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VHCAX vs. VFIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VHCAX vs. VFIAX

Last updated Aug 6, 2026
Documentation

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VHCAX is a Large Cap Growth Equities fund actively managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. VHCAX is actively managed, while VFIAX is passively managed. Over the past 10 years, VHCAX returned 16.45%/yr vs 15.35%/yr for VFIAX. Their correlation of 0.91 means they have usually moved in the same direction. VHCAX charges 0.32%/yr vs 0.04%/yr for VFIAX.

Performance

VHCAX vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VHCAX achieves a 25.22% return, which is significantly higher than VFIAX's 13.74% return. Over the past 10 years, VHCAX has outperformed VFIAX with an annualized return of 16.45%, while VFIAX has yielded a comparatively lower 15.35% annualized return.

VHCAX

1D
2.88%
1M
-0.43%
6M
20.66%
YTD
25.22%
1Y
47.36%
3Y*
24.88%
5Y*
13.18%
10Y*
16.45%
ALL TIME*
12.67%

VFIAX

1D
1.79%
1M
2.69%
6M
13.03%
YTD
13.74%
1Y
24.24%
3Y*
21.56%
5Y*
13.37%
10Y*
15.35%
ALL TIME*
8.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VFIAX

Vanguard 500 Index Fund Admiral Shares
$0.00$0.00$0.00

VHCAX

Vanguard Capital Opportunity Fund Admiral Shares
$0.00$0.00$0.00

VHCAX vs. VFIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VHCAX
Vanguard Capital Opportunity Fund Admiral Shares		25.22%25.83%14.07%25.63%-17.56%20.92%22.83%27.30%-3.71%28.37%
VFIAX
Vanguard 500 Index Fund Admiral Shares		13.74%17.83%24.97%26.24%-18.16%28.65%18.32%31.46%-4.45%21.78%

Correlation

The correlation between VHCAX and VFIAX is 0.85, 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.

0.85

Correlation (3Y)
Balances recent behavior with more history.

0.88

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.91

Correlation (10Y)
Provides a long-term view across more market conditions.

0.91

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

0.91

The correlation between VHCAX and VFIAX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

VHCAX vs. VFIAX - Sectors Allocation Comparison

Sectors
VHCAX
VFIAX

Technology

43.1%
38.6%

Healthcare

21.2%
8.9%

Industrials

10.6%
8.5%

Consumer Cyclical

7.2%
9.5%

Financial Services

6.2%
11.4%

Communication Services

5.4%
9.9%

Energy

1.4%
3.0%

Consumer Defensive

0.9%
4.5%

Basic Materials

0.3%
1.7%

Real Estate

0.1%
1.8%

Utilities

0.0%
2.2%

Technology

VHCAX
43.1%
VFIAX
38.6%

Healthcare

VHCAX
21.2%
VFIAX
8.9%

Industrials

VHCAX
10.6%
VFIAX
8.5%

Consumer Cyclical

VHCAX
7.2%
VFIAX
9.5%

Financial Services

VHCAX
6.2%
VFIAX
11.4%

Communication Services

VHCAX
5.4%
VFIAX
9.9%

Energy

VHCAX
1.4%
VFIAX
3.0%

Consumer Defensive

VHCAX
0.9%
VFIAX
4.5%

Basic Materials

VHCAX
0.3%
VFIAX
1.7%

Real Estate

VHCAX
0.1%
VFIAX
1.8%

Utilities

VHCAX
0.0%
VFIAX
2.2%

Compare stocks, funds, or ETFs

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Vanguard Capital Opportunity Fund Admiral Shares

Vanguard 500 Index Fund Admiral Shares

Often compared with VHCAX:
VHCAX vs. VPMAXVHCAX vs. VOOVHCAX vs. SPYVHCAX vs. BIOPXVHCAX vs. POGRXVHCAX vs. SCHGVHCAX vs. VDIGX
Often compared with VFIAX:
VFIAX vs. VOOVFIAX vs. VTIVFIAX vs. SPYVFIAX vs. VITAXVFIAX vs. VVIAXVFIAX vs. VFIFXVFIAX vs. VBIAX

Return for Risk

VHCAX vs. VFIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VHCAX
VHCAX Risk / Return Rank: 8888
Overall Rank
VHCAX Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VHCAX Sortino Ratio Rank: 8686
Sortino Ratio Rank
VHCAX Omega Ratio Rank: 8282
Omega Ratio Rank
VHCAX Calmar Ratio Rank: 9090
Calmar Ratio Rank
VHCAX Martin Ratio Rank: 9090
Martin Ratio Rank
VFIAX
VFIAX Risk / Return Rank: 6969
Overall Rank
VFIAX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VFIAX Sortino Ratio Rank: 6464
Sortino Ratio Rank
VFIAX Omega Ratio Rank: 6363
Omega Ratio Rank
VFIAX Calmar Ratio Rank: 7171
Calmar Ratio Rank
VFIAX Martin Ratio Rank: 8181
Martin Ratio Rank
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.

VHCAX vs. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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.

VHCAXVFIAXDifference
Sharpe ratioReturn per unit of total volatility
2.34
1.84

+0.50

Sortino ratioReturn per unit of downside risk
3.19
2.54

+0.65

Omega ratioGain probability vs. loss probability

1.41

1.33

+0.08

Calmar ratioReturn relative to maximum drawdown

3.81

2.67

+1.15

Martin ratioReturn relative to average drawdown

13.68

11.45

+2.22

VHCAX vs. VFIAX - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 2.34, which is comparable to the VFIAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of VHCAX and VFIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VHCAX vs. VFIAX - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, roughly equal to the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VHCAX and VFIAX.

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Drawdown Indicators

VHCAXVFIAXDifference

Max Drawdown

Largest peak-to-trough decline

-54.27%

-55.20%

+0.93%

Max Drawdown (1Y)

Largest decline over 1 year

-12.42%

-8.90%

-3.52%

Max Drawdown (3Y)

Largest decline over 3 years

-23.92%

-18.75%

-5.17%

Max Drawdown (5Y)

Largest decline over 5 years

-27.55%

-24.53%

-3.02%

Max Drawdown (10Y)

Largest decline over 10 years

-33.78%

-33.83%

+0.05%

Current Drawdown

Current decline from peak

-4.09%

0.00%

-4.09%

Average Drawdown

Average peak-to-trough decline

-8.37%

-9.35%

+0.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

2.07%

+1.38%

Volatility

VHCAX vs. VFIAX - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a higher volatility of 7.03% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 4.13%. This indicates that VHCAX's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VHCAXVFIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.03%

4.13%

+2.90%

Volatility (6M)

Calculated over the trailing 6-month period

17.24%

10.33%

+6.91%

Volatility (1Y)

Calculated over the trailing 1-year period

20.24%

12.94%

+7.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.40%

17.04%

+3.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.52%

18.09%

+2.43%

VHCAX vs. VFIAX - Expense Ratio Comparison

VHCAX has a 0.32% expense ratio, which is higher than VFIAX's 0.04% expense ratio.

Dividends

VHCAX vs. VFIAX - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.76%, more than VFIAX's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
VFIAX
Vanguard 500 Index Fund Admiral Shares		1.03%1.12%1.24%1.45%1.68%1.24%1.53%1.87%2.05%1.78%2.02%2.10%
VHCAX
Vanguard Capital Opportunity Fund Admiral Shares		7.76%9.71%8.24%2.40%9.35%10.55%9.19%6.48%12.23%3.87%5.74%5.39%

Frequently Asked Questions

VHCAX and VFIAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VHCAX has higher volatility (7.03%) compared to VFIAX (4.13%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VFIAX's -55.20%.

VHCAX currently has the higher Sharpe Ratio (2.34 vs 1.84), 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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