VIMAX vs. VO

Last updated Jun 23, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds from Vanguard tracking the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, VIMAX returned 11.66%/yr vs 12.03%/yr for VO. With a 0.99 correlation, they move nearly in lockstep. VIMAX charges 0.05%/yr vs 0.03%/yr for VO.

Performance

VIMAX vs. VO - 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 ETF (VO). 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 10.87% return and VO slightly higher at 11.30%. Both investments have delivered pretty close results over the past 10 years, with VIMAX having a 11.66% annualized return and VO not far ahead at 12.03%.

VIMAX

• 1D: 0.74%
• 1M: 2.62%
• YTD: 10.87%
• 6M: 9.30%
• 1Y: 19.27%
• 3Y*: 15.56%
• 5Y*: 8.42%
• 10Y*: 11.66%

VO

• 1D: 0.44%
• 1M: 3.04%
• YTD: 11.30%
• 6M: 9.77%
• 1Y: 19.89%
• 3Y*: 16.59%
• 5Y*: 8.06%
• 10Y*: 12.03%

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

VIMAX vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	10.87%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%
VO Vanguard Mid-Cap ETF	11.30%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between VIMAX and VO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.99

The correlation between VIMAX and VO has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VIMAX vs. VO - Sectors Allocation Comparison

Sectors	VIMAX	VO
Technology	20.8%	20.8%
Industrials	17.7%	17.7%
Financial Services	12.5%	12.5%
Consumer Cyclical	8.6%	8.6%
Utilities	7.9%	7.9%
Energy	7.9%	7.9%
Healthcare	7.5%	7.5%
Real Estate	5.1%	5.1%
Consumer Defensive	4.7%	4.7%
Basic Materials	4.0%	4.0%
Communication Services	3.0%	3.0%

Return for Risk

VIMAX vs. VO — 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: 33
VIMAX Sortino Ratio Rank: 32
VIMAX Omega Ratio Rank: 30
VIMAX Calmar Ratio Rank: 44
VIMAX Martin Ratio Rank: 46

VO

VO Risk / Return Rank: 48
VO Sharpe Ratio Rank: 46
VO Sortino Ratio Rank: 46
VO Omega Ratio Rank: 43
VO Calmar Ratio Rank: 51
VO Martin Ratio Rank: 55

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. VO - 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 ETF (VO). 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	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.56	-0.03
Sortino ratio: Return per unit of downside risk	2.18	2.23	-0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.41	2.45	-0.03
Martin ratio: Return relative to average drawdown	9.08	9.23	-0.15

VIMAX vs. VO - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.54, which is comparable to the VO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VIMAX and VO, 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. VO - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for VIMAX and VO.

Drawdown Indicators

	VIMAX	VO	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-58.87%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.17%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-19.02%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-27.57%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-39.37%	+0.07%
Current Drawdown Current decline from peak	-0.84%	-0.45%	-0.39%
Average Drawdown Average peak-to-trough decline	-8.10%	-7.85%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.16%	0.00%

Volatility

VIMAX vs. VO - Volatility Comparison

Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) and Vanguard Mid-Cap ETF (VO) have volatilities of 4.45% and 4.35%, 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	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.35%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	9.80%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	12.80%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	17.66%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	18.98%	-0.03%

VIMAX vs. VO - Expense Ratio Comparison

VIMAX has a 0.05% expense ratio, which is higher than VO'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

VIMAX vs. VO - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.34%, which matches VO's 1.35% 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%
VO Vanguard Mid-Cap ETF	1.35%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both VIMAX and VO in my portfolio?

With a correlation of 1.00, VIMAX and VO 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 VO?

VIMAX has higher volatility (4.45%) compared to VO (4.35%). In terms of maximum drawdown, VIMAX dropped -58.88% vs VO's -58.87%.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.56 vs 1.54), 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.