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VMCPX vs. VIEIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCPX vs. VIEIX

Last updated Aug 3, 2026
Documentation

VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and VIEIX (Vanguard Extended Market Index Fund Institutional Shares) are both Mid Cap Blend Equities funds from Vanguard - VMCPX tracks the CRSP US Mid Cap Index while VIEIX tracks the Spliced Extended Market Index. Both are passively managed. Over the past 10 years, VMCPX returned 11.39%/yr vs 11.64%/yr for VIEIX. Their 0.95 correlation means they have historically moved very closely together. VMCPX charges 0.02%/yr vs 0.04%/yr for VIEIX.

Performance

VMCPX vs. VIEIX - 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 Vanguard Extended Market Index Fund Institutional Shares (VIEIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VMCPX achieves a 12.42% return, which is significantly lower than VIEIX's 13.98% return. Both investments have delivered pretty close results over the past 10 years, with VMCPX having a 11.39% annualized return and VIEIX not far ahead at 11.64%.

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%

VIEIX

1D
1.41%
1M
-2.62%
6M
11.32%
YTD
13.98%
1Y
23.78%
3Y*
15.99%
5Y*
6.19%
10Y*
11.64%
ALL TIME*
9.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

VIEIX

Vanguard Extended Market Index Fund Institutional Shares
$0.00$0.00$0.00

VMCPX

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

VMCPX vs. VIEIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		13.98%11.42%15.49%26.97%-26.46%12.46%32.24%28.05%-9.36%18.12%

Correlation

The correlation between VMCPX and VIEIX is 0.91, 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.

0.91

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

0.93

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

0.94

Correlation (10Y)
Provides a long-term view across more market conditions.

0.95

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2010

0.95

The correlation between VMCPX and VIEIX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

VMCPX vs. VIEIX - Sectors Allocation Comparison

Sectors
VMCPX
VIEIX

Industrials

19.9%
21.1%

Technology

18.2%
19.7%

Financial Services

13.1%
14.2%

Consumer Cyclical

9.0%
9.4%

Utilities

8.4%
1.8%

Healthcare

7.8%
14.2%

Energy

7.4%
4.2%

Real Estate

5.1%
5.8%

Consumer Defensive

4.6%
2.6%

Basic Materials

3.9%
3.9%

Communication Services

2.7%
3.1%

Industrials

VMCPX
19.9%
VIEIX
21.1%

Technology

VMCPX
18.2%
VIEIX
19.7%

Financial Services

VMCPX
13.1%
VIEIX
14.2%

Consumer Cyclical

VMCPX
9.0%
VIEIX
9.4%

Utilities

VMCPX
8.4%
VIEIX
1.8%

Healthcare

VMCPX
7.8%
VIEIX
14.2%

Energy

VMCPX
7.4%
VIEIX
4.2%

Real Estate

VMCPX
5.1%
VIEIX
5.8%

Consumer Defensive

VMCPX
4.6%
VIEIX
2.6%

Basic Materials

VMCPX
3.9%
VIEIX
3.9%

Communication Services

VMCPX
2.7%
VIEIX
3.1%

Compare stocks, funds, or ETFs

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Vanguard Mid-Cap Index Fund Institutional Plus Shares

Vanguard Extended Market Index Fund Institutional Shares

Often compared with VMCPX:
VMCPX vs. VPMAXVMCPX vs. VSCPXVMCPX vs. VIVIXVMCPX vs. VOOVMCPX vs. SPYVMCPX vs. VTSAXVMCPX vs. VIGIX
Often compared with VIEIX:
VIEIX vs. FSMAXVIEIX vs. VOOVIEIX vs. VMCIXVIEIX vs. VEXAXVIEIX vs. VEXRXVIEIX vs. VSCIXVIEIX vs. SPY

Return for Risk

VMCPX vs. VIEIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMCPX
VMCPX Risk / Return Rank: 4444
Overall Rank
VMCPX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
VMCPX Sortino Ratio Rank: 4141
Sortino Ratio Rank
VMCPX Omega Ratio Rank: 3838
Omega Ratio Rank
VMCPX Calmar Ratio Rank: 5050
Calmar Ratio Rank
VMCPX Martin Ratio Rank: 5252
Martin Ratio Rank
VIEIX
VIEIX Risk / Return Rank: 4646
Overall Rank
VIEIX Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
VIEIX Sortino Ratio Rank: 4242
Sortino Ratio Rank
VIEIX Omega Ratio Rank: 3737
Omega Ratio Rank
VIEIX Calmar Ratio Rank: 6262
Calmar Ratio Rank
VIEIX Martin Ratio Rank: 5252
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.

VMCPX vs. VIEIX - 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 Vanguard Extended Market Index Fund Institutional Shares (VIEIX). 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.

VMCPXVIEIXDifference
Sharpe ratioReturn per unit of total volatility
1.17
1.16

0.00

Sortino ratioReturn per unit of downside risk
1.70
1.72

-0.01

Omega ratioGain probability vs. loss probability

1.21

1.20

0.00

Calmar ratioReturn relative to maximum drawdown

1.81

2.02

-0.21

Martin ratioReturn relative to average drawdown

6.90

6.87

+0.03

VMCPX vs. VIEIX - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 1.17, which is comparable to the VIEIX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of VMCPX and VIEIX, 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

VMCPX vs. VIEIX - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum VIEIX drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for VMCPX and VIEIX.

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Drawdown Indicators

VMCPXVIEIXDifference

Max Drawdown

Largest peak-to-trough decline

-39.30%

-58.03%

+18.73%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-10.25%

+2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-26.84%

+7.91%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-36.32%

+8.78%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-41.62%

+2.32%

Current Drawdown

Current decline from peak

-0.44%

-3.74%

+3.30%

Average Drawdown

Average peak-to-trough decline

-5.17%

-13.77%

+8.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.02%

-0.89%

Volatility

VMCPX vs. VIEIX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 2.10%, while Vanguard Extended Market Index Fund Institutional Shares (VIEIX) has a volatility of 3.90%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than VIEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCPXVIEIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

3.90%

-1.80%

Volatility (6M)

Calculated over the trailing 6-month period

9.49%

13.32%

-3.83%

Volatility (1Y)

Calculated over the trailing 1-year period

12.60%

17.81%

-5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

22.41%

-4.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

22.34%

-3.50%

VMCPX vs. VIEIX - Expense Ratio Comparison

VMCPX has a 0.02% expense ratio, which is lower than VIEIX's 0.04% 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

VMCPX vs. VIEIX - Dividend Comparison

VMCPX's dividend yield for the trailing twelve months is around 1.33%, more than VIEIX's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
VIEIX
Vanguard Extended Market Index Fund Institutional Shares		1.03%1.14%1.10%1.26%1.16%1.14%1.08%1.31%1.67%1.27%1.45%1.37%
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

With a correlation of 0.91, VMCPX and VIEIX 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.

VIEIX has higher volatility (3.90%) compared to VMCPX (2.10%). In terms of maximum drawdown, VMCPX dropped -39.30% vs VIEIX's -58.03%.

VMCPX currently has the higher Sharpe Ratio (1.17 vs 1.16), 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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