
Basic Materials	38.0%	3.8%
Healthcare	11.9%	8.3%
Technology	9.5%	31.2%
Consumer Defensive	9.4%	4.5%
Communication Services	6.5%	7.4%
Financial Services	5.7%	15.7%
Consumer Cyclical	5.1%	9.0%
Utilities	4.7%	2.5%
Energy	4.4%	3.6%
Industrials	2.6%	11.7%
Real Estate	2.2%	2.3%

Return for Risk

VGPMX vs. VT — Risk / Return Rank

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

VGPMX

VGPMX Risk / Return Rank: 89
VGPMX Sharpe Ratio Rank: 94
VGPMX Sortino Ratio Rank: 85
VGPMX Omega Ratio Rank: 85
VGPMX Calmar Ratio Rank: 92
VGPMX Martin Ratio Rank: 89

VT

VT Risk / Return Rank: 62
VT Sharpe Ratio Rank: 62
VT Sortino Ratio Rank: 61
VT Omega Ratio Rank: 60
VT Calmar Ratio Rank: 57
VT Martin Ratio Rank: 69

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. VT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Capital Cycles Fund (VGPMX) and Vanguard Total World Stock ETF (VT). 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	VT	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.53	+1.25
Sortino ratio: Return per unit of downside risk	3.42	2.15	+1.26
Omega ratio: Gain probability vs. loss probability	1.47	1.28	+0.20
Calmar ratio: Return relative to maximum drawdown	3.92	2.17	+1.75
Martin ratio: Return relative to average drawdown	13.66	9.18	+4.48

VGPMX vs. VT - Sharpe Ratio Comparison

The current VGPMX Sharpe Ratio is 2.78, which is higher than the VT Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VGPMX and VT, 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

VGPMX vs. VT - Drawdown Comparison

The maximum VGPMX drawdown since its inception was -78.85%, which is greater than VT's maximum drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for VGPMX and VT.

Drawdown Indicators

	VGPMX	VT	Difference
Max Drawdown Largest peak-to-trough decline	-78.85%	-50.27%	-28.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-9.67%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-16.51%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-26.38%	+3.67%
Max Drawdown (10Y) Largest decline over 10 years	-54.59%	-34.24%	-20.35%
Current Drawdown Current decline from peak	-6.67%	-2.83%	-3.84%
Average Drawdown Average peak-to-trough decline	-34.47%	-6.98%	-27.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.28%	+1.38%

Volatility

VGPMX vs. VT - Volatility Comparison

Vanguard Global Capital Cycles Fund (VGPMX) has a higher volatility of 4.81% compared to Vanguard Total World Stock ETF (VT) at 3.89%. This indicates that VGPMX's price experiences larger fluctuations and is considered to be riskier than VT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGPMX	VT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.89%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	11.53%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.02%	13.73%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	16.18%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	17.16%	+3.59%

VGPMX vs. VT - Expense Ratio Comparison

VGPMX has a 0.36% expense ratio, which is higher than VT's 0.06% expense ratio.

Dividends

VGPMX vs. VT - Dividend Comparison

VGPMX's dividend yield for the trailing twelve months is around 3.45%, more than VT's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGPMX Vanguard Global Capital Cycles Fund	3.45%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%
VT Vanguard Total World Stock ETF	1.61%	1.82%	1.95%	2.08%	2.20%	1.82%	1.66%	2.32%	2.53%	2.11%	2.39%	2.45%

Frequently Asked Questions

Can I hold both VGPMX and VT in my portfolio?

VGPMX and VT have a correlation of 0.79, 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 VT?

VGPMX has higher volatility (4.81%) compared to VT (3.89%). In terms of maximum drawdown, VGPMX dropped -78.85% vs VT's -50.27%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (2.78 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.