VHCAX vs. VMVAX

Last updated Jun 23, 2026

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both mutual funds - VHCAX is a Large Cap Growth Equities fund managed by Vanguard, while VMVAX is a Mid Cap Value Equities fund managed by Vanguard. Over the past 10 years, VHCAX returned 17.59%/yr vs 10.59%/yr for VMVAX. Their correlation of 0.81 suggests significant overlap in exposure. VHCAX charges 0.36%/yr vs 0.07%/yr for VMVAX.

Performance

VHCAX vs. VMVAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCAX achieves a 26.85% return, which is significantly higher than VMVAX's 11.06% return. Over the past 10 years, VHCAX has outperformed VMVAX with an annualized return of 17.59%, while VMVAX has yielded a comparatively lower 10.59% annualized return.

VHCAX

• 1D: 2.38%
• 1M: 7.14%
• YTD: 26.85%
• 6M: 25.41%
• 1Y: 56.45%
• 3Y*: 25.85%
• 5Y*: 14.75%
• 10Y*: 17.59%

VMVAX

• 1D: 0.05%
• 1M: 0.74%
• YTD: 11.06%
• 6M: 10.03%
• 1Y: 23.32%
• 3Y*: 15.09%
• 5Y*: 9.72%
• 10Y*: 10.59%

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

VHCAX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	26.85%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	11.06%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between VHCAX and VMVAX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.81

Over the past year, the correlation between VHCAX and VMVAX has dropped to 0.59 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

VHCAX vs. VMVAX - Sectors Allocation Comparison

Sectors	VHCAX	VMVAX
Technology	33.1%	11.4%
Healthcare	24.9%	6.4%
Industrials	10.7%	13.6%
Consumer Cyclical	9.8%	6.2%
Financial Services	8.2%	16.6%
Communication Services	6.5%	2.1%
Energy	2.2%	12.3%
Consumer Defensive	0.9%	7.9%
Basic Materials	0.4%	5.9%
Real Estate	0.1%	5.6%
Utilities	-	11.6%

Return for Risk

VHCAX vs. VMVAX — 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: 89
VHCAX Omega Ratio Rank: 85
VHCAX Calmar Ratio Rank: 91
VHCAX Martin Ratio Rank: 95

VMVAX

VMVAX Risk / Return Rank: 64
VMVAX Sharpe Ratio Rank: 57
VMVAX Sortino Ratio Rank: 59
VMVAX Omega Ratio Rank: 50
VMVAX Calmar Ratio Rank: 79
VMVAX Martin Ratio Rank: 73

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. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.05	+0.99
Sortino ratio: Return per unit of downside risk	4.00	2.95	+1.06
Omega ratio: Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio: Return relative to maximum drawdown	4.51	3.42	+1.09
Martin ratio: Return relative to average drawdown	19.87	13.02	+6.86

VHCAX vs. VMVAX - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 3.03, which is higher than the VMVAX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VHCAX and VMVAX, 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. VMVAX - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for VHCAX and VMVAX.

Drawdown Indicators

	VHCAX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-43.07%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-6.95%	-5.47%
Max Drawdown (3Y) Largest decline over 3 years	-23.92%	-18.40%	-5.52%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-19.75%	-7.80%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-43.07%	+9.29%
Current Drawdown Current decline from peak	-0.34%	-1.68%	+1.34%
Average Drawdown Average peak-to-trough decline	-8.39%	-4.36%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.82%	+0.99%

Volatility

VHCAX vs. VMVAX - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a higher volatility of 8.52% compared to Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) at 3.43%. This indicates that VHCAX's price experiences larger fluctuations and is considered to be riskier than VMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCAX	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	3.43%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	8.38%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	11.61%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	16.01%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	18.80%	+1.64%

VHCAX vs. VMVAX - Expense Ratio Comparison

VHCAX has a 0.36% expense ratio, which is higher than VMVAX's 0.07% expense ratio.

Dividends

VHCAX vs. VMVAX - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.66%, more than VMVAX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.66%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.87%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both VHCAX and VMVAX in my portfolio?

VHCAX and VMVAX have a correlation of 0.59, 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 VMVAX?

VHCAX has higher volatility (8.52%) compared to VMVAX (3.43%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (3.03 vs 2.05), 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.