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VIEIX vs. VMCIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIEIX vs. VMCIX

Last updated Aug 2, 2026
Documentation

VIEIX (Vanguard Extended Market Index Fund Institutional Shares) and VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) are both Mid Cap Blend Equities funds from Vanguard - VIEIX tracks the Spliced Extended Market Index while VMCIX tracks the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, VIEIX returned 11.64%/yr vs 11.38%/yr for VMCIX. Their 0.96 correlation means they have historically moved very closely together. VIEIX charges 0.04%/yr vs 0.03%/yr for VMCIX.

Performance

VIEIX vs. VMCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIEIX achieves a 13.98% return, which is significantly higher than VMCIX's 12.43% return. Both investments have delivered pretty close results over the past 10 years, with VIEIX having a 11.64% annualized return and VMCIX not far behind at 11.38%.

VIEIX

1D
1.41%
1M
-2.62%
6M
11.32%
YTD
13.98%
1Y
23.78%
3Y*
15.99%
5Y*
6.19%
10Y*
11.64%
ALL TIME*
9.05%

VMCIX

1D
0.44%
1M
0.56%
6M
10.13%
YTD
12.43%
1Y
16.56%
3Y*
14.20%
5Y*
7.78%
10Y*
11.38%
ALL TIME*
10.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VIEIX

Vanguard Extended Market Index Fund Institutional Shares
$0.00$0.00$0.00

VMCIX

Vanguard Mid-Cap Index Fund Institutional Shares
$0.00$0.00$0.00

VIEIX vs. VMCIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		13.98%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		12.43%11.67%14.68%16.54%-18.70%24.53%18.20%31.04%-9.25%19.30%

Correlation

The correlation between VIEIX and VMCIX is 0.91, 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.

0.91

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

0.93

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

0.94

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

0.95

Correlation (All Time)
Calculated using the full available price history since May 21, 1998

0.96

The correlation between VIEIX and VMCIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

VIEIX vs. VMCIX - Sectors Allocation Comparison

Sectors
VIEIX
VMCIX

Industrials

21.1%
19.9%

Technology

19.7%
18.2%

Financial Services

14.2%
13.1%

Healthcare

14.2%
7.8%

Consumer Cyclical

9.4%
9.0%

Real Estate

5.8%
5.1%

Energy

4.2%
7.4%

Basic Materials

3.9%
3.9%

Communication Services

3.1%
2.7%

Consumer Defensive

2.6%
4.6%

Utilities

1.8%
8.4%

Industrials

VIEIX
21.1%
VMCIX
19.9%

Technology

VIEIX
19.7%
VMCIX
18.2%

Financial Services

VIEIX
14.2%
VMCIX
13.1%

Healthcare

VIEIX
14.2%
VMCIX
7.8%

Consumer Cyclical

VIEIX
9.4%
VMCIX
9.0%

Real Estate

VIEIX
5.8%
VMCIX
5.1%

Energy

VIEIX
4.2%
VMCIX
7.4%

Basic Materials

VIEIX
3.9%
VMCIX
3.9%

Communication Services

VIEIX
3.1%
VMCIX
2.7%

Consumer Defensive

VIEIX
2.6%
VMCIX
4.6%

Utilities

VIEIX
1.8%
VMCIX
8.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Extended Market Index Fund Institutional Shares

Vanguard Mid-Cap Index Fund Institutional Shares

Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VEXAXVIEIX vs. VEXRXVIEIX vs. VSCIXVIEIX vs. SPYVIEIX vs. AVUV
Often compared with VMCIX:
VMCIX vs. VSCIXVMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. FLPKXVMCIX vs. VOOVMCIX vs. SPY

Return for Risk

VIEIX vs. VMCIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VIEIX
VIEIX Risk / Return Rank: 4646
Overall Rank
VIEIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 4242
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3737
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6262
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5252
Martin Ratio Rank
VMCIX
VMCIX Risk / Return Rank: 4444
Overall Rank
VMCIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 3838
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 5050
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 5252
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.

VIEIX vs. VMCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Institutional Shares (VIEIX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). 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.

VIEIXVMCIXDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.17

0.00

Sortino ratioReturn per unit of downside risk
1.72
1.70

+0.01

Omega ratioGain probability vs. loss probability

1.20

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

2.02

1.81

+0.21

Martin ratioReturn relative to average drawdown

6.87

6.89

-0.03

VIEIX vs. VMCIX - Sharpe Ratio Comparison

The current VIEIX Sharpe Ratio is 1.16, which is comparable to the VMCIX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of VIEIX and VMCIX, 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

VIEIX vs. VMCIX - Drawdown Comparison

The maximum VIEIX drawdown since its inception was -58.03%, roughly equal to the maximum VMCIX drawdown of -58.86%. Use the drawdown chart below to compare losses from any high point for VIEIX and VMCIX.

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Drawdown Indicators

VIEIXVMCIXDifference

Max Drawdown

Largest peak-to-trough decline

-58.03%

-58.86%

+0.83%

Max Drawdown (1Y)

Largest decline over 1 year

-10.25%

-8.13%

-2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-26.84%

-18.93%

-7.91%

Max Drawdown (5Y)

Largest decline over 5 years

-36.32%

-27.54%

-8.78%

Max Drawdown (10Y)

Largest decline over 10 years

-41.62%

-39.30%

-2.32%

Current Drawdown

Current decline from peak

-3.74%

-0.44%

-3.30%

Average Drawdown

Average peak-to-trough decline

-13.77%

-7.93%

-5.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.13%

+0.89%

Volatility

VIEIX vs. VMCIX - Volatility Comparison

Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a higher volatility of 3.90% compared to Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) at 2.09%. This indicates that VIEIX's price experiences larger fluctuations and is considered to be riskier than VMCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIEIXVMCIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.90%

2.09%

+1.81%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

9.49%

+3.83%

Volatility (1Y)

Calculated over the trailing 1-year period

17.81%

12.60%

+5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.41%

17.63%

+4.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.34%

18.84%

+3.50%

VIEIX vs. VMCIX - Expense Ratio Comparison

VIEIX has a 0.04% expense ratio, which is higher than VMCIX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIEIX vs. VMCIX - Dividend Comparison

VIEIX's dividend yield for the trailing twelve months is around 1.03%, less than VMCIX's 1.32% yield.

PositionTTM20252024202320222021202020192018201720162015
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		1.03%1.14%1.10%1.26%1.16%1.14%1.08%1.31%1.67%1.27%1.45%1.37%
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		1.32%1.52%1.49%1.51%1.60%1.12%1.45%1.48%1.83%1.36%1.46%1.48%

Frequently Asked Questions

With a correlation of 0.91, VIEIX and VMCIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VIEIX has higher volatility (3.90%) compared to VMCIX (2.09%). In terms of maximum drawdown, VIEIX dropped -58.03% vs VMCIX's -58.86%.

VMCIX currently has the higher Sharpe Ratio (1.17 vs 1.16), 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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