VMCPX vs. SBMAX

Last updated Aug 3, 2026

VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and SBMAX (ClearBridge Mid Cap Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VMCPX returned 11.39%/yr vs 8.01%/yr for SBMAX. Their 0.97 correlation means they have historically moved very closely together. VMCPX charges 0.02%/yr vs 1.13%/yr for SBMAX.

Performance

VMCPX vs. SBMAX - 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 ClearBridge Mid Cap Fund (SBMAX). 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 higher than SBMAX's 6.04% return. Over the past 10 years, VMCPX has outperformed SBMAX with an annualized return of 11.39%, while SBMAX has yielded a comparatively lower 8.01% 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%

SBMAX

• 1D: -0.06%
• 1M: -1.29%
• 6M: 3.55%
• YTD: 6.04%
• 1Y: 6.82%
• 3Y*: 7.50%
• 5Y*: 2.15%
• 10Y*: 8.01%
• ALL TIME*: 9.45%

*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)
SBMAX ClearBridge Mid Cap Fund	$0.00	$0.00	$0.00
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

VMCPX vs. SBMAX - 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%
SBMAX ClearBridge Mid Cap Fund	6.04%	4.21%	9.79%	13.51%	-25.19%	28.37%	16.25%	32.77%	-12.92%	12.69%

Correlation

The correlation between VMCPX and SBMAX is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.97

The correlation between VMCPX and SBMAX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

VMCPX vs. SBMAX — 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

SBMAX

SBMAX Risk / Return Rank: 9
SBMAX Sharpe Ratio Rank: 9
SBMAX Sortino Ratio Rank: 9
SBMAX Omega Ratio Rank: 8
SBMAX Calmar Ratio Rank: 10
SBMAX Martin Ratio Rank: 10

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. SBMAX - 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 ClearBridge Mid Cap Fund (SBMAX). 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	SBMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.32	+0.85
Sortino ratio: Return per unit of downside risk	1.70	0.55	+1.15
Omega ratio: Gain probability vs. loss probability	1.21	1.06	+0.14
Calmar ratio: Return relative to maximum drawdown	1.81	0.45	+1.36
Martin ratio: Return relative to average drawdown	6.90	1.33	+5.57

VMCPX vs. SBMAX - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 1.17, which is higher than the SBMAX Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of VMCPX and SBMAX, 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. SBMAX - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum SBMAX drawdown of -52.41%. Use the drawdown chart below to compare losses from any high point for VMCPX and SBMAX.

Drawdown Indicators

	VMCPX	SBMAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-52.41%	+13.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-10.32%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-23.62%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	-31.55%	+4.01%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-39.88%	+0.58%
Current Drawdown Current decline from peak	-0.44%	-1.66%	+1.22%
Average Drawdown Average peak-to-trough decline	-5.17%	-9.62%	+4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.48%	-1.35%

Volatility

VMCPX vs. SBMAX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 2.10%, while ClearBridge Mid Cap Fund (SBMAX) has a volatility of 2.90%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than SBMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCPX	SBMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	2.90%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	11.08%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	14.49%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	19.77%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	20.17%	-1.33%

VMCPX vs. SBMAX - Expense Ratio Comparison

VMCPX has a 0.02% expense ratio, which is lower than SBMAX's 1.13% expense ratio.

Dividends

VMCPX vs. SBMAX - Dividend Comparison

VMCPX's dividend yield for the trailing twelve months is around 1.33%, less than SBMAX's 8.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMAX ClearBridge Mid Cap Fund	8.41%	8.92%	8.73%	1.83%	4.96%	12.79%	7.27%	7.78%	4.52%	6.52%	1.70%	5.00%
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 SBMAX in my portfolio?

With a correlation of 0.93, VMCPX and SBMAX 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.

Which is riskier, VMCPX or SBMAX?

SBMAX has higher volatility (2.90%) compared to VMCPX (2.10%). In terms of maximum drawdown, VMCPX dropped -39.30% vs SBMAX's -52.41%.

Which has better risk-adjusted returns?

VMCPX currently has the higher Sharpe Ratio (1.17 vs 0.32), 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.