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VMCIX vs. VLXVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCIX vs. VLXVX

Last updated Jun 4, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VLXVX (Vanguard Target Retirement 2065 Fund) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while VLXVX is a Diversified Portfolio fund managed by Vanguard. Over the past 5 years, VMCIX returned 8.11%/yr vs 10.38%/yr for VLXVX. Their correlation of 0.92 suggests significant overlap in exposure. VMCIX charges 0.04%/yr vs 0.08%/yr for VLXVX.

Performance

VMCIX vs. VLXVX - 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 Target Retirement 2065 Fund (VLXVX). 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 10.56% return, which is significantly lower than VLXVX's 12.17% 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%

VLXVX

1D
0.36%
1M
5.18%
YTD
12.17%
6M
13.11%
1Y
28.25%
3Y*
19.69%
5Y*
10.38%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMCIX vs. VLXVX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%7.29%
VLXVX
Vanguard Target Retirement 2065 Fund		12.17%21.44%14.37%20.40%-17.41%16.46%16.18%24.97%-7.94%7.68%

Correlation

The correlation between VMCIX and VLXVX is 0.81, 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

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2017

0.92

The correlation between VMCIX and VLXVX shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

VMCIX vs. VLXVX - Sectors Allocation Comparison

Sectors
VMCIX
VLXVX

Technology

18.6%
27.3%

Industrials

17.9%
12.4%

Financial Services

12.8%
16.1%

Consumer Cyclical

8.6%
9.4%

Energy

8.5%
4.3%

Utilities

8.3%
2.7%

Healthcare

7.6%
8.3%

Real Estate

5.4%
2.5%

Consumer Defensive

4.8%
4.8%

Basic Materials

4.2%
4.3%

Communication Services

3.1%
8.0%

Technology

VMCIX
18.6%
VLXVX
27.3%

Industrials

VMCIX
17.9%
VLXVX
12.4%

Financial Services

VMCIX
12.8%
VLXVX
16.1%

Consumer Cyclical

VMCIX
8.6%
VLXVX
9.4%

Energy

VMCIX
8.5%
VLXVX
4.3%

Utilities

VMCIX
8.3%
VLXVX
2.7%

Healthcare

VMCIX
7.6%
VLXVX
8.3%

Real Estate

VMCIX
5.4%
VLXVX
2.5%

Consumer Defensive

VMCIX
4.8%
VLXVX
4.8%

Basic Materials

VMCIX
4.2%
VLXVX
4.3%

Communication Services

VMCIX
3.1%
VLXVX
8.0%

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Vanguard Mid-Cap Index Fund Institutional Shares

Vanguard Target Retirement 2065 Fund

Often compared with VMCIX:
VMCIX vs. VSCIXVMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. VIEIXVMCIX vs. FLPKXVMCIX vs. VOO
Often compared with VLXVX:
VLXVX vs. VOOVLXVX vs. FFIJXVLXVX vs. FFSFXVLXVX vs. VTTSXVLXVX vs. SPYVLXVX vs. SWYOXVLXVX vs. VSVNX

Return for Risk

VMCIX vs. VLXVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMCIX
VMCIX Risk / Return Rank: 3535
Overall Rank
VMCIX Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 3131
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 2929
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 4242
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 4444
Martin Ratio Rank
VLXVX
VLXVX Risk / Return Rank: 7171
Overall Rank
VLXVX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VLXVX Sortino Ratio Rank: 6969
Sortino Ratio Rank
VLXVX Omega Ratio Rank: 6767
Omega Ratio Rank
VLXVX Calmar Ratio Rank: 6969
Calmar Ratio Rank
VLXVX Martin Ratio Rank: 7575
Martin Ratio Rank
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. VLXVX - 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 Target Retirement 2065 Fund (VLXVX). 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.

VMCIXVLXVXDifference
Sharpe ratioReturn per unit of total volatility
1.62
2.51

-0.89

Sortino ratioReturn per unit of downside risk
2.31
3.46

-1.16

Omega ratioGain probability vs. loss probability

1.28

1.46

-0.18

Calmar ratioReturn relative to maximum drawdown

2.45

3.21

-0.76

Martin ratioReturn relative to average drawdown

9.29

14.21

-4.92

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. VLXVX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.62, which is lower than the VLXVX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VMCIX and VLXVX, 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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Sharpe Ratios by Period

VMCIXVLXVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.51

-0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.46

0.74

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.73

-0.24

Drawdowns

VMCIX vs. VLXVX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, which is greater than VLXVX's maximum drawdown of -31.42%. Use the drawdown chart below to compare losses from any high point for VMCIX and VLXVX.

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Drawdown Indicators

VMCIXVLXVXDifference

Max Drawdown

Largest peak-to-trough decline

-58.86%

-31.42%

-27.44%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-8.93%

+0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-14.53%

-4.40%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-25.37%

-2.17%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.97%

-4.99%

-2.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.14%

2.01%

+0.13%

Volatility

VMCIX vs. VLXVX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 2.97%, while Vanguard Target Retirement 2065 Fund (VLXVX) has a volatility of 3.38%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than VLXVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCIXVLXVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.97%

3.38%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

9.29%

9.09%

+0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

12.31%

11.41%

+0.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

14.19%

+3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.92%

15.69%

+3.23%

VMCIX vs. VLXVX - Expense Ratio Comparison

VMCIX has a 0.04% expense ratio, which is lower than VLXVX's 0.08% 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. VLXVX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.35%, less than VLXVX's 1.78% yield.

PositionTTM20252024202320222021202020192018201720162015
VLXVX
Vanguard Target Retirement 2065 Fund		1.78%2.00%2.11%2.06%2.00%1.93%1.60%1.90%1.85%0.78%0.00%0.00%
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

VMCIX and VLXVX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VLXVX has higher volatility (3.38%) compared to VMCIX (2.97%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VLXVX's -31.42%.

VLXVX currently has the higher Sharpe Ratio (2.51 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.

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