VMCPX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and S&P 500 Index (^GSPC).

VMCPX is managed by Vanguard. It was launched on Dec 15, 2010.

Performance

VMCPX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

VMCPX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	-0.63%	11.70%	14.68%	16.55%	-18.68%	24.54%	18.20%	31.06%	-9.23%	19.28%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, VMCPX achieves a -0.63% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, VMCPX has underperformed ^GSPC with an annualized return of 10.68%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

VMCPX

• 1D: 2.23%
• 1M: -5.78%
• YTD: -0.63%
• 6M: -1.34%
• 1Y: 12.42%
• 3Y*: 12.62%
• 5Y*: 6.68%
• 10Y*: 10.68%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

VMCPX vs. ^GSPC — Risk / Return Rank

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

VMCPX

VMCPX Risk / Return Rank: 34
VMCPX Sharpe Ratio Rank: 28
VMCPX Sortino Ratio Rank: 29
VMCPX Omega Ratio Rank: 29
VMCPX Calmar Ratio Rank: 38
VMCPX Martin Ratio Rank: 47

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

VMCPX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and S&P 500 Index (^GSPC). 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.

	VMCPX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.73	0.92	-0.19
Sortino ratio Return per unit of downside risk	1.12	1.41	-0.29
Omega ratio Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio Return relative to maximum drawdown	1.06	1.41	-0.36
Martin ratio Return relative to average drawdown	4.87	6.61	-1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMCPX vs. ^GSPC - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 0.73, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of VMCPX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VMCPX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.92	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.61	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.68	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.46	+0.14

Correlation

The correlation between VMCPX and ^GSPC is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

VMCPX vs. ^GSPC - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for VMCPX and ^GSPC.

Drawdown Indicators

	VMCPX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-56.78%	+17.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.77%	-12.14%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-25.43%	-2.11%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-33.92%	-5.38%
Current Drawdown Current decline from peak	-6.08%	-5.78%	-0.30%
Average Drawdown Average peak-to-trough decline	-5.26%	-10.75%	+5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.60%	+0.17%

Volatility

VMCPX vs. ^GSPC - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 4.96%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCPX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	5.37%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	9.55%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	18.33%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	16.90%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	18.05%	+0.86%