VINIX vs. MDFGX

Last updated Jun 14, 2026

VINIX (Vanguard Institutional Index Fund Institutional Shares) and MDFGX (BlackRock Capital Appreciation Fund) are both mutual funds - VINIX is a S&P 500 fund tracking the S&P 500 Index, while MDFGX is a Large Cap Growth Equities fund managed by BlackRock. Over the past 10 years, VINIX returned 15.50%/yr vs 16.67%/yr for MDFGX. Their correlation of 0.92 suggests significant overlap in exposure. VINIX charges 0.04%/yr vs 0.97%/yr for MDFGX.

Performance

VINIX vs. MDFGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Shares (VINIX) and BlackRock Capital Appreciation Fund (MDFGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VINIX having a 8.58% return and MDFGX slightly lower at 8.54%. Over the past 10 years, VINIX has underperformed MDFGX with an annualized return of 15.50%, while MDFGX has yielded a comparatively higher 16.67% annualized return.

VINIX

• 1D: 1.75%
• 1M: -1.31%
• YTD: 8.58%
• 6M: 8.93%
• 1Y: 25.16%
• 3Y*: 21.46%
• 5Y*: 13.46%
• 10Y*: 15.50%

MDFGX

• 1D: 2.30%
• 1M: -3.72%
• YTD: 8.54%
• 6M: 10.22%
• 1Y: 20.45%
• 3Y*: 22.77%
• 5Y*: 10.48%
• 10Y*: 16.67%

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

VINIX vs. MDFGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VINIX Vanguard Institutional Index Fund Institutional Shares	8.58%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%
MDFGX BlackRock Capital Appreciation Fund	8.54%	12.63%	31.58%	48.77%	-37.83%	20.78%	40.16%	31.89%	1.81%	32.37%

Correlation

The correlation between VINIX and MDFGX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.92

The correlation between VINIX and MDFGX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

VINIX vs. MDFGX — Risk / Return Rank

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

VINIX

VINIX Risk / Return Rank: 73
VINIX Sharpe Ratio Rank: 72
VINIX Sortino Ratio Rank: 68
VINIX Omega Ratio Rank: 68
VINIX Calmar Ratio Rank: 73
VINIX Martin Ratio Rank: 83

MDFGX

MDFGX Risk / Return Rank: 19
MDFGX Sharpe Ratio Rank: 21
MDFGX Sortino Ratio Rank: 19
MDFGX Omega Ratio Rank: 21
MDFGX Calmar Ratio Rank: 17
MDFGX Martin Ratio Rank: 18

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.

VINIX vs. MDFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Shares (VINIX) and BlackRock Capital Appreciation Fund (MDFGX). 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.

	VINIX	MDFGX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.05	+0.92
Sortino ratio: Return per unit of downside risk	2.67	1.47	+1.20
Omega ratio: Gain probability vs. loss probability	1.36	1.19	+0.17
Calmar ratio: Return relative to maximum drawdown	2.74	1.14	+1.60
Martin ratio: Return relative to average drawdown	12.44	3.80	+8.64

VINIX vs. MDFGX - Sharpe Ratio Comparison

The current VINIX Sharpe Ratio is 1.97, which is higher than the MDFGX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VINIX and MDFGX, 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

VINIX vs. MDFGX - Drawdown Comparison

The maximum VINIX drawdown since its inception was -55.19%, which is greater than MDFGX's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for VINIX and MDFGX.

Drawdown Indicators

	VINIX	MDFGX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-47.99%	-7.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-16.74%	+7.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-24.43%	+5.68%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-42.49%	+17.98%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-42.49%	+8.70%
Current Drawdown Current decline from peak	-2.79%	-6.14%	+3.35%
Average Drawdown Average peak-to-trough decline	-8.52%	-11.22%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	4.99%	-3.04%

Volatility

VINIX vs. MDFGX - Volatility Comparison

The current volatility for Vanguard Institutional Index Fund Institutional Shares (VINIX) is 4.43%, while BlackRock Capital Appreciation Fund (MDFGX) has a volatility of 6.95%. This indicates that VINIX experiences smaller price fluctuations and is considered to be less risky than MDFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VINIX	MDFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	6.95%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	14.60%	-4.90%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	18.18%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	23.57%	-6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	22.58%	-4.49%

VINIX vs. MDFGX - Expense Ratio Comparison

VINIX has a 0.04% expense ratio, which is lower than MDFGX's 0.97% expense ratio.

Dividends

VINIX vs. MDFGX - Dividend Comparison

VINIX's dividend yield for the trailing twelve months is around 2.46%, less than MDFGX's 17.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDFGX BlackRock Capital Appreciation Fund	17.98%	19.51%	12.73%	3.59%	9.46%	12.95%	5.46%	10.67%	14.31%	12.51%	4.01%	11.22%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.46%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both VINIX and MDFGX in my portfolio?

With a correlation of 0.90, VINIX and MDFGX 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, VINIX or MDFGX?

MDFGX has higher volatility (6.95%) compared to VINIX (4.43%). In terms of maximum drawdown, VINIX dropped -55.19% vs MDFGX's -47.99%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (1.97 vs 1.05), 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.