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VLCAX vs. VHYAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VLCAX vs. VHYAX

Last updated Aug 2, 2026
Documentation

VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) and VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) are both mutual funds - VLCAX is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index, while VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index. Both are passively managed. Over the past 5 years, VLCAX returned 12.21%/yr vs 12.16%/yr for VHYAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VLCAX charges 0.05%/yr vs 0.08%/yr for VHYAX.

Performance

VLCAX vs. VHYAX - 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 High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VLCAX achieves a 9.02% return, which is significantly lower than VHYAX's 14.17% return.

VLCAX

1D
1.71%
1M
-0.63%
6M
7.78%
YTD
9.02%
1Y
20.12%
3Y*
19.13%
5Y*
12.21%
10Y*
14.97%
ALL TIME*
10.81%

VHYAX

1D
0.18%
1M
1.48%
6M
9.25%
YTD
14.17%
1Y
24.78%
3Y*
16.81%
5Y*
12.16%
10Y*
—
ALL TIME*
12.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VHYAX

Vanguard High Dividend Yield Index Fund Admiral Shares
$0.00$0.00$0.00

VLCAX

Vanguard Large-Cap Index Fund Admiral Shares
$0.00$0.00$0.00

VLCAX vs. VHYAX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VLCAX
Vanguard Large-Cap Index Fund Admiral Shares		9.02%18.09%25.10%27.26%-19.69%27.02%21.03%20.25%
VHYAX
Vanguard High Dividend Yield Index Fund Admiral Shares		14.17%15.39%17.39%6.68%-0.45%26.08%1.06%16.67%

Correlation

The correlation between VLCAX and VHYAX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.65

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2019

0.79

The correlation between VLCAX and VHYAX shifts across timeframes, from 0.65 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

VLCAX vs. VHYAX - Sectors Allocation Comparison

Sectors
VLCAX
VHYAX

Technology

44.8%
17.8%

Communication Services

11.4%
3.0%

Financial Services

10.5%
21.0%

Consumer Cyclical

9.0%
6.8%

Healthcare

8.9%
13.2%

Industrials

6.0%
12.6%

Consumer Defensive

4.2%
8.1%

Utilities

1.4%
5.7%

Energy

1.0%
8.6%

Basic Materials

1.0%
3.3%

Real Estate

0.8%
0.0%

Technology

VLCAX
44.8%
VHYAX
17.8%

Communication Services

VLCAX
11.4%
VHYAX
3.0%

Financial Services

VLCAX
10.5%
VHYAX
21.0%

Consumer Cyclical

VLCAX
9.0%
VHYAX
6.8%

Healthcare

VLCAX
8.9%
VHYAX
13.2%

Industrials

VLCAX
6.0%
VHYAX
12.6%

Consumer Defensive

VLCAX
4.2%
VHYAX
8.1%

Utilities

VLCAX
1.4%
VHYAX
5.7%

Energy

VLCAX
1.0%
VHYAX
8.6%

Basic Materials

VLCAX
1.0%
VHYAX
3.3%

Real Estate

VLCAX
0.8%
VHYAX
0.0%

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Vanguard Large-Cap Index Fund Admiral Shares

Vanguard High Dividend Yield Index Fund Admiral Shares

Often compared with VLCAX:
VLCAX vs. VFIAXVLCAX vs. VOOVLCAX vs. VIGAXVLCAX vs. VTSAXVLCAX vs. VIVAXVLCAX vs. VIMAXVLCAX vs. SPY
Often compared with VHYAX:
VHYAX vs. SCHDVHYAX vs. VDIGXVHYAX vs. VYMIVHYAX vs. VIHAXVHYAX vs. VEIPXVHYAX vs. VOOVHYAX vs. VDADX

Return for Risk

VLCAX vs. VHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VLCAX
VLCAX Risk / Return Rank: 5858
Overall Rank
VLCAX Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VLCAX Sortino Ratio Rank: 5454
Sortino Ratio Rank
VLCAX Omega Ratio Rank: 5454
Omega Ratio Rank
VLCAX Calmar Ratio Rank: 5959
Calmar Ratio Rank
VLCAX Martin Ratio Rank: 6969
Martin Ratio Rank
VHYAX
VHYAX Risk / Return Rank: 8888
Overall Rank
VHYAX Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
VHYAX Sortino Ratio Rank: 8686
Sortino Ratio Rank
VHYAX Omega Ratio Rank: 8484
Omega Ratio Rank
VHYAX Calmar Ratio Rank: 9090
Calmar Ratio Rank
VHYAX Martin Ratio Rank: 9191
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VLCAX vs. VHYAX - 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 High Dividend Yield Index Fund Admiral Shares (VHYAX). 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.

VLCAXVHYAXDifference
Sharpe ratioReturn per unit of total volatility
1.38
2.16

-0.78

Sortino ratioReturn per unit of downside risk
1.94
3.10

-1.16

Omega ratioGain probability vs. loss probability

1.25

1.39

-0.15

Calmar ratioReturn relative to maximum drawdown

1.95

3.31

-1.37

Martin ratioReturn relative to average drawdown

8.23

12.56

-4.33

VLCAX vs. VHYAX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 1.38, which is lower than the VHYAX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VLCAX and VHYAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VLCAX vs. VHYAX - Drawdown Comparison

The maximum VLCAX drawdown since its inception was -54.76%, which is greater than VHYAX's maximum drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for VLCAX and VHYAX.

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Drawdown Indicators

VLCAXVHYAXDifference

Max Drawdown

Largest peak-to-trough decline

-54.76%

-35.14%

-19.62%

Max Drawdown (1Y)

Largest decline over 1 year

-9.19%

-6.75%

-2.44%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-14.42%

-4.59%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-15.87%

-9.78%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

—

—

Current Drawdown

Current decline from peak

-2.21%

-1.13%

-1.08%

Average Drawdown

Average peak-to-trough decline

-6.82%

-3.71%

-3.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

1.79%

+0.38%

Volatility

VLCAX vs. VHYAX - Volatility Comparison

Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) has a higher volatility of 3.48% compared to Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) at 2.45%. This indicates that VLCAX's price experiences larger fluctuations and is considered to be riskier than VHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VLCAXVHYAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

2.45%

+1.03%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

7.48%

+2.71%

Volatility (1Y)

Calculated over the trailing 1-year period

12.96%

10.37%

+2.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.28%

13.91%

+3.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.21%

17.82%

+0.39%

VLCAX vs. VHYAX - Expense Ratio Comparison

VLCAX has a 0.05% expense ratio, which is lower than VHYAX's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VLCAX vs. VHYAX - Dividend Comparison

VLCAX's dividend yield for the trailing twelve months is around 1.02%, less than VHYAX's 2.22% yield.

PositionTTM20252024202320222021202020192018201720162015
VHYAX
Vanguard High Dividend Yield Index Fund Admiral Shares		2.22%2.42%2.72%3.09%2.98%2.74%3.16%3.00%0.00%0.00%0.00%0.00%
VLCAX
Vanguard Large-Cap Index Fund Admiral Shares		1.02%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

VLCAX and VHYAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VLCAX has higher volatility (3.48%) compared to VHYAX (2.45%). In terms of maximum drawdown, VLCAX dropped -54.76% vs VHYAX's -35.14%.

VHYAX currently has the higher Sharpe Ratio (2.16 vs 1.38), 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.

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