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VMCIX vs. VSCIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCIX vs. VSCIX

Last updated Jun 23, 2026

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VSCIX (Vanguard Small-Cap Index Fund Institutional Shares) are both mutual funds - VMCIX is a Mid Cap Blend Equities fund managed by Vanguard, while VSCIX is a Small Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VMCIX returned 11.67%/yr vs 11.48%/yr for VSCIX. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

VMCIX vs. VSCIX - 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 Small-Cap Index Fund Institutional Shares (VSCIX). 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 10.88% return, which is significantly lower than VSCIX's 15.44% return. Both investments have delivered pretty close results over the past 10 years, with VMCIX having a 11.67% annualized return and VSCIX not far behind at 11.48%.

VMCIX

1D
0.74%
1M
2.62%
YTD
10.88%
6M
9.30%
1Y
19.28%
3Y*
15.58%
5Y*
8.43%
10Y*
11.67%

VSCIX

1D
1.27%
1M
2.62%
YTD
15.44%
6M
12.71%
1Y
29.90%
3Y*
16.30%
5Y*
7.88%
10Y*
11.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMCIX vs. VSCIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		10.88%11.67%14.68%16.54%-18.70%24.53%18.20%31.04%-9.25%19.30%
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		15.44%8.85%12.96%19.52%-17.60%17.74%19.07%27.40%-9.33%16.25%

Correlation

The correlation between VMCIX and VSCIX is 0.93, 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

0.93

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

0.95

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

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.95

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

0.95

The correlation between VMCIX and VSCIX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

VMCIX vs. VSCIX - Sectors Allocation Comparison

Sectors
VMCIX
VSCIX

Technology

18.6%
18.8%

Industrials

17.9%
20.7%

Financial Services

12.8%
11.9%

Consumer Cyclical

8.6%
10.3%

Energy

8.5%
4.7%

Utilities

8.3%
3.1%

Healthcare

7.6%
11.0%

Real Estate

5.4%
7.1%

Consumer Defensive

4.8%
3.4%

Basic Materials

4.2%
4.7%

Communication Services

3.1%
2.7%

Technology

VMCIX
18.6%
VSCIX
18.8%

Industrials

VMCIX
17.9%
VSCIX
20.7%

Financial Services

VMCIX
12.8%
VSCIX
11.9%

Consumer Cyclical

VMCIX
8.6%
VSCIX
10.3%

Energy

VMCIX
8.5%
VSCIX
4.7%

Utilities

VMCIX
8.3%
VSCIX
3.1%

Healthcare

VMCIX
7.6%
VSCIX
11.0%

Real Estate

VMCIX
5.4%
VSCIX
7.1%

Consumer Defensive

VMCIX
4.8%
VSCIX
3.4%

Basic Materials

VMCIX
4.2%
VSCIX
4.7%

Communication Services

VMCIX
3.1%
VSCIX
2.7%

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Vanguard Mid-Cap Index Fund Institutional Shares

Vanguard Small-Cap Index Fund Institutional Shares

Often compared with VMCIX:
VMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. VIEIXVMCIX vs. FLPKXVMCIX vs. VOOVMCIX vs. SPY
Often compared with VSCIX:
VSCIX vs. VINIXVSCIX vs. VBVSCIX vs. VOOVSCIX vs. VIEIXVSCIX vs. IWMVSCIX vs. AVFIXVSCIX vs. VWUAX

Return for Risk

VMCIX vs. VSCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMCIX
VMCIX Risk / Return Rank: 3737
Overall Rank
VMCIX Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 3232
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 3030
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 4444
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 4646
Martin Ratio Rank
VSCIX
VSCIX Risk / Return Rank: 5555
Overall Rank
VSCIX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VSCIX Sortino Ratio Rank: 4343
Sortino Ratio Rank
VSCIX Omega Ratio Rank: 4040
Omega Ratio Rank
VSCIX Calmar Ratio Rank: 7878
Calmar Ratio Rank
VSCIX Martin Ratio Rank: 6868
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. VSCIX - 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 Small-Cap Index Fund Institutional Shares (VSCIX). 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.

VMCIXVSCIXDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.81

-0.27

Sortino ratioReturn per unit of downside risk
2.19
2.57

-0.39

Omega ratioGain probability vs. loss probability

1.27

1.31

-0.04

Calmar ratioReturn relative to maximum drawdown

2.42

3.36

-0.94

Martin ratioReturn relative to average drawdown

9.09

12.35

-3.26

VMCIX vs. VSCIX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.54, which is comparable to the VSCIX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of VMCIX and VSCIX, 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. VSCIX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, roughly equal to the maximum VSCIX drawdown of -59.66%. Use the drawdown chart below to compare losses from any high point for VMCIX and VSCIX.

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Drawdown Indicators

VMCIXVSCIXDifference

Max Drawdown

Largest peak-to-trough decline

-58.86%

-59.66%

+0.80%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-8.97%

+0.84%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-25.25%

+6.32%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-28.13%

+0.59%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-41.81%

+2.51%

Current Drawdown

Current decline from peak

-0.84%

-0.57%

-0.27%

Average Drawdown

Average peak-to-trough decline

-7.96%

-10.11%

+2.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

2.43%

-0.27%

Volatility

VMCIX vs. VSCIX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 4.45%, while Vanguard Small-Cap Index Fund Institutional Shares (VSCIX) has a volatility of 5.30%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than VSCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCIXVSCIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.45%

5.30%

-0.85%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

12.24%

-2.37%

Volatility (1Y)

Calculated over the trailing 1-year period

12.77%

16.65%

-3.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.70%

20.77%

-3.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.95%

21.60%

-2.65%

VMCIX vs. VSCIX - Expense Ratio Comparison

Both VMCIX and VSCIX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VMCIX vs. VSCIX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.35%, more than VSCIX's 1.19% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VSCIX
Vanguard Small-Cap Index Fund Institutional Shares		1.19%1.34%1.31%1.55%1.55%1.25%1.15%1.40%1.68%1.36%1.50%1.49%

Frequently Asked Questions

With a correlation of 0.93, VMCIX and VSCIX 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.

VSCIX has higher volatility (5.30%) compared to VMCIX (4.45%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VSCIX's -59.66%.

VSCIX currently has the higher Sharpe Ratio (1.81 vs 1.54), 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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