VMCIX vs. VFSIX

Last updated Jun 3, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VFSIX (Vanguard Short-Term Investment-Grade Fund Institutional Shares) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while VFSIX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VMCIX returned 11.49%/yr vs 2.63%/yr for VFSIX. At a correlation of -0.10, they often move in opposite directions. VMCIX charges 0.04%/yr vs 0.07%/yr for VFSIX.

Performance

VMCIX vs. VFSIX - 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 Short-Term Investment-Grade Fund Institutional Shares (VFSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMCIX achieves a 9.57% return, which is significantly higher than VFSIX's 0.83% return. Over the past 10 years, VMCIX has outperformed VFSIX with an annualized return of 11.49%, while VFSIX has yielded a comparatively lower 2.63% annualized return.

VMCIX

• 1D: 0.31%
• 1M: 2.54%
• YTD: 9.57%
• 6M: 10.08%
• 1Y: 18.73%
• 3Y*: 16.49%
• 5Y*: 7.81%
• 10Y*: 11.49%

VFSIX

• 1D: -0.10%
• 1M: 0.21%
• YTD: 0.83%
• 6M: 1.22%
• 1Y: 4.82%
• 3Y*: 5.55%
• 5Y*: 2.35%
• 10Y*: 2.63%

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

VMCIX vs. VFSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	9.57%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	0.83%	6.89%	5.12%	5.88%	-5.72%	-0.59%	5.28%	5.88%	1.00%	2.15%

Correlation

The correlation between VMCIX and VFSIX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 22, 1998	-0.10

The correlation between VMCIX and VFSIX shifts across timeframes, from -0.10 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VMCIX vs. VFSIX — Risk / Return Rank

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

VMCIX

VMCIX Risk / Return Rank: 32
VMCIX Sharpe Ratio Rank: 28
VMCIX Sortino Ratio Rank: 27
VMCIX Omega Ratio Rank: 26
VMCIX Calmar Ratio Rank: 37
VMCIX Martin Ratio Rank: 41

VFSIX

VFSIX Risk / Return Rank: 64
VFSIX Sharpe Ratio Rank: 47
VFSIX Sortino Ratio Rank: 75
VFSIX Omega Ratio Rank: 68
VFSIX Calmar Ratio Rank: 66
VFSIX Martin Ratio Rank: 63

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. VFSIX - 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 Short-Term Investment-Grade Fund Institutional Shares (VFSIX). 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	VFSIX	Difference
Sharpe ratio Return per unit of total volatility	1.55	2.04	-0.48
Sortino ratio Return per unit of downside risk	2.22	3.63	-1.41
Omega ratio Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio Return relative to maximum drawdown	2.37	3.13	-0.76
Martin ratio Return relative to average drawdown	9.01	12.42	-3.41
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. VFSIX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.55, which is comparable to the VFSIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VMCIX and VFSIX, 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	VFSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.04	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.79	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	1.06	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.53	-1.04

Drawdowns

VMCIX vs. VFSIX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than VFSIX's maximum drawdown of -9.21%. Use the drawdown chart below to compare losses from any high point for VMCIX and VFSIX.

Drawdown Indicators

	VMCIX	VFSIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.86%	-9.21%	-49.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-1.71%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-1.71%	-17.22%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-9.21%	-18.33%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-9.21%	-30.09%
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-7.98%	-0.79%	-7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.43%	+1.71%

Volatility

VMCIX vs. VFSIX - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) has a higher volatility of 2.89% compared to Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) at 0.75%. This indicates that VMCIX's price experiences larger fluctuations and is considered to be riskier than VFSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCIX	VFSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	0.75%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	9.27%	1.69%	+7.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	2.33%	+9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	2.99%	+14.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	2.49%	+16.43%

VMCIX vs. VFSIX - Expense Ratio Comparison

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

VMCIX's dividend yield for the trailing twelve months is around 1.37%, less than VFSIX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	4.74%	4.61%	4.19%	2.88%	2.06%	1.81%	2.35%	2.95%	2.80%	2.13%	2.17%	2.12%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.37%	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 VFSIX in my portfolio?

VMCIX and VFSIX have a correlation of 0.26, 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 VFSIX?

VMCIX has higher volatility (2.89%) compared to VFSIX (0.75%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VFSIX's -9.21%.

Which has better risk-adjusted returns?

VFSIX currently has the higher Sharpe Ratio (2.04 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.