VIMAX vs. VLCAX

Last updated Jun 4, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) are both mutual funds - VIMAX is a Mid Cap Blend Equities fund managed by Vanguard, while VLCAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VIMAX returned 11.58%/yr vs 15.65%/yr for VLCAX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.

Performance

VIMAX vs. VLCAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VIMAX achieves a 10.54% return, which is significantly lower than VLCAX's 11.49% return. Over the past 10 years, VIMAX has underperformed VLCAX with an annualized return of 11.58%, while VLCAX has yielded a comparatively higher 15.65% annualized return.

VIMAX

• 1D: 0.90%
• 1M: 3.68%
• YTD: 10.54%
• 6M: 10.20%
• 1Y: 18.73%
• 3Y*: 16.82%
• 5Y*: 8.10%
• 10Y*: 11.58%

VLCAX

• 1D: 0.18%
• 1M: 5.98%
• YTD: 11.49%
• 6M: 11.39%
• 1Y: 28.68%
• 3Y*: 22.96%
• 5Y*: 13.91%
• 10Y*: 15.65%

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

VIMAX vs. VLCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	10.54%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%
VLCAX Vanguard Large-Cap Index Fund Admiral Shares	11.49%	18.09%	25.10%	27.26%	-19.69%	27.02%	21.03%	31.39%	-4.49%	22.02%

Correlation

The correlation between VIMAX and VLCAX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.94

The correlation between VIMAX and VLCAX shifts across timeframes, from 0.78 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

VIMAX vs. VLCAX - Sectors Allocation Comparison

Sectors	VIMAX	VLCAX
Technology	18.6%	35.9%
Industrials	17.9%	8.0%
Financial Services	12.8%	11.8%
Consumer Cyclical	8.6%	9.8%
Energy	8.5%	3.6%
Utilities	8.3%	2.7%
Healthcare	7.6%	8.6%
Real Estate	5.4%	1.7%
Consumer Defensive	4.8%	4.8%
Basic Materials	4.2%	1.6%
Communication Services	3.1%	11.2%

Return for Risk

VIMAX vs. VLCAX — Risk / Return Rank

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

VIMAX

VIMAX Risk / Return Rank: 35
VIMAX Sharpe Ratio Rank: 32
VIMAX Sortino Ratio Rank: 31
VIMAX Omega Ratio Rank: 29
VIMAX Calmar Ratio Rank: 41
VIMAX Martin Ratio Rank: 44

VLCAX

VLCAX Risk / Return Rank: 70
VLCAX Sharpe Ratio Rank: 73
VLCAX Sortino Ratio Rank: 65
VLCAX Omega Ratio Rank: 65
VLCAX Calmar Ratio Rank: 69
VLCAX Martin Ratio Rank: 79

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. VLCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and Vanguard Large-Cap Index Fund Admiral Shares (VLCAX). 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	VLCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.48	-0.87
Sortino ratio: Return per unit of downside risk	2.31	3.37	-1.06
Omega ratio: Gain probability vs. loss probability	1.28	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.44	3.22	-0.77
Martin ratio: Return relative to average drawdown	9.28	14.78	-5.51
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. VLCAX - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.61, which is lower than the VLCAX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of VIMAX and VLCAX, 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	VLCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.48	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.81	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.86	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.58	-0.08

Drawdowns

VIMAX vs. VLCAX - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, which is greater than VLCAX's maximum drawdown of -54.76%. Use the drawdown chart below to compare losses from any high point for VIMAX and VLCAX.

Drawdown Indicators

	VIMAX	VLCAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-54.76%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-9.19%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-19.01%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-25.65%	-1.90%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-33.97%	-5.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.12%	-6.86%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.00%	+0.14%

Volatility

VIMAX vs. VLCAX - Volatility Comparison

Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) has a higher volatility of 2.97% compared to Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) at 2.80%. This indicates that VIMAX's price experiences larger fluctuations and is considered to be riskier than VLCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIMAX	VLCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.80%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	9.01%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	11.92%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.16%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	18.20%	+0.72%

VIMAX vs. VLCAX - Expense Ratio Comparison

Both VIMAX and VLCAX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VIMAX vs. VLCAX - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.34%, more than VLCAX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	1.34%	1.51%	1.48%	1.50%	1.59%	1.11%	1.44%	1.47%	1.82%	1.35%	1.45%	1.47%
VLCAX Vanguard Large-Cap Index Fund Admiral Shares	0.96%	1.08%	1.23%	1.40%	1.66%	1.18%	1.45%	1.80%	2.08%	1.75%	1.98%	1.96%

Frequently Asked Questions

Can I hold both VIMAX and VLCAX in my portfolio?

VIMAX and VLCAX have a correlation of 0.78, 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 VLCAX?

VIMAX has higher volatility (2.97%) compared to VLCAX (2.80%). In terms of maximum drawdown, VIMAX dropped -58.88% vs VLCAX's -54.76%.

Which has better risk-adjusted returns?

VLCAX currently has the higher Sharpe Ratio (2.48 vs 1.61), 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.