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VLCAX vs. VINIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VLCAX vs. VINIX

Last updated Jun 13, 2026

VLCAX (Vanguard Large-Cap Index Fund Admiral Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VLCAX is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VLCAX returned 15.42%/yr vs 15.50%/yr for VINIX. With a 1.00 correlation, they move nearly in lockstep. VLCAX charges 0.05%/yr vs 0.04%/yr for VINIX.

Performance

VLCAX vs. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VLCAX having a 8.29% return and VINIX slightly higher at 8.58%. Both investments have delivered pretty close results over the past 10 years, with VLCAX having a 15.42% annualized return and VINIX not far ahead at 15.50%.

VLCAX

1D
1.77%
1M
-1.18%
YTD
8.29%
6M
8.61%
1Y
24.78%
3Y*
21.25%
5Y*
12.90%
10Y*
15.42%

VINIX

1D
1.75%
1M
-1.31%
YTD
8.58%
6M
8.93%
1Y
25.16%
3Y*
21.46%
5Y*
13.46%
10Y*
15.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VLCAX vs. VINIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VLCAX
Vanguard Large-Cap Index Fund Admiral Shares		8.29%18.09%25.10%27.26%-19.69%27.02%21.03%31.39%-4.49%22.02%
VINIX
Vanguard Institutional Index Fund Institutional Shares		8.58%17.85%26.28%25.77%-18.15%28.67%18.40%31.46%-4.42%21.79%

Correlation

The correlation between VLCAX and VINIX is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2004

1.00

The correlation between VLCAX and VINIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VLCAX vs. VINIX - Sectors Allocation Comparison

Sectors
VLCAX
VINIX

Technology

35.9%
35.7%

Financial Services

11.8%
11.6%

Communication Services

11.2%
11.3%

Consumer Cyclical

9.8%
10.2%

Healthcare

8.6%
8.5%

Industrials

8.0%
8.3%

Consumer Defensive

4.8%
4.9%

Energy

3.6%
3.5%

Utilities

2.7%
2.4%

Real Estate

1.7%
1.9%

Basic Materials

1.6%
1.8%

Technology

VLCAX
35.9%
VINIX
35.7%

Financial Services

VLCAX
11.8%
VINIX
11.6%

Communication Services

VLCAX
11.2%
VINIX
11.3%

Consumer Cyclical

VLCAX
9.8%
VINIX
10.2%

Healthcare

VLCAX
8.6%
VINIX
8.5%

Industrials

VLCAX
8.0%
VINIX
8.3%

Consumer Defensive

VLCAX
4.8%
VINIX
4.9%

Energy

VLCAX
3.6%
VINIX
3.5%

Utilities

VLCAX
2.7%
VINIX
2.4%

Real Estate

VLCAX
1.7%
VINIX
1.9%

Basic Materials

VLCAX
1.6%
VINIX
1.8%

Compare stocks, funds, or ETFs

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Vanguard Large-Cap Index Fund Admiral Shares

Vanguard Institutional Index Fund Institutional Shares

Often compared with VLCAX:
VLCAX vs. VFIAXVLCAX vs. VOOVLCAX vs. VIGAXVLCAX vs. VTSAXVLCAX vs. VIVAXVLCAX vs. VIMAXVLCAX vs. SPY
Often compared with VINIX:
VINIX vs. VOOVINIX vs. VIGIXVINIX vs. JLGMXVINIX vs. VITSXVINIX vs. VTIVINIX vs. VSIAXVINIX vs. VSCIX

Return for Risk

VLCAX vs. VINIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VLCAX
VLCAX Risk / Return Rank: 7070
Overall Rank
VLCAX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VLCAX Sortino Ratio Rank: 6565
Sortino Ratio Rank
VLCAX Omega Ratio Rank: 6666
Omega Ratio Rank
VLCAX Calmar Ratio Rank: 6969
Calmar Ratio Rank
VLCAX Martin Ratio Rank: 8080
Martin Ratio Rank
VINIX
VINIX Risk / Return Rank: 7373
Overall Rank
VINIX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VINIX Sortino Ratio Rank: 6868
Sortino Ratio Rank
VINIX Omega Ratio Rank: 6868
Omega Ratio Rank
VINIX Calmar Ratio Rank: 7373
Calmar Ratio Rank
VINIX Martin Ratio Rank: 8383
Martin Ratio Rank
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. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). 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.

VLCAXVINIXDifference
Sharpe ratioReturn per unit of total volatility
1.93
1.97

-0.04

Sortino ratioReturn per unit of downside risk
2.61
2.67

-0.06

Omega ratioGain probability vs. loss probability

1.35

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

2.61

2.74

-0.13

Martin ratioReturn relative to average drawdown

11.68

12.44

-0.77

VLCAX vs. VINIX - Sharpe Ratio Comparison

The current VLCAX Sharpe Ratio is 1.93, which is comparable to the VINIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VLCAX and VINIX, 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. VINIX - Drawdown Comparison

The maximum VLCAX drawdown since its inception was -54.76%, roughly equal to the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VLCAX and VINIX.

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Drawdown Indicators

VLCAXVINIXDifference

Max Drawdown

Largest peak-to-trough decline

-54.76%

-55.19%

+0.43%

Max Drawdown (1Y)

Largest decline over 1 year

-9.19%

-8.90%

-0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-18.75%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-25.65%

-24.51%

-1.14%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-33.79%

-0.18%

Current Drawdown

Current decline from peak

-2.87%

-2.79%

-0.08%

Average Drawdown

Average peak-to-trough decline

-6.85%

-8.52%

+1.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.95%

+0.10%

Volatility

VLCAX vs. VINIX - Volatility Comparison

Vanguard Large-Cap Index Fund Admiral Shares (VLCAX) and Vanguard Institutional Index Fund Institutional Shares (VINIX) have volatilities of 4.52% and 4.43%, 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.

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Volatility by Period

VLCAXVINIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

4.43%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

9.77%

9.70%

+0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

12.45%

12.37%

+0.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.23%

16.96%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

18.09%

+0.14%

VLCAX vs. VINIX - Expense Ratio Comparison

VLCAX has a 0.05% expense ratio, which is higher than VINIX's 0.04% expense ratio. However, 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. VINIX - Dividend Comparison

VLCAX's dividend yield for the trailing twelve months is around 0.99%, less than VINIX's 2.46% yield.

PositionTTM20252024202320222021202020192018201720162015
VINIX
Vanguard Institutional Index Fund Institutional Shares		2.46%2.10%3.64%2.65%3.38%4.77%3.06%2.85%2.43%1.82%2.36%2.45%
VLCAX
Vanguard Large-Cap Index Fund Admiral Shares		0.99%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

With a correlation of 1.00, VLCAX and VINIX 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.

VLCAX has higher volatility (4.52%) compared to VINIX (4.43%). In terms of maximum drawdown, VLCAX dropped -54.76% vs VINIX's -55.19%.

VINIX currently has the higher Sharpe Ratio (1.97 vs 1.93), 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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