VMCPX vs. PFSLX

Last updated Aug 3, 2026

VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and PFSLX (Paradigm Select Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VMCPX returned 11.39%/yr vs 16.06%/yr for PFSLX. Their correlation of 0.89 means they have usually moved in the same direction. VMCPX charges 0.02%/yr vs 1.16%/yr for PFSLX.

Performance

VMCPX vs. PFSLX - 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 Paradigm Select Fund (PFSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMCPX achieves a 12.42% return, which is significantly lower than PFSLX's 37.13% return. Over the past 10 years, VMCPX has underperformed PFSLX with an annualized return of 11.39%, while PFSLX has yielded a comparatively higher 16.06% annualized return.

VMCPX

• 1D: 0.44%
• 1M: 0.55%
• 6M: 10.12%
• YTD: 12.42%
• 1Y: 16.57%
• 3Y*: 14.21%
• 5Y*: 7.79%
• 10Y*: 11.39%
• ALL TIME*: 11.53%

PFSLX

• 1D: 3.21%
• 1M: -4.09%
• 6M: 30.28%
• YTD: 37.13%
• 1Y: 68.31%
• 3Y*: 23.63%
• 5Y*: 12.96%
• 10Y*: 16.06%
• ALL TIME*: 11.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PFSLX Paradigm Select Fund	$0.00	$0.00	$0.00
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

VMCPX vs. PFSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	12.42%	11.70%	14.68%	16.55%	-18.68%	24.54%	18.20%	31.06%	-9.23%	19.28%
PFSLX Paradigm Select Fund	37.13%	13.27%	16.73%	26.94%	-26.44%	31.16%	26.05%	38.32%	-9.93%	16.13%

Correlation

The correlation between VMCPX and PFSLX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.89

The correlation between VMCPX and PFSLX shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMCPX vs. PFSLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMCPX

VMCPX Risk / Return Rank: 44
VMCPX Sharpe Ratio Rank: 40
VMCPX Sortino Ratio Rank: 41
VMCPX Omega Ratio Rank: 38
VMCPX Calmar Ratio Rank: 50
VMCPX Martin Ratio Rank: 52

PFSLX

PFSLX Risk / Return Rank: 90
PFSLX Sharpe Ratio Rank: 90
PFSLX Sortino Ratio Rank: 84
PFSLX Omega Ratio Rank: 80
PFSLX Calmar Ratio Rank: 97
PFSLX Martin Ratio Rank: 96

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.

VMCPX vs. PFSLX - 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 Paradigm Select Fund (PFSLX). 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.

	VMCPX	PFSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.30	-1.13
Sortino ratio: Return per unit of downside risk	1.70	3.00	-1.29
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.81	5.34	-3.53
Martin ratio: Return relative to average drawdown	6.90	17.42	-10.53

VMCPX vs. PFSLX - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 1.17, which is lower than the PFSLX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of VMCPX and PFSLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMCPX vs. PFSLX - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum PFSLX drawdown of -91.83%. Use the drawdown chart below to compare losses from any high point for VMCPX and PFSLX.

Drawdown Indicators

	VMCPX	PFSLX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-91.83%	+52.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-11.69%	+3.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-91.83%	+72.90%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-91.83%	+64.29%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-91.83%	+52.53%
Current Drawdown Current decline from peak	-0.44%	-83.40%	+82.96%
Average Drawdown Average peak-to-trough decline	-5.17%	-14.23%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.60%	-1.47%

Volatility

VMCPX vs. PFSLX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 2.10%, while Paradigm Select Fund (PFSLX) has a volatility of 7.56%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than PFSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCPX	PFSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	7.56%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	22.19%	-12.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	27.18%	-14.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	146.15%	-128.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	104.47%	-85.63%

VMCPX vs. PFSLX - Expense Ratio Comparison

VMCPX has a 0.02% expense ratio, which is lower than PFSLX's 1.16% expense ratio.

Dividends

VMCPX vs. PFSLX - Dividend Comparison

VMCPX's dividend yield for the trailing twelve months is around 1.33%, more than PFSLX's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFSLX Paradigm Select Fund	0.10%	0.14%	0.02%	0.31%	0.01%	0.17%	0.11%	0.58%	2.93%	3.89%	0.74%	9.40%
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	1.33%	1.53%	1.50%	1.52%	1.61%	1.13%	1.45%	1.49%	1.84%	1.37%	1.47%	1.50%

Frequently Asked Questions

Can I hold both VMCPX and PFSLX in my portfolio?

VMCPX and PFSLX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMCPX or PFSLX?

PFSLX has higher volatility (7.56%) compared to VMCPX (2.10%). In terms of maximum drawdown, VMCPX dropped -39.30% vs PFSLX's -91.83%.

Which has better risk-adjusted returns?

PFSLX currently has the higher Sharpe Ratio (2.30 vs 1.17), 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.