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VLCAX vs. VIMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VLCAX vs. VIMAX

Last updated Aug 2, 2026
Documentation

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 14.97%/yr vs 11.37%/yr for VIMAX. Their correlation of 0.94 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, VLCAX achieves a 9.02% return, which is significantly lower than VIMAX's 12.41% return. Over the past 10 years, VLCAX has outperformed VIMAX with an annualized return of 14.97%, while VIMAX has yielded a comparatively lower 11.37% annualized 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%

VIMAX

1D
0.44%
1M
0.55%
6M
10.10%
YTD
12.41%
1Y
16.54%
3Y*
14.19%
5Y*
7.77%
10Y*
11.37%
ALL TIME*
10.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VIMAX

Vanguard Mid-Cap 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. VIMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VLCAX
Vanguard Large-Cap Index Fund Admiral Shares		9.02%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		12.41%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 0.77, 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.

0.77

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

0.83

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

0.89

Correlation (10Y)
Provides a long-term view across more market conditions.

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 0.77 (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

44.8%
18.2%

Communication Services

11.4%
2.7%

Financial Services

10.5%
13.1%

Consumer Cyclical

9.0%
9.0%

Healthcare

8.9%
7.8%

Industrials

6.0%
19.9%

Consumer Defensive

4.2%
4.6%

Utilities

1.4%
8.4%

Energy

1.0%
7.4%

Basic Materials

1.0%
3.9%

Real Estate

0.8%
5.1%

Technology

VLCAX
44.8%
VIMAX
18.2%

Communication Services

VLCAX
11.4%
VIMAX
2.7%

Financial Services

VLCAX
10.5%
VIMAX
13.1%

Consumer Cyclical

VLCAX
9.0%
VIMAX
9.0%

Healthcare

VLCAX
8.9%
VIMAX
7.8%

Industrials

VLCAX
6.0%
VIMAX
19.9%

Consumer Defensive

VLCAX
4.2%
VIMAX
4.6%

Utilities

VLCAX
1.4%
VIMAX
8.4%

Energy

VLCAX
1.0%
VIMAX
7.4%

Basic Materials

VLCAX
1.0%
VIMAX
3.9%

Real Estate

VLCAX
0.8%
VIMAX
5.1%

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Vanguard Large-Cap Index Fund Admiral Shares

Vanguard Mid-Cap Index Fund Admiral Shares

Often compared with VLCAX:
VLCAX vs. VFIAXVLCAX vs. VOOVLCAX vs. VIGAXVLCAX vs. VTSAXVLCAX vs. VIVAXVLCAX vs. SPYVLCAX vs. OIEJX
Often compared with VIMAX:
VIMAX vs. VSMAXVIMAX vs. VOVIMAX vs. FSMDXVIMAX vs. VTSAXVIMAX vs. VOOVIMAX vs. SWMCXVIMAX vs. VEXAX

Return for Risk

VLCAX vs. VIMAX — 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
VIMAX
VIMAX Risk / Return Rank: 4444
Overall Rank
VIMAX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIMAX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VIMAX Omega Ratio Rank: 3838
Omega Ratio Rank
VIMAX Calmar Ratio Rank: 5151
Calmar Ratio Rank
VIMAX Martin Ratio Rank: 5252
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. 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.

VLCAXVIMAXDifference
Sharpe ratioReturn per unit of total volatility
1.38
1.17

+0.21

Sortino ratioReturn per unit of downside risk
1.94
1.70

+0.24

Omega ratioGain probability vs. loss probability

1.25

1.21

+0.04

Calmar ratioReturn relative to maximum drawdown

1.95

1.81

+0.14

Martin ratioReturn relative to average drawdown

8.23

6.88

+1.35

VLCAX vs. VIMAX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 1.38, which is comparable to the VIMAX Sharpe Ratio of 1.17. 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.

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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.

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Drawdown Indicators

VLCAXVIMAXDifference

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

-2.21%

-0.44%

-1.77%

Average Drawdown

Average peak-to-trough decline

-6.82%

-8.07%

+1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

2.13%

+0.04%

Volatility

VLCAX vs. VIMAX - Volatility Comparison

Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) has a higher volatility of 3.48% compared to Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) at 2.10%. 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.

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Volatility by Period

VLCAXVIMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

2.10%

+1.38%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

9.49%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

12.96%

12.60%

+0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.28%

17.63%

-0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.21%

18.84%

-0.63%

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 1.02%, less than VIMAX's 1.31% yield.

PositionTTM20252024202320222021202020192018201720162015
VIMAX
Vanguard Mid-Cap Index Fund Admiral Shares		1.31%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		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 VIMAX have a correlation of 0.77, 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 VIMAX (2.10%). In terms of maximum drawdown, VLCAX dropped -54.76% vs VIMAX's -58.88%.

VLCAX currently has the higher Sharpe Ratio (1.38 vs 1.17), 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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