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VMCIX vs. VSEQX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCIX vs. VSEQX

Last updated Aug 4, 2026
Documentation

VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) and VSEQX (Vanguard Strategic Equity Fund) are both Mid Cap Blend Equities funds from Vanguard - VMCIX tracks the CRSP US Mid Cap Index while VSEQX tracks the Spliced Small and Mid Cap Index. Both are passively managed. Over the past 10 years, VMCIX returned 11.49%/yr vs 13.10%/yr for VSEQX. Their 0.96 correlation means they have historically moved very closely together. VMCIX charges 0.03%/yr vs 0.17%/yr for VSEQX.

Performance

VMCIX vs. VSEQX - 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 Strategic Equity Fund (VSEQX). 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 12.34% return, which is significantly lower than VSEQX's 19.11% return. Over the past 10 years, VMCIX has underperformed VSEQX with an annualized return of 11.49%, while VSEQX has yielded a comparatively higher 13.10% annualized return.

VMCIX

1D
-0.08%
1M
0.48%
6M
9.55%
YTD
12.34%
1Y
16.47%
3Y*
14.30%
5Y*
7.76%
10Y*
11.49%
ALL TIME*
10.22%

VSEQX

1D
-0.22%
1M
-0.42%
6M
14.18%
YTD
19.11%
1Y
33.67%
3Y*
18.85%
5Y*
12.44%
10Y*
13.10%
ALL TIME*
10.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VMCIX

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

VSEQX

Vanguard Strategic Equity Fund
$0.00$0.00$0.00

VMCIX vs. VSEQX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		12.34%11.67%14.68%16.54%-18.70%24.53%18.20%31.04%-9.25%19.30%
VSEQX
Vanguard Strategic Equity Fund		19.11%15.32%16.67%19.31%-11.90%30.83%10.26%26.76%-11.86%12.36%

Correlation

The correlation between VMCIX and VSEQX is 0.92, 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.

0.92

Correlation (3Y)
Balances recent behavior with more history.

0.94

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

0.95

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 VSEQX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

VMCIX vs. VSEQX - Sectors Allocation Comparison

Sectors
VMCIX
VSEQX

Industrials

19.9%
16.6%

Technology

18.2%
17.5%

Financial Services

13.1%
15.2%

Consumer Cyclical

9.0%
10.3%

Utilities

8.4%
4.9%

Healthcare

7.8%
11.0%

Energy

7.4%
5.5%

Real Estate

5.1%
6.7%

Consumer Defensive

4.6%
3.6%

Basic Materials

3.9%
4.9%

Communication Services

2.7%
3.8%

Industrials

VMCIX
19.9%
VSEQX
16.6%

Technology

VMCIX
18.2%
VSEQX
17.5%

Financial Services

VMCIX
13.1%
VSEQX
15.2%

Consumer Cyclical

VMCIX
9.0%
VSEQX
10.3%

Utilities

VMCIX
8.4%
VSEQX
4.9%

Healthcare

VMCIX
7.8%
VSEQX
11.0%

Energy

VMCIX
7.4%
VSEQX
5.5%

Real Estate

VMCIX
5.1%
VSEQX
6.7%

Consumer Defensive

VMCIX
4.6%
VSEQX
3.6%

Basic Materials

VMCIX
3.9%
VSEQX
4.9%

Communication Services

VMCIX
2.7%
VSEQX
3.8%

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 Strategic Equity Fund

Often compared with VMCIX:
VMCIX vs. VSCIXVMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. VIEIXVMCIX vs. FLPKXVMCIX vs. VOO
Often compared with VSEQX:
VSEQX vs. SCHMVSEQX vs. VFIAXVSEQX vs. VIMAXVSEQX vs. VFMFXVSEQX vs. FOCKXVSEQX vs. VTIVSEQX vs. FCNTX

Return for Risk

VMCIX vs. VSEQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMCIX
VMCIX Risk / Return Rank: 3939
Overall Rank
VMCIX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 3535
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 3333
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 4343
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 4747
Martin Ratio Rank
VSEQX
VSEQX Risk / Return Rank: 8787
Overall Rank
VSEQX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VSEQX Sortino Ratio Rank: 8282
Sortino Ratio Rank
VSEQX Omega Ratio Rank: 7878
Omega Ratio Rank
VSEQX Calmar Ratio Rank: 9494
Calmar Ratio Rank
VSEQX Martin Ratio Rank: 9595
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. VSEQX - 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 Strategic Equity Fund (VSEQX). 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.

VMCIXVSEQXDifference
Sharpe ratioReturn per unit of total volatility
1.19
2.09

-0.90

Sortino ratioReturn per unit of downside risk
1.74
2.96

-1.22

Omega ratioGain probability vs. loss probability

1.21

1.36

-0.15

Calmar ratioReturn relative to maximum drawdown

1.85

4.16

-2.31

Martin ratioReturn relative to average drawdown

7.04

15.92

-8.88

VMCIX vs. VSEQX - Sharpe Ratio Comparison

The current VMCIX Sharpe Ratio is 1.19, which is lower than the VSEQX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of VMCIX and VSEQX, 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. VSEQX - Drawdown Comparison

The maximum VMCIX drawdown since its inception was -58.86%, smaller than the maximum VSEQX drawdown of -63.55%. Use the drawdown chart below to compare losses from any high point for VMCIX and VSEQX.

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Drawdown Indicators

VMCIXVSEQXDifference

Max Drawdown

Largest peak-to-trough decline

-58.86%

-63.55%

+4.69%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-7.60%

-0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-24.73%

+5.80%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-24.73%

-2.81%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-44.08%

+4.78%

Current Drawdown

Current decline from peak

-0.52%

-1.26%

+0.74%

Average Drawdown

Average peak-to-trough decline

-7.93%

-9.02%

+1.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

1.98%

+0.15%

Volatility

VMCIX vs. VSEQX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) is 2.08%, while Vanguard Strategic Equity Fund (VSEQX) has a volatility of 3.00%. This indicates that VMCIX experiences smaller price fluctuations and is considered to be less risky than VSEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCIXVSEQXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.08%

3.00%

-0.92%

Volatility (6M)

Calculated over the trailing 6-month period

9.49%

10.82%

-1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

12.59%

15.10%

-2.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

19.86%

-2.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

21.35%

-2.51%

VMCIX vs. VSEQX - Expense Ratio Comparison

VMCIX has a 0.03% expense ratio, which is lower than VSEQX's 0.17% 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. VSEQX - Dividend Comparison

VMCIX's dividend yield for the trailing twelve months is around 1.32%, less than VSEQX's 9.37% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VSEQX
Vanguard Strategic Equity Fund		9.37%11.16%11.36%6.11%11.77%21.36%1.77%2.92%10.34%7.05%3.13%12.28%

Frequently Asked Questions

With a correlation of 0.92, VMCIX and VSEQX 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.

VSEQX has higher volatility (3.00%) compared to VMCIX (2.08%). In terms of maximum drawdown, VMCIX dropped -58.86% vs VSEQX's -63.55%.

VSEQX currently has the higher Sharpe Ratio (2.09 vs 1.19), 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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