VMCIX vs. SWMCX

Last updated Aug 4, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both Mid Cap Blend Equities funds - VMCIX tracks the CRSP US Mid Cap Index while SWMCX tracks the Russell Midcap Index. Both are passively managed. Over the past 5 years, VMCIX returned 7.76%/yr vs 8.16%/yr for SWMCX. Their 0.99 correlation means they have historically moved very closely together. VMCIX charges 0.03%/yr vs 0.04%/yr for SWMCX.

Performance

VMCIX vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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 lower than SWMCX's 14.52% 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%

SWMCX

• 1D: -0.30%
• 1M: -0.66%
• 6M: 10.46%
• YTD: 14.52%
• 1Y: 20.28%
• 3Y*: 14.86%
• 5Y*: 8.16%
• 10Y*: —
• ALL TIME*: 10.77%

*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)
SWMCX Schwab U.S. Mid-Cap Index Fund	$0.00	$0.00	$0.00
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	$0.00	$0.00	$0.00

VMCIX vs. SWMCX - 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%	-0.12%
SWMCX Schwab U.S. Mid-Cap Index Fund	14.52%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%

Correlation

The correlation between VMCIX and SWMCX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.99

The correlation between VMCIX and SWMCX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

VMCIX vs. SWMCX - Sectors Allocation Comparison

Sectors	VMCIX	SWMCX
Industrials	19.9%	17.5%
Technology	18.2%	18.2%
Financial Services	13.1%	12.6%
Consumer Cyclical	9.0%	10.1%
Utilities	8.4%	6.0%
Healthcare	7.8%	10.8%
Energy	7.4%	5.8%
Real Estate	5.1%	6.9%
Consumer Defensive	4.6%	4.5%
Basic Materials	3.9%	4.2%
Communication Services	2.7%	3.5%

Return for Risk

VMCIX vs. SWMCX — 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

SWMCX

SWMCX Risk / Return Rank: 52
SWMCX Sharpe Ratio Rank: 44
SWMCX Sortino Ratio Rank: 45
SWMCX Omega Ratio Rank: 41
SWMCX Calmar Ratio Rank: 65
SWMCX Martin Ratio Rank: 66

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. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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	SWMCX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.37	-0.17
Sortino ratio: Return per unit of downside risk	1.74	2.00	-0.26
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.85	2.29	-0.45
Martin ratio: Return relative to average drawdown	7.04	8.87	-1.83

VMCIX vs. SWMCX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.19, which is comparable to the SWMCX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of VMCIX and SWMCX, 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. SWMCX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than SWMCX's maximum drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for VMCIX and SWMCX.

Drawdown Indicators

	VMCIX	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-40.34%	-18.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.15%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-21.07%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-26.09%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.96%	+0.44%
Average Drawdown Average peak-to-trough decline	-7.93%	-6.52%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.11%	+0.02%

Volatility

VMCIX vs. SWMCX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 2.08%, while Schwab U.S. Mid-Cap Index Fund (SWMCX) has a volatility of 2.40%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than SWMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	2.40%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	10.24%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	13.71%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	18.25%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	20.51%	-1.67%

VMCIX vs. SWMCX - Expense Ratio Comparison

VMCIX has a 0.03% expense ratio, which is lower than SWMCX's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMCIX vs. SWMCX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.32%, less than SWMCX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWMCX Schwab U.S. Mid-Cap Index Fund	1.86%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%	0.00%	0.00%	0.00%
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 SWMCX in my portfolio?

With a correlation of 0.98, VMCIX and SWMCX 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 SWMCX?

SWMCX has higher volatility (2.40%) compared to VMCIX (2.08%). In terms of maximum drawdown, VMCIX dropped -58.86% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

SWMCX currently has the higher Sharpe Ratio (1.37 vs 1.19), 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.