VHCAX vs. VSPGX

Last updated Aug 5, 2026

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VSPGX (Vanguard S&P 500 Growth Index Fund Institutional Shares) are both Large Cap Growth Equities funds from Vanguard. VHCAX is actively managed, while VSPGX is passively managed. Over the past 5 years, VHCAX returned 12.70%/yr vs 13.55%/yr for VSPGX. Their correlation of 0.87 means they have usually moved in the same direction. VHCAX charges 0.32%/yr vs 0.05%/yr for VSPGX.

Performance

VHCAX vs. VSPGX - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCAX achieves a 21.71% return, which is significantly higher than VSPGX's 12.48% return.

VHCAX

• 1D: 1.25%
• 1M: -2.68%
• 6M: 16.42%
• YTD: 21.71%
• 1Y: 42.98%
• 3Y*: 23.71%
• 5Y*: 12.70%
• 10Y*: 16.12%
• ALL TIME*: 12.54%

VSPGX

• 1D: 2.24%
• 1M: 1.98%
• 6M: 13.33%
• YTD: 12.48%
• 1Y: 22.00%
• 3Y*: 25.91%
• 5Y*: 13.55%
• 10Y*: —
• ALL TIME*: 18.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	$0.00	$0.00	$0.00
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	$0.00	$0.00	$0.00

VHCAX vs. VSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	21.71%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	23.80%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	12.48%	21.91%	35.48%	30.38%	-29.46%	31.88%	33.34%	31.06%	-0.05%	23.40%

Correlation

The correlation between VHCAX and VSPGX is 0.82, 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.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.87

The correlation between VHCAX and VSPGX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

VHCAX vs. VSPGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VHCAX

VHCAX Risk / Return Rank: 88
VHCAX Sharpe Ratio Rank: 90
VHCAX Sortino Ratio Rank: 86
VHCAX Omega Ratio Rank: 82
VHCAX Calmar Ratio Rank: 91
VHCAX Martin Ratio Rank: 91

VSPGX

VSPGX Risk / Return Rank: 40
VSPGX Sharpe Ratio Rank: 41
VSPGX Sortino Ratio Rank: 40
VSPGX Omega Ratio Rank: 37
VSPGX Calmar Ratio Rank: 40
VSPGX Martin Ratio Rank: 42

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. VSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX). 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	VSPGX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.35	+0.91
Sortino ratio: Return per unit of downside risk	3.08	1.92	+1.16
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	3.66	1.79	+1.87
Martin ratio: Return relative to average drawdown	13.16	6.51	+6.64

VHCAX vs. VSPGX - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 2.26, which is higher than the VSPGX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of VHCAX and VSPGX, 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. VSPGX - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, which is greater than VSPGX's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for VHCAX and VSPGX.

Drawdown Indicators

	VHCAX	VSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-32.73%	-21.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-13.68%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-23.92%	-22.34%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-32.73%	+5.18%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	—	—
Current Drawdown Current decline from peak	-6.77%	-2.24%	-4.53%
Average Drawdown Average peak-to-trough decline	-8.37%	-6.73%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.75%	-0.31%

Volatility

VHCAX vs. VSPGX - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) have volatilities of 6.39% and 6.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCAX	VSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	6.37%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	14.93%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.09%	18.11%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	21.62%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	21.39%	-0.89%

VHCAX vs. VSPGX - Expense Ratio Comparison

VHCAX has a 0.32% expense ratio, which is higher than VSPGX's 0.05% expense ratio.

Dividends

VHCAX vs. VSPGX - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.98%, more than VSPGX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.98%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	0.47%	0.38%	0.50%	1.14%	0.95%	0.55%	0.89%	0.68%	0.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHCAX and VSPGX in my portfolio?

VHCAX and VSPGX have a correlation of 0.82, 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 VSPGX?

VHCAX has higher volatility (6.39%) compared to VSPGX (6.37%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VSPGX's -32.73%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (2.26 vs 1.35), 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.