VLCAX vs. VIMAX

Last updated Jun 24, 2026

VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) and VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) are both mutual funds - VLCAX is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index, while VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, VLCAX returned 15.78%/yr vs 12.00%/yr for VIMAX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.

Performance

VLCAX vs. VIMAX - 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 Mid-Cap Index Fund Admiral Shares (VIMAX). 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 lower than VIMAX's 11.32% return. Over the past 10 years, VLCAX has outperformed VIMAX with an annualized return of 15.78%, while VIMAX has yielded a comparatively lower 12.00% 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%

VIMAX

• 1D: 0.41%
• 1M: 3.04%
• YTD: 11.32%
• 6M: 10.01%
• 1Y: 18.73%
• 3Y*: 16.58%
• 5Y*: 8.05%
• 10Y*: 12.00%

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

VLCAX vs. VIMAX - 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%
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	11.32%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%

Correlation

The correlation between VLCAX and VIMAX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.94

The correlation between VLCAX and VIMAX shifts across timeframes, from 0.78 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

VLCAX vs. VIMAX - Sectors Allocation Comparison

Sectors	VLCAX	VIMAX
Technology	39.5%	20.8%
Financial Services	11.0%	12.5%
Communication Services	10.8%	3.0%
Consumer Cyclical	9.7%	8.6%
Healthcare	8.4%	7.5%
Industrials	7.9%	17.7%
Consumer Defensive	4.4%	4.7%
Energy	3.2%	7.9%
Utilities	2.0%	7.9%
Real Estate	1.6%	5.1%
Basic Materials	1.5%	4.0%

Return for Risk

VLCAX vs. VIMAX — 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

VIMAX

VIMAX Risk / Return Rank: 37
VIMAX Sharpe Ratio Rank: 34
VIMAX Sortino Ratio Rank: 32
VIMAX Omega Ratio Rank: 31
VIMAX Calmar Ratio Rank: 44
VIMAX Martin Ratio Rank: 46

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. VIMAX - 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 Mid-Cap Index Fund Admiral Shares (VIMAX). 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	VIMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.55	+0.55
Sortino ratio: Return per unit of downside risk	2.85	2.21	+0.64
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	2.88	2.44	+0.44
Martin ratio: Return relative to average drawdown	12.80	9.18	+3.63

VLCAX vs. VIMAX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 2.10, which is higher than the VIMAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of VLCAX and VIMAX, 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. VIMAX - Drawdown Comparison

The maximum VLCAX drawdown since its inception was -54.76%, smaller than the maximum VIMAX drawdown of -58.88%. Use the drawdown chart below to compare losses from any high point for VLCAX and VIMAX.

Drawdown Indicators

	VLCAX	VIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-58.88%	+4.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-8.13%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-18.93%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-27.55%	+1.90%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-39.30%	+5.33%
Current Drawdown Current decline from peak	-1.78%	-0.43%	-1.35%
Average Drawdown Average peak-to-trough decline	-6.85%	-8.10%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.16%	-0.10%

Volatility

VLCAX vs. VIMAX - Volatility Comparison

Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) has a higher volatility of 4.79% compared to Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) at 4.36%. This indicates that VLCAX's price experiences larger fluctuations and is considered to be riskier than VIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLCAX	VIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	4.36%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	9.85%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	12.79%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	17.69%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	18.95%	-0.70%

VLCAX vs. VIMAX - Expense Ratio Comparison

Both VLCAX and VIMAX 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

VLCAX vs. VIMAX - Dividend Comparison

VLCAX's dividend yield for the trailing twelve months is around 0.98%, less than VIMAX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	1.34%	1.51%	1.48%	1.50%	1.59%	1.11%	1.44%	1.47%	1.82%	1.35%	1.45%	1.47%
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 VIMAX in my portfolio?

VLCAX and VIMAX have a correlation of 0.78, 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 VIMAX?

VLCAX has higher volatility (4.79%) compared to VIMAX (4.36%). In terms of maximum drawdown, VLCAX dropped -54.76% vs VIMAX's -58.88%.

Which has better risk-adjusted returns?

VLCAX currently has the higher Sharpe Ratio (2.10 vs 1.55), 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.