VMCIX vs. JDMNX

Last updated Aug 4, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and JDMNX (Janus Henderson Enterprise Fund Class N) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while JDMNX is a Mid Cap Growth Equities fund actively managed by Janus Henderson. VMCIX is passively managed, while JDMNX is actively managed. Over the past 10 years, VMCIX returned 11.49%/yr vs 12.63%/yr for JDMNX. Their correlation of 0.94 means they have usually moved in the same direction. VMCIX charges 0.03%/yr vs 0.66%/yr for JDMNX.

Performance

VMCIX vs. JDMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Janus Henderson Enterprise Fund Class N (JDMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMCIX achieves a 12.34% return, which is significantly higher than JDMNX's 7.69% return. Over the past 10 years, VMCIX has underperformed JDMNX with an annualized return of 11.49%, while JDMNX has yielded a comparatively higher 12.63% annualized return.

VMCIX

• 1D: -0.08%
• 1M: 0.48%
• 6M: 9.55%
• YTD: 12.34%
• 1Y: 16.47%
• 3Y*: 14.30%
• 5Y*: 7.76%
• 10Y*: 11.49%
• ALL TIME*: 10.22%

JDMNX

• 1D: -0.20%
• 1M: -1.11%
• 6M: 7.17%
• YTD: 7.69%
• 1Y: 12.48%
• 3Y*: 10.87%
• 5Y*: 6.64%
• 10Y*: 12.63%
• ALL TIME*: 13.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JDMNX Janus Henderson Enterprise Fund Class N	$0.00	$0.00	$0.00
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	$0.00	$0.00	$0.00

VMCIX vs. JDMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	12.34%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
JDMNX Janus Henderson Enterprise Fund Class N	7.69%	7.77%	15.40%	18.15%	-15.92%	17.17%	20.55%	35.41%	-0.80%	26.41%

Correlation

The correlation between VMCIX and JDMNX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jul 12, 2012	0.94

The correlation between VMCIX and JDMNX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

VMCIX vs. JDMNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMCIX

VMCIX Risk / Return Rank: 39
VMCIX Sharpe Ratio Rank: 35
VMCIX Sortino Ratio Rank: 35
VMCIX Omega Ratio Rank: 33
VMCIX Calmar Ratio Rank: 43
VMCIX Martin Ratio Rank: 47

JDMNX

JDMNX Risk / Return Rank: 19
JDMNX Sharpe Ratio Rank: 18
JDMNX Sortino Ratio Rank: 19
JDMNX Omega Ratio Rank: 18
JDMNX Calmar Ratio Rank: 18
JDMNX Martin Ratio Rank: 22

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.

VMCIX vs. JDMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Janus Henderson Enterprise Fund Class N (JDMNX). 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	JDMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	0.76	+0.43
Sortino ratio: Return per unit of downside risk	1.74	1.18	+0.55
Omega ratio: Gain probability vs. loss probability	1.21	1.14	+0.08
Calmar ratio: Return relative to maximum drawdown	1.85	0.96	+0.89
Martin ratio: Return relative to average drawdown	7.04	3.34	+3.70

VMCIX vs. JDMNX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.19, which is higher than the JDMNX Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of VMCIX and JDMNX, 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. JDMNX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than JDMNX's maximum drawdown of -38.24%. Use the drawdown chart below to compare losses from any high point for VMCIX and JDMNX.

Drawdown Indicators

	VMCIX	JDMNX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-38.24%	-20.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-11.37%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-19.53%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-24.15%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-38.24%	-1.06%
Current Drawdown Current decline from peak	-0.52%	-1.52%	+1.00%
Average Drawdown Average peak-to-trough decline	-7.93%	-4.12%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.25%	-1.12%

Volatility

VMCIX vs. JDMNX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 2.08%, while Janus Henderson Enterprise Fund Class N (JDMNX) has a volatility of 3.02%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than JDMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	JDMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	3.02%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	11.33%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	14.36%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.72%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	18.69%	+0.15%

VMCIX vs. JDMNX - Expense Ratio Comparison

VMCIX has a 0.03% expense ratio, which is lower than JDMNX's 0.66% expense ratio.

Dividends

VMCIX vs. JDMNX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.32%, less than JDMNX's 6.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JDMNX Janus Henderson Enterprise Fund Class N	6.93%	7.46%	7.00%	7.40%	10.36%	15.92%	8.49%	4.52%	6.48%	1.76%	1.86%	3.62%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.32%	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 JDMNX in my portfolio?

With a correlation of 0.91, VMCIX and JDMNX 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.

Which is riskier, VMCIX or JDMNX?

JDMNX has higher volatility (3.02%) compared to VMCIX (2.08%). In terms of maximum drawdown, VMCIX dropped -58.86% vs JDMNX's -38.24%.

Which has better risk-adjusted returns?

VMCIX currently has the higher Sharpe Ratio (1.19 vs 0.76), 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.