VMCIX vs. FLPKX

Last updated Jun 24, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and FLPKX (Fidelity Low-Priced Stock Fund Class K) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while FLPKX is a Mid Cap Value Equities fund managed by T. Rowe Price. Over the past 10 years, VMCIX returned 12.02%/yr vs 11.51%/yr for FLPKX. Their correlation of 0.91 suggests significant overlap in exposure. VMCIX charges 0.04%/yr vs 0.74%/yr for FLPKX.

Performance

VMCIX vs. FLPKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Fidelity Low-Priced Stock Fund Class K (FLPKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMCIX achieves a 11.34% return, which is significantly higher than FLPKX's 10.74% return. Both investments have delivered pretty close results over the past 10 years, with VMCIX having a 12.02% annualized return and FLPKX not far behind at 11.51%.

VMCIX

• 1D: 0.41%
• 1M: 3.04%
• YTD: 11.34%
• 6M: 10.02%
• 1Y: 18.75%
• 3Y*: 16.60%
• 5Y*: 8.06%
• 10Y*: 12.02%

FLPKX

• 1D: -0.04%
• 1M: 2.45%
• YTD: 10.74%
• 6M: 9.99%
• 1Y: 21.57%
• 3Y*: 15.48%
• 5Y*: 9.14%
• 10Y*: 11.51%

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

VMCIX vs. FLPKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	11.34%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
FLPKX Fidelity Low-Priced Stock Fund Class K	10.74%	14.75%	7.33%	14.50%	-5.63%	24.57%	9.42%	25.89%	-10.73%	18.89%

Correlation

The correlation between VMCIX and FLPKX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 9, 2008	0.91

The correlation between VMCIX and FLPKX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

VMCIX vs. FLPKX — Risk / Return Rank

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

VMCIX

VMCIX Risk / Return Rank: 38
VMCIX Sharpe Ratio Rank: 34
VMCIX Sortino Ratio Rank: 32
VMCIX Omega Ratio Rank: 30
VMCIX Calmar Ratio Rank: 45
VMCIX Martin Ratio Rank: 46

FLPKX

FLPKX Risk / Return Rank: 44
FLPKX Sharpe Ratio Rank: 42
FLPKX Sortino Ratio Rank: 45
FLPKX Omega Ratio Rank: 40
FLPKX Calmar Ratio Rank: 48
FLPKX Martin Ratio Rank: 43

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.

VMCIX vs. FLPKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Fidelity Low-Priced Stock Fund Class K (FLPKX). 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.

	VMCIX	FLPKX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.76	-0.20
Sortino ratio: Return per unit of downside risk	2.21	2.59	-0.38
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.44	2.54	-0.10
Martin ratio: Return relative to average drawdown	9.19	8.61	+0.57

VMCIX vs. FLPKX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.55, which is comparable to the FLPKX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of VMCIX and FLPKX, 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

VMCIX vs. FLPKX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than FLPKX's maximum drawdown of -51.34%. Use the drawdown chart below to compare losses from any high point for VMCIX and FLPKX.

Drawdown Indicators

	VMCIX	FLPKX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-51.34%	-7.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.84%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-17.64%	-1.29%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-18.71%	-8.83%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-38.15%	-1.15%
Current Drawdown Current decline from peak	-0.43%	-1.11%	+0.68%
Average Drawdown Average peak-to-trough decline	-7.96%	-6.47%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.60%	-0.44%

Volatility

VMCIX vs. FLPKX - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) has a higher volatility of 4.35% compared to Fidelity Low-Priced Stock Fund Class K (FLPKX) at 3.43%. This indicates that VMCIX's price experiences larger fluctuations and is considered to be riskier than FLPKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	FLPKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	3.43%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.16%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	12.81%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	17.23%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	17.38%	+1.57%

VMCIX vs. FLPKX - Expense Ratio Comparison

VMCIX has a 0.04% expense ratio, which is lower than FLPKX's 0.74% expense ratio.

Dividends

VMCIX vs. FLPKX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.35%, less than FLPKX's 12.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLPKX Fidelity Low-Priced Stock Fund Class K	12.04%	13.34%	16.33%	18.41%	9.55%	12.20%	11.24%	8.23%	13.58%	7.46%	4.95%	4.08%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.35%	1.52%	1.49%	1.51%	1.60%	1.12%	1.45%	1.48%	1.83%	1.36%	1.46%	1.48%

Frequently Asked Questions

Can I hold both VMCIX and FLPKX in my portfolio?

VMCIX and FLPKX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMCIX or FLPKX?

VMCIX has higher volatility (4.35%) compared to FLPKX (3.43%). In terms of maximum drawdown, VMCIX dropped -58.86% vs FLPKX's -51.34%.

Which has better risk-adjusted returns?

FLPKX currently has the higher Sharpe Ratio (1.76 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.