VHCAX vs. VHT

Last updated Jun 4, 2026

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VHT (Vanguard Health Care ETF) are both funds - VHCAX is a Large Cap Growth Equities fund managed by Vanguard, while VHT is a Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 Index. Over the past 10 years, VHCAX returned 17.13%/yr vs 9.26%/yr for VHT. A 0.76 correlation means they provide meaningful diversification when combined. VHCAX charges 0.36%/yr vs 0.10%/yr for VHT.

Performance

VHCAX vs. VHT - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCAX achieves a 25.45% return, which is significantly higher than VHT's -4.02% return. Over the past 10 years, VHCAX has outperformed VHT with an annualized return of 17.13%, while VHT has yielded a comparatively lower 9.26% annualized return.

VHCAX

• 1D: 0.75%
• 1M: 14.26%
• YTD: 25.45%
• 6M: 27.02%
• 1Y: 55.98%
• 3Y*: 26.88%
• 5Y*: 14.78%
• 10Y*: 17.13%

VHT

• 1D: 0.84%
• 1M: 1.45%
• YTD: -4.02%
• 6M: -4.15%
• 1Y: 14.34%
• 3Y*: 6.14%
• 5Y*: 4.51%
• 10Y*: 9.26%

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

VHCAX vs. VHT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	25.45%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%
VHT Vanguard Health Care ETF	-4.02%	15.46%	2.66%	2.52%	-5.60%	20.57%	18.29%	21.87%	5.58%	23.26%

Correlation

The correlation between VHCAX and VHT is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.76

Over the past year, the correlation between VHCAX and VHT has dropped to 0.48 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

VHCAX vs. VHT - Sectors Allocation Comparison

Sectors	VHCAX	VHT
Technology	33.1%	0.0%
Healthcare	24.9%	100.0%
Industrials	10.7%	0.0%
Consumer Cyclical	9.8%	-
Financial Services	8.2%	0.0%
Communication Services	6.5%	-
Energy	2.2%	-
Consumer Defensive	0.9%	-
Basic Materials	0.4%	-
Real Estate	0.1%	-
Utilities	-	-

Return for Risk

VHCAX vs. VHT — Risk / Return Rank

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

VHCAX

VHCAX Risk / Return Rank: 91
VHCAX Sharpe Ratio Rank: 95
VHCAX Sortino Ratio Rank: 92
VHCAX Omega Ratio Rank: 87
VHCAX Calmar Ratio Rank: 90
VHCAX Martin Ratio Rank: 94

VHT

VHT Risk / Return Rank: 27
VHT Sharpe Ratio Rank: 27
VHT Sortino Ratio Rank: 28
VHT Omega Ratio Rank: 26
VHT Calmar Ratio Rank: 28
VHT Martin Ratio Rank: 25

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.

VHCAX vs. VHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard Health Care ETF (VHT). 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.

	VHCAX	VHT	Difference
Sharpe ratio Return per unit of total volatility	3.39	1.00	+2.38
Sortino ratio Return per unit of downside risk	4.52	1.57	+2.95
Omega ratio Gain probability vs. loss probability	1.59	1.18	+0.42
Calmar ratio Return relative to maximum drawdown	4.63	1.38	+3.25
Martin ratio Return relative to average drawdown	20.80	3.47	+17.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHCAX vs. VHT - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 3.39, which is higher than the VHT Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VHCAX and VHT, 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

	VHCAX	VHT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.39	1.00	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.30	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.55	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.56	+0.04

Drawdowns

VHCAX vs. VHT - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, which is greater than VHT's maximum drawdown of -39.12%. Use the drawdown chart below to compare losses from any high point for VHCAX and VHT.

Drawdown Indicators

	VHCAX	VHT	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-39.12%	-15.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-10.40%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-23.92%	-16.91%	-7.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-17.71%	-9.84%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-28.85%	-4.93%
Current Drawdown Current decline from peak	0.00%	-7.05%	+7.05%
Average Drawdown Average peak-to-trough decline	-8.40%	-5.99%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	4.14%	-1.38%

Volatility

VHCAX vs. VHT - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a higher volatility of 6.64% compared to Vanguard Health Care ETF (VHT) at 4.08%. This indicates that VHCAX's price experiences larger fluctuations and is considered to be riskier than VHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCAX	VHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	4.08%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	10.08%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	14.34%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	14.96%	+4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	16.94%	+3.38%

VHCAX vs. VHT - Expense Ratio Comparison

VHCAX has a 0.36% expense ratio, which is higher than VHT's 0.10% expense ratio.

Dividends

VHCAX vs. VHT - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.74%, more than VHT's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.74%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VHT Vanguard Health Care ETF	1.71%	1.61%	1.53%	1.36%	1.33%	1.14%	1.21%	1.89%	1.38%	1.31%	1.45%	1.22%

Frequently Asked Questions

Can I hold both VHCAX and VHT in my portfolio?

VHCAX and VHT have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCAX or VHT?

VHCAX has higher volatility (6.64%) compared to VHT (4.08%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VHT's -39.12%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (3.39 vs 1.00), 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.