VIMAX vs. VOE

Last updated Jun 25, 2026

VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) and VOE (Vanguard Mid-Cap Value ETF) are both funds - VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, VIMAX returned 11.91%/yr vs 11.02%/yr for VOE. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

VIMAX vs. VOE - 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 ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIMAX achieves a 10.35% return, which is significantly lower than VOE's 12.36% return. Over the past 10 years, VIMAX has outperformed VOE with an annualized return of 11.91%, while VOE has yielded a comparatively lower 11.02% annualized return.

VIMAX

• 1D: -0.87%
• 1M: 2.15%
• YTD: 10.35%
• 6M: 8.74%
• 1Y: 16.53%
• 3Y*: 16.24%
• 5Y*: 7.71%
• 10Y*: 11.91%

VOE

• 1D: 0.55%
• 1M: 1.98%
• YTD: 12.36%
• 6M: 11.18%
• 1Y: 23.06%
• 3Y*: 16.45%
• 5Y*: 9.24%
• 10Y*: 11.02%

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

VIMAX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	10.35%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%
VOE Vanguard Mid-Cap Value ETF	12.36%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between VIMAX and VOE is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.95

The correlation between VIMAX and VOE has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

VIMAX vs. VOE - Sectors Allocation Comparison

Sectors	VIMAX	VOE
Technology	20.8%	11.4%
Industrials	17.7%	13.6%
Financial Services	12.5%	16.6%
Consumer Cyclical	8.6%	6.2%
Utilities	7.9%	11.6%
Energy	7.9%	12.3%
Healthcare	7.5%	6.4%
Real Estate	5.1%	5.6%
Consumer Defensive	4.7%	7.9%
Basic Materials	4.0%	5.9%
Communication Services	3.0%	2.1%

Return for Risk

VIMAX vs. VOE — Risk / Return Rank

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

VIMAX

VIMAX Risk / Return Rank: 32
VIMAX Sharpe Ratio Rank: 28
VIMAX Sortino Ratio Rank: 28
VIMAX Omega Ratio Rank: 26
VIMAX Calmar Ratio Rank: 37
VIMAX Martin Ratio Rank: 40

VOE

VOE Risk / Return Rank: 71
VOE Sharpe Ratio Rank: 69
VOE Sortino Ratio Rank: 71
VOE Omega Ratio Rank: 65
VOE Calmar Ratio Rank: 73
VOE Martin Ratio Rank: 75

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. VOE - 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 ETF (VOE). 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	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.00	-0.60
Sortino ratio: Return per unit of downside risk	1.99	2.87	-0.87
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	2.19	3.34	-1.16
Martin ratio: Return relative to average drawdown	8.22	12.64	-4.42

VIMAX vs. VOE - Sharpe Ratio Comparison

The current VIMAX Sharpe Ratio is 1.39, which is lower than the VOE Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of VIMAX and VOE, 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. VOE - Drawdown Comparison

The maximum VIMAX drawdown since its inception was -58.88%, roughly equal to the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VIMAX and VOE.

Drawdown Indicators

	VIMAX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-58.88%	-61.50%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-6.93%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-18.45%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-19.70%	-7.85%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-43.18%	+3.88%
Current Drawdown Current decline from peak	-1.30%	-0.52%	-0.78%
Average Drawdown Average peak-to-trough decline	-8.10%	-8.33%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.83%	+0.33%

Volatility

VIMAX vs. VOE - Volatility Comparison

Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) has a higher volatility of 4.48% compared to Vanguard Mid-Cap Value ETF (VOE) at 3.29%. This indicates that VIMAX's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIMAX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.29%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	8.37%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	11.62%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	16.01%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	18.79%	+0.12%

VIMAX vs. VOE - Expense Ratio Comparison

Both VIMAX and VOE 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. VOE - Dividend Comparison

VIMAX's dividend yield for the trailing twelve months is around 1.35%, less than VOE's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOE Vanguard Mid-Cap Value ETF	1.85%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VIMAX and VOE in my portfolio?

VIMAX and VOE have a correlation of 0.89, 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 VOE?

VIMAX has higher volatility (4.48%) compared to VOE (3.29%). In terms of maximum drawdown, VIMAX dropped -58.88% vs VOE's -61.50%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.00 vs 1.39), 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.