VHCAX vs. VIIIX

Last updated Jun 27, 2026

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - VHCAX is a Large Cap Growth Equities fund managed by Vanguard, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VHCAX returned 18.43%/yr vs 15.90%/yr for VIIIX. Their correlation of 0.91 suggests significant overlap in exposure. VHCAX charges 0.36%/yr vs 0.02%/yr for VIIIX.

Performance

VHCAX vs. VIIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCAX achieves a 27.96% return, which is significantly higher than VIIIX's 8.10% return. Over the past 10 years, VHCAX has outperformed VIIIX with an annualized return of 18.43%, while VIIIX has yielded a comparatively lower 15.90% annualized return.

VHCAX

• 1D: 2.61%
• 1M: 4.84%
• YTD: 27.96%
• 6M: 26.02%
• 1Y: 53.28%
• 3Y*: 27.47%
• 5Y*: 14.24%
• 10Y*: 18.43%

VIIIX

• 1D: -0.01%
• 1M: -2.06%
• YTD: 8.10%
• 6M: 6.79%
• 1Y: 21.24%
• 3Y*: 21.36%
• 5Y*: 13.19%
• 10Y*: 15.90%

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

VHCAX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	27.96%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	8.10%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between VHCAX and VIIIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.91

The correlation between VHCAX and VIIIX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

VHCAX vs. VIIIX - Sectors Allocation Comparison

Sectors	VHCAX	VIIIX
Technology	33.1%	39.1%
Healthcare	24.9%	8.3%
Industrials	10.7%	7.8%
Consumer Cyclical	9.8%	9.9%
Financial Services	8.2%	10.9%
Communication Services	6.5%	10.7%
Energy	2.2%	3.1%
Consumer Defensive	0.9%	4.5%
Basic Materials	0.4%	1.7%
Real Estate	0.1%	1.8%
Utilities	-	2.1%

Return for Risk

VHCAX vs. VIIIX — Risk / Return Rank

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

VHCAX

VHCAX Risk / Return Rank: 92
VHCAX Sharpe Ratio Rank: 95
VHCAX Sortino Ratio Rank: 89
VHCAX Omega Ratio Rank: 87
VHCAX Calmar Ratio Rank: 93
VHCAX Martin Ratio Rank: 96

VIIIX

VIIIX Risk / Return Rank: 59
VIIIX Sharpe Ratio Rank: 57
VIIIX Sortino Ratio Rank: 53
VIIIX Omega Ratio Rank: 55
VIIIX Calmar Ratio Rank: 60
VIIIX Martin Ratio Rank: 72

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. VIIIX - Risk-Adjusted Trends Comparison

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

	VHCAX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.79	+1.10
Sortino ratio: Return per unit of downside risk	3.80	2.44	+1.36
Omega ratio: Gain probability vs. loss probability	1.51	1.32	+0.19
Calmar ratio: Return relative to maximum drawdown	4.38	2.51	+1.87
Martin ratio: Return relative to average drawdown	19.25	11.15	+8.10

VHCAX vs. VIIIX - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 2.89, which is higher than the VIIIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VHCAX and VIIIX, 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

VHCAX vs. VIIIX - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, roughly equal to the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VHCAX and VIIIX.

Drawdown Indicators

	VHCAX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-55.18%	+0.91%
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%	-24.50%	-3.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-33.79%	+0.01%
Current Drawdown Current decline from peak	-0.26%	-3.23%	+2.97%
Average Drawdown Average peak-to-trough decline	-8.38%	-10.00%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.00%	+0.82%

Volatility

VHCAX vs. VIIIX - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a higher volatility of 9.00% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 4.83%. This indicates that VHCAX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCAX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	4.83%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	9.88%	+6.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	12.50%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.16%	16.99%	+3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	18.07%	+2.35%

VHCAX vs. VIIIX - Expense Ratio Comparison

VHCAX has a 0.36% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

VHCAX vs. VIIIX - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.59%, more than VIIIX's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.59%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.54%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both VHCAX and VIIIX in my portfolio?

VHCAX and VIIIX have a correlation of 0.86, 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 VIIIX?

VHCAX has higher volatility (9.00%) compared to VIIIX (4.83%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (2.89 vs 1.79), 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.