VLCAX vs. VGHCX

Last updated Jun 24, 2026

VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) and VGHCX (Vanguard Health Care Fund Investor Shares) are both mutual funds - VLCAX is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index, while VGHCX is a Health & Biotech Equities fund actively managed by Vanguard. VLCAX is passively managed, while VGHCX is actively managed. Over the past 10 years, VLCAX returned 15.78%/yr vs 9.74%/yr for VGHCX. A 0.76 correlation means they provide meaningful diversification when combined. VLCAX charges 0.05%/yr vs 0.33%/yr for VGHCX.

Performance

VLCAX vs. VGHCX - Performance Comparison

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

Returns By Period

In the year-to-date period, VLCAX achieves a 9.50% return, which is significantly higher than VGHCX's -0.94% return. Over the past 10 years, VLCAX has outperformed VGHCX with an annualized return of 15.78%, while VGHCX has yielded a comparatively lower 9.74% annualized return.

VLCAX

• 1D: -0.44%
• 1M: 0.22%
• YTD: 9.50%
• 6M: 8.50%
• 1Y: 25.15%
• 3Y*: 21.58%
• 5Y*: 13.11%
• 10Y*: 15.78%

VGHCX

• 1D: 0.93%
• 1M: 0.54%
• YTD: -0.94%
• 6M: -1.48%
• 1Y: 21.58%
• 3Y*: 9.63%
• 5Y*: 6.98%
• 10Y*: 9.74%

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

VLCAX vs. VGHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLCAX Vanguard Large-Cap Index Fund Admiral Shares	9.50%	18.09%	25.10%	27.26%	-19.69%	27.02%	21.03%	31.39%	-4.49%	22.02%
VGHCX Vanguard Health Care Fund Investor Shares	-0.94%	19.63%	8.99%	5.46%	-1.05%	14.36%	12.57%	22.93%	1.03%	19.59%

Correlation

The correlation between VLCAX and VGHCX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.76

Over the past year, the correlation between VLCAX and VGHCX has dropped to 0.40 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

VLCAX vs. VGHCX - Sectors Allocation Comparison

Sectors	VLCAX	VGHCX
Technology	39.5%	-
Financial Services	11.0%	0.0%
Communication Services	10.8%	-
Consumer Cyclical	9.7%	-
Healthcare	8.4%	98.3%
Industrials	7.9%	-
Consumer Defensive	4.4%	1.2%
Energy	3.2%	-
Utilities	2.0%	-
Real Estate	1.6%	-
Basic Materials	1.5%	0.0%

Return for Risk

VLCAX vs. VGHCX — Risk / Return Rank

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

VLCAX

VLCAX Risk / Return Rank: 61
VLCAX Sharpe Ratio Rank: 60
VLCAX Sortino Ratio Rank: 54
VLCAX Omega Ratio Rank: 56
VLCAX Calmar Ratio Rank: 62
VLCAX Martin Ratio Rank: 72

VGHCX

VGHCX Risk / Return Rank: 34
VGHCX Sharpe Ratio Rank: 31
VGHCX Sortino Ratio Rank: 35
VGHCX Omega Ratio Rank: 29
VGHCX Calmar Ratio Rank: 44
VGHCX Martin Ratio Rank: 30

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. VGHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) and Vanguard Health Care Fund Investor Shares (VGHCX). 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.

	VLCAX	VGHCX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.49	+0.61
Sortino ratio: Return per unit of downside risk	2.85	2.28	+0.57
Omega ratio: Gain probability vs. loss probability	1.38	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	2.88	2.42	+0.46
Martin ratio: Return relative to average drawdown	12.80	6.46	+6.35

VLCAX vs. VGHCX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 2.10, which is higher than the VGHCX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VLCAX and VGHCX, 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

VLCAX vs. VGHCX - Drawdown Comparison

The maximum VLCAX drawdown since its inception was -54.76%, which is greater than VGHCX's maximum drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for VLCAX and VGHCX.

Drawdown Indicators

	VLCAX	VGHCX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-36.93%	-17.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-9.20%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-16.08%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-16.95%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-27.18%	-6.79%
Current Drawdown Current decline from peak	-1.78%	-3.99%	+2.21%
Average Drawdown Average peak-to-trough decline	-6.85%	-5.24%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.44%	-1.38%

Volatility

VLCAX vs. VGHCX - Volatility Comparison

Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) and Vanguard Health Care Fund Investor Shares (VGHCX) have volatilities of 4.79% and 4.74%, 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

	VLCAX	VGHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	4.74%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	10.65%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	14.95%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	18.24%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	17.66%	+0.59%

VLCAX vs. VGHCX - Expense Ratio Comparison

VLCAX has a 0.05% expense ratio, which is lower than VGHCX's 0.33% expense ratio.

Dividends

VLCAX vs. VGHCX - Dividend Comparison

VLCAX's dividend yield for the trailing twelve months is around 0.98%, less than VGHCX's 6.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGHCX Vanguard Health Care Fund Investor Shares	6.67%	6.00%	22.72%	7.17%	5.44%	8.31%	7.96%	11.82%	9.10%	7.30%	8.54%	8.16%
VLCAX Vanguard Large-Cap Index Fund Admiral Shares	0.98%	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 VGHCX in my portfolio?

VLCAX and VGHCX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLCAX or VGHCX?

VLCAX has higher volatility (4.79%) compared to VGHCX (4.74%). In terms of maximum drawdown, VLCAX dropped -54.76% vs VGHCX's -36.93%.

Which has better risk-adjusted returns?

VLCAX currently has the higher Sharpe Ratio (2.10 vs 1.49), 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.