VIMAX vs. VMVIX

Last updated Jun 24, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and VMVIX (Vanguard Mid-Cap Value Index Fund) are both mutual funds - VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while VMVIX is a Mid Cap Value Equities fund managed by Vanguard. Over the past 10 years, VIMAX returned 12.00%/yr vs 10.74%/yr for VMVIX. With a 0.95 correlation, they move nearly in lockstep. VIMAX charges 0.05%/yr vs 0.19%/yr for VMVIX.

Performance

VIMAX vs. VMVIX - 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 Mid-Cap Value Index Fund (VMVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIMAX having a 11.32% return and VMVIX slightly higher at 11.61%. Over the past 10 years, VIMAX has outperformed VMVIX with an annualized return of 12.00%, while VMVIX has yielded a comparatively lower 10.74% annualized return.

VIMAX

• 1D: 0.41%
• 1M: 3.04%
• YTD: 11.32%
• 6M: 10.01%
• 1Y: 18.73%
• 3Y*: 16.58%
• 5Y*: 8.05%
• 10Y*: 12.00%

VMVIX

• 1D: 0.53%
• 1M: 1.27%
• YTD: 11.61%
• 6M: 10.74%
• 1Y: 22.77%
• 3Y*: 15.81%
• 5Y*: 9.14%
• 10Y*: 10.74%

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

VIMAX vs. VMVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	11.32%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%
VMVIX Vanguard Mid-Cap Value Index Fund	11.61%	11.22%	13.48%	10.00%	-8.00%	28.60%	2.33%	27.85%	-12.57%	16.91%

Correlation

The correlation between VIMAX and VMVIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 24, 2006	0.95

The correlation between VIMAX and VMVIX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

VIMAX vs. VMVIX — Risk / Return Rank

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

VIMAX

VIMAX Risk / Return Rank: 37
VIMAX Sharpe Ratio Rank: 34
VIMAX Sortino Ratio Rank: 32
VIMAX Omega Ratio Rank: 31
VIMAX Calmar Ratio Rank: 44
VIMAX Martin Ratio Rank: 46

VMVIX

VMVIX Risk / Return Rank: 64
VMVIX Sharpe Ratio Rank: 57
VMVIX Sortino Ratio Rank: 60
VMVIX Omega Ratio Rank: 51
VMVIX Calmar Ratio Rank: 80
VMVIX Martin Ratio Rank: 74

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. VMVIX - 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 Mid-Cap Value Index Fund (VMVIX). 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.

	VIMAX	VMVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.06	-0.51
Sortino ratio: Return per unit of downside risk	2.21	2.96	-0.76
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.44	3.44	-1.00
Martin ratio: Return relative to average drawdown	9.18	13.09	-3.91

VIMAX vs. VMVIX - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.55, which is comparable to the VMVIX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VIMAX and VMVIX, 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

VIMAX vs. VMVIX - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, roughly equal to the maximum VMVIX drawdown of -61.61%. Use the drawdown chart below to compare losses from any high point for VIMAX and VMVIX.

Drawdown Indicators

	VIMAX	VMVIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-61.61%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-6.96%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-18.94%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-19.81%	-7.74%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-43.08%	+3.78%
Current Drawdown Current decline from peak	-0.43%	-1.15%	+0.72%
Average Drawdown Average peak-to-trough decline	-8.10%	-8.44%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.83%	+0.33%

Volatility

VIMAX vs. VMVIX - Volatility Comparison

Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) has a higher volatility of 4.36% compared to Vanguard Mid-Cap Value Index Fund (VMVIX) at 3.39%. This indicates that VIMAX's price experiences larger fluctuations and is considered to be riskier than VMVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIMAX	VMVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.39%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	8.40%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	11.65%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	16.00%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	18.80%	+0.15%

VIMAX vs. VMVIX - Expense Ratio Comparison

VIMAX has a 0.05% expense ratio, which is lower than VMVIX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIMAX vs. VMVIX - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.34%, less than VMVIX's 1.75% 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%
VMVIX Vanguard Mid-Cap Value Index Fund	1.75%	1.42%	1.99%	2.15%	2.15%	1.67%	2.26%	1.95%	2.60%	1.75%	1.81%	1.91%

Frequently Asked Questions

Can I hold both VIMAX and VMVIX in my portfolio?

With a correlation of 0.90, VIMAX and VMVIX 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.

Which is riskier, VIMAX or VMVIX?

VIMAX has higher volatility (4.36%) compared to VMVIX (3.39%). In terms of maximum drawdown, VIMAX dropped -58.88% vs VMVIX's -61.61%.

Which has better risk-adjusted returns?

VMVIX currently has the higher Sharpe Ratio (2.06 vs 1.55), 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.