VMCIX vs. VBIAX

Last updated Jun 4, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VBIAX (Vanguard Balanced Index Fund Admiral Shares) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while VBIAX is a Diversified Portfolio fund managed by Vanguard. Over the past 10 years, VMCIX returned 11.59%/yr vs 9.83%/yr for VBIAX. Their correlation of 0.94 suggests significant overlap in exposure. VMCIX charges 0.04%/yr vs 0.07%/yr for VBIAX.

Performance

VMCIX vs. VBIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VMCIX achieves a 10.56% return, which is significantly higher than VBIAX's 7.35% return. Over the past 10 years, VMCIX has outperformed VBIAX with an annualized return of 11.59%, while VBIAX has yielded a comparatively lower 9.83% annualized return.

VMCIX

• 1D: 0.90%
• 1M: 3.69%
• YTD: 10.56%
• 6M: 10.21%
• 1Y: 18.75%
• 3Y*: 16.83%
• 5Y*: 8.11%
• 10Y*: 11.59%

VBIAX

• 1D: 0.15%
• 1M: 3.71%
• YTD: 7.35%
• 6M: 7.26%
• 1Y: 19.35%
• 3Y*: 15.04%
• 5Y*: 8.01%
• 10Y*: 9.83%

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

VMCIX vs. VBIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	10.56%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
VBIAX Vanguard Balanced Index Fund Admiral Shares	7.35%	13.61%	14.58%	17.54%	-16.90%	14.21%	16.40%	21.78%	-2.86%	13.89%

Correlation

The correlation between VMCIX and VBIAX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000	0.94

The correlation between VMCIX and VBIAX shifts across timeframes, from 0.82 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

VMCIX vs. VBIAX - Sectors Allocation Comparison

Sectors	VMCIX	VBIAX
Technology	18.6%	33.5%
Industrials	17.9%	9.8%
Financial Services	12.8%	12.0%
Consumer Cyclical	8.6%	10.0%
Energy	8.5%	3.7%
Utilities	8.3%	2.3%
Healthcare	7.6%	9.2%
Real Estate	5.4%	2.4%
Consumer Defensive	4.8%	4.7%
Basic Materials	4.2%	2.0%
Communication Services	3.1%	10.3%

Return for Risk

VMCIX vs. VBIAX — Risk / Return Rank

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

VMCIX

VMCIX Risk / Return Rank: 35
VMCIX Sharpe Ratio Rank: 32
VMCIX Sortino Ratio Rank: 31
VMCIX Omega Ratio Rank: 29
VMCIX Calmar Ratio Rank: 42
VMCIX Martin Ratio Rank: 44

VBIAX

VBIAX Risk / Return Rank: 76
VBIAX Sharpe Ratio Rank: 76
VBIAX Sortino Ratio Rank: 74
VBIAX Omega Ratio Rank: 70
VBIAX Calmar Ratio Rank: 75
VBIAX Martin Ratio Rank: 83

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. VBIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) and Vanguard Balanced Index Fund Admiral Shares (VBIAX). 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.

	VMCIX	VBIAX	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.52	-0.91
Sortino ratio Return per unit of downside risk	2.31	3.59	-1.28
Omega ratio Gain probability vs. loss probability	1.28	1.47	-0.19
Calmar ratio Return relative to maximum drawdown	2.45	3.42	-0.97
Martin ratio Return relative to average drawdown	9.29	15.60	-6.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMCIX vs. VBIAX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.62, which is lower than the VBIAX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VMCIX and VBIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMCIX	VBIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.52	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.73	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.88	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.64	-0.15

Drawdowns

VMCIX vs. VBIAX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than VBIAX's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for VMCIX and VBIAX.

Drawdown Indicators

	VMCIX	VBIAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-35.90%	-22.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-5.83%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-11.70%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-21.53%	-6.01%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-22.78%	-16.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.97%	-4.44%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.27%	+0.87%

Volatility

VMCIX vs. VBIAX - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) has a higher volatility of 2.97% compared to Vanguard Balanced Index Fund Admiral Shares (VBIAX) at 2.26%. This indicates that VMCIX's price experiences larger fluctuations and is considered to be riskier than VBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	VBIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.26%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	6.11%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	7.90%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	11.05%	+6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	11.21%	+7.71%

VMCIX vs. VBIAX - Expense Ratio Comparison

VMCIX has a 0.04% expense ratio, which is lower than VBIAX's 0.07% 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. VBIAX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.35%, less than VBIAX's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBIAX Vanguard Balanced Index Fund Admiral Shares	5.21%	6.00%	5.27%	4.35%	2.83%	3.19%	2.65%	2.28%	2.32%	1.95%	2.09%	2.09%
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 VBIAX in my portfolio?

VMCIX and VBIAX have a correlation of 0.82, 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 VBIAX?

VMCIX has higher volatility (2.97%) compared to VBIAX (2.26%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VBIAX's -35.90%.

Which has better risk-adjusted returns?

VBIAX currently has the higher Sharpe Ratio (2.52 vs 1.62), 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.