VIMAX vs. QSPIX

Last updated Jun 5, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and QSPIX (AQR Style Premia Alternative Fund) are both mutual funds - VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while QSPIX is a Multistrategy fund managed by AQR Funds. Over the past 10 years, VIMAX returned 11.53%/yr vs 7.50%/yr for QSPIX. At a correlation of -0.10, they often move in opposite directions. VIMAX charges 0.05%/yr vs 1.49%/yr for QSPIX.

Performance

VIMAX vs. QSPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and AQR Style Premia Alternative Fund (QSPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIMAX achieves a 10.01% return, which is significantly lower than QSPIX's 13.76% return. Over the past 10 years, VIMAX has outperformed QSPIX with an annualized return of 11.53%, while QSPIX has yielded a comparatively lower 7.50% annualized return.

VIMAX

• 1D: -0.47%
• 1M: 2.37%
• YTD: 10.01%
• 6M: 9.43%
• 1Y: 18.52%
• 3Y*: 16.64%
• 5Y*: 7.85%
• 10Y*: 11.53%

QSPIX

• 1D: 0.82%
• 1M: 2.29%
• YTD: 13.76%
• 6M: 15.25%
• 1Y: 19.91%
• 3Y*: 21.73%
• 5Y*: 19.12%
• 10Y*: 7.50%

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

VIMAX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	10.01%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%
QSPIX AQR Style Premia Alternative Fund	13.76%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%

Correlation

The correlation between VIMAX and QSPIX is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.19
Correlation (10Y) Calculated over the trailing 10-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	-0.10

Return for Risk

VIMAX vs. QSPIX — Risk / Return Rank

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

VIMAX

VIMAX Risk / Return Rank: 30
VIMAX Sharpe Ratio Rank: 26
VIMAX Sortino Ratio Rank: 26
VIMAX Omega Ratio Rank: 24
VIMAX Calmar Ratio Rank: 35
VIMAX Martin Ratio Rank: 40

QSPIX

QSPIX Risk / Return Rank: 52
QSPIX Sharpe Ratio Rank: 45
QSPIX Sortino Ratio Rank: 48
QSPIX Omega Ratio Rank: 39
QSPIX Calmar Ratio Rank: 81
QSPIX Martin Ratio Rank: 48

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.

VIMAX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and AQR Style Premia Alternative Fund (QSPIX). 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.

	VIMAX	QSPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.96	-0.48
Sortino ratio: Return per unit of downside risk	2.14	2.94	-0.80
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.24	3.71	-1.46
Martin ratio: Return relative to average drawdown	8.53	9.88	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIMAX vs. QSPIX - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.49, which is comparable to the QSPIX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VIMAX and QSPIX, 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

	VIMAX	QSPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.96	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	1.21	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.59	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.63	-0.12

Drawdowns

VIMAX vs. QSPIX - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, which is greater than QSPIX's maximum drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for VIMAX and QSPIX.

Drawdown Indicators

	VIMAX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-41.37%	-17.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-5.09%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-9.31%	-9.62%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-17.13%	-10.42%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-41.37%	+2.07%
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-8.12%	-9.42%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.91%	+0.23%

Volatility

VIMAX vs. QSPIX - Volatility Comparison

Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and AQR Style Premia Alternative Fund (QSPIX) have volatilities of 3.02% and 3.05%, 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

	VIMAX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	3.05%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	7.21%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	9.62%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	15.86%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	12.82%	+6.10%

VIMAX vs. QSPIX - Expense Ratio Comparison

VIMAX has a 0.05% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

VIMAX vs. QSPIX - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.35%, less than QSPIX's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPIX AQR Style Premia Alternative Fund	2.26%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	1.35%	1.51%	1.48%	1.50%	1.59%	1.11%	1.44%	1.47%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both VIMAX and QSPIX in my portfolio?

VIMAX and QSPIX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIMAX or QSPIX?

QSPIX has higher volatility (3.05%) compared to VIMAX (3.02%). In terms of maximum drawdown, VIMAX dropped -58.88% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

QSPIX currently has the higher Sharpe Ratio (1.96 vs 1.49), 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.