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VMCIX vs. VIEIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCIX vs. VIEIX

Last updated Aug 2, 2026
Documentation

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VIEIX (Vanguard Extended Market Index Fund Institutional Shares) are both Mid Cap Blend Equities funds from Vanguard - VMCIX tracks the CRSP US Mid Cap Index while VIEIX tracks the Spliced Extended Market Index. Both are passively managed. Over the past 10 years, VMCIX returned 11.38%/yr vs 11.64%/yr for VIEIX. Their 0.96 correlation means they have historically moved very closely together. VMCIX charges 0.03%/yr vs 0.04%/yr for VIEIX.

Performance

VMCIX vs. VIEIX - 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 Extended Market Index Fund Institutional Shares (VIEIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VMCIX achieves a 12.43% return, which is significantly lower than VIEIX's 13.98% return. Both investments have delivered pretty close results over the past 10 years, with VMCIX having a 11.38% annualized return and VIEIX not far ahead at 11.64%.

VMCIX

1D
0.44%
1M
0.56%
6M
10.13%
YTD
12.43%
1Y
16.56%
3Y*
14.20%
5Y*
7.78%
10Y*
11.38%
ALL TIME*
10.22%

VIEIX

1D
1.41%
1M
-2.62%
6M
11.32%
YTD
13.98%
1Y
23.78%
3Y*
15.99%
5Y*
6.19%
10Y*
11.64%
ALL TIME*
9.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VIEIX

Vanguard Extended Market Index Fund Institutional Shares
$0.00$0.00$0.00

VMCIX

Vanguard Mid-Cap Index Fund Institutional Shares
$0.00$0.00$0.00

VMCIX vs. VIEIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		12.43%11.67%14.68%16.54%-18.70%24.53%18.20%31.04%-9.25%19.30%
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		13.98%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%

Correlation

The correlation between VMCIX and VIEIX 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.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (10Y)
Provides a long-term view across more market conditions.

0.95

Correlation (All Time)
Calculated using the full available price history since May 21, 1998

0.96

The correlation between VMCIX and VIEIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

VMCIX vs. VIEIX - Sectors Allocation Comparison

Sectors
VMCIX
VIEIX

Industrials

19.9%
21.1%

Technology

18.2%
19.7%

Financial Services

13.1%
14.2%

Consumer Cyclical

9.0%
9.4%

Utilities

8.4%
1.8%

Healthcare

7.8%
14.2%

Energy

7.4%
4.2%

Real Estate

5.1%
5.8%

Consumer Defensive

4.6%
2.6%

Basic Materials

3.9%
3.9%

Communication Services

2.7%
3.1%

Industrials

VMCIX
19.9%
VIEIX
21.1%

Technology

VMCIX
18.2%
VIEIX
19.7%

Financial Services

VMCIX
13.1%
VIEIX
14.2%

Consumer Cyclical

VMCIX
9.0%
VIEIX
9.4%

Utilities

VMCIX
8.4%
VIEIX
1.8%

Healthcare

VMCIX
7.8%
VIEIX
14.2%

Energy

VMCIX
7.4%
VIEIX
4.2%

Real Estate

VMCIX
5.1%
VIEIX
5.8%

Consumer Defensive

VMCIX
4.6%
VIEIX
2.6%

Basic Materials

VMCIX
3.9%
VIEIX
3.9%

Communication Services

VMCIX
2.7%
VIEIX
3.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Mid-Cap Index Fund Institutional Shares

Vanguard Extended Market Index Fund Institutional Shares

Often compared with VMCIX:
VMCIX vs. VSCIXVMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. FLPKXVMCIX vs. VOOVMCIX vs. SPY
Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VEXAXVIEIX vs. VEXRXVIEIX vs. VSCIXVIEIX vs. SPYVIEIX vs. AVUV

Return for Risk

VMCIX vs. VIEIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMCIX
VMCIX Risk / Return Rank: 4444
Overall Rank
VMCIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 3838
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 5050
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 5252
Martin Ratio Rank
VIEIX
VIEIX Risk / Return Rank: 4646
Overall Rank
VIEIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 4242
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3737
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6262
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5252
Martin Ratio Rank
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. VIEIX - 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 Extended Market Index Fund Institutional Shares (VIEIX). 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.

VMCIXVIEIXDifference
Sharpe ratioReturn per unit of total volatility
1.17
1.16

0.00

Sortino ratioReturn per unit of downside risk
1.70
1.72

-0.01

Omega ratioGain probability vs. loss probability

1.21

1.20

0.00

Calmar ratioReturn relative to maximum drawdown

1.81

2.02

-0.21

Martin ratioReturn relative to average drawdown

6.89

6.87

+0.03

VMCIX vs. VIEIX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.17, which is comparable to the VIEIX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of VMCIX and VIEIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VMCIX vs. VIEIX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, roughly equal to the maximum VIEIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VMCIX and VIEIX.

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Drawdown Indicators

VMCIXVIEIXDifference

Max Drawdown

Largest peak-to-trough decline

-58.86%

-58.03%

-0.83%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-10.25%

+2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-26.84%

+7.91%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-36.32%

+8.78%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-41.62%

+2.32%

Current Drawdown

Current decline from peak

-0.44%

-3.74%

+3.30%

Average Drawdown

Average peak-to-trough decline

-7.93%

-13.77%

+5.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.02%

-0.89%

Volatility

VMCIX vs. VIEIX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 2.09%, while Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a volatility of 3.90%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than VIEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCIXVIEIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

3.90%

-1.81%

Volatility (6M)

Calculated over the trailing 6-month period

9.49%

13.32%

-3.83%

Volatility (1Y)

Calculated over the trailing 1-year period

12.60%

17.81%

-5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

22.41%

-4.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

22.34%

-3.50%

VMCIX vs. VIEIX - Expense Ratio Comparison

VMCIX has a 0.03% expense ratio, which is lower than VIEIX'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. VIEIX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.32%, more than VIEIX's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		1.03%1.14%1.10%1.26%1.16%1.14%1.08%1.31%1.67%1.27%1.45%1.37%
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

With a correlation of 0.91, VMCIX and VIEIX 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.

VIEIX has higher volatility (3.90%) compared to VMCIX (2.09%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VIEIX's -58.03%.

VMCIX currently has the higher Sharpe Ratio (1.17 vs 1.16), 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.

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