VLCAX vs. JMUEX

Last updated Jun 3, 2026

VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) and JMUEX (JPMorgan U.S. Equity Fund) are both Large Cap Blend Equities funds. Over the past 10 years, VLCAX returned 15.63%/yr vs 15.97%/yr for JMUEX. With a 0.99 correlation, they move nearly in lockstep. VLCAX charges 0.05%/yr vs 0.57%/yr for JMUEX.

Performance

VLCAX vs. JMUEX - Performance Comparison

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

Returns By Period

In the year-to-date period, VLCAX achieves a 11.30% return, which is significantly higher than JMUEX's 6.39% return. Both investments have delivered pretty close results over the past 10 years, with VLCAX having a 15.63% annualized return and JMUEX not far ahead at 15.97%.

VLCAX

• 1D: 0.31%
• 1M: 5.40%
• YTD: 11.30%
• 6M: 11.54%
• 1Y: 29.20%
• 3Y*: 22.89%
• 5Y*: 13.77%
• 10Y*: 15.63%

JMUEX

• 1D: 0.39%
• 1M: 3.84%
• YTD: 6.39%
• 6M: 6.36%
• 1Y: 22.05%
• 3Y*: 21.71%
• 5Y*: 13.68%
• 10Y*: 15.97%

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

VLCAX vs. JMUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLCAX Vanguard Large-Cap Index Fund Admiral Shares	11.30%	18.09%	25.10%	27.26%	-19.69%	27.02%	21.03%	31.39%	-4.49%	22.02%
JMUEX JPMorgan U.S. Equity Fund	6.39%	14.60%	31.22%	27.28%	-18.84%	28.55%	26.51%	32.26%	-5.90%	21.52%

Correlation

The correlation between VLCAX and JMUEX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.99

The correlation between VLCAX and JMUEX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

VLCAX vs. JMUEX — Risk / Return Rank

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

VLCAX

VLCAX Risk / Return Rank: 71
VLCAX Sharpe Ratio Rank: 75
VLCAX Sortino Ratio Rank: 66
VLCAX Omega Ratio Rank: 66
VLCAX Calmar Ratio Rank: 70
VLCAX Martin Ratio Rank: 79

JMUEX

JMUEX Risk / Return Rank: 35
JMUEX Sharpe Ratio Rank: 40
JMUEX Sortino Ratio Rank: 37
JMUEX Omega Ratio Rank: 40
JMUEX Calmar Ratio Rank: 24
JMUEX Martin Ratio Rank: 32

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.

VLCAX vs. JMUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) and JPMorgan U.S. Equity Fund (JMUEX). 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.

	VLCAX	JMUEX	Difference
Sharpe ratio Return per unit of total volatility	2.51	1.86	+0.65
Sortino ratio Return per unit of downside risk	3.40	2.57	+0.83
Omega ratio Gain probability vs. loss probability	1.45	1.34	+0.12
Calmar ratio Return relative to maximum drawdown	3.25	1.87	+1.37
Martin ratio Return relative to average drawdown	14.95	7.57	+7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLCAX vs. JMUEX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 2.51, which is higher than the JMUEX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of VLCAX and JMUEX, 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

	VLCAX	JMUEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.86	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.79	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.86	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.58	0.00

Drawdowns

VLCAX vs. JMUEX - Drawdown Comparison

The maximum VLCAX drawdown since its inception was -54.76%, which is greater than JMUEX's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for VLCAX and JMUEX.

Drawdown Indicators

	VLCAX	JMUEX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-52.11%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-11.92%	+2.73%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-19.11%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-24.60%	-1.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-33.35%	-0.62%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.86%	-8.79%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.95%	-0.95%

Volatility

VLCAX vs. JMUEX - Volatility Comparison

The current volatility for Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) is 2.80%, while JPMorgan U.S. Equity Fund (JMUEX) has a volatility of 3.20%. This indicates that VLCAX experiences smaller price fluctuations and is considered to be less risky than JMUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLCAX	JMUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	3.20%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	9.43%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	12.25%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	17.41%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	18.56%	-0.36%

VLCAX vs. JMUEX - Expense Ratio Comparison

VLCAX has a 0.05% expense ratio, which is lower than JMUEX's 0.57% expense ratio.

Dividends

VLCAX vs. JMUEX - Dividend Comparison

VLCAX's dividend yield for the trailing twelve months is around 0.96%, less than JMUEX's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMUEX JPMorgan U.S. Equity Fund	5.52%	5.85%	12.03%	2.06%	5.11%	10.74%	6.63%	10.06%	14.56%	8.71%	4.77%	6.17%
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 VLCAX and JMUEX in my portfolio?

With a correlation of 0.97, VLCAX and JMUEX 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, VLCAX or JMUEX?

JMUEX has higher volatility (3.20%) compared to VLCAX (2.80%). In terms of maximum drawdown, VLCAX dropped -54.76% vs JMUEX's -52.11%.

Which has better risk-adjusted returns?

VLCAX currently has the higher Sharpe Ratio (2.51 vs 1.86), 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.