VMCPX vs. VIVIX
VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and VIVIX (Vanguard Value Index Fund Institutional Shares) are both mutual funds - VMCPX is a Mid Cap Blend Equities fund managed by Vanguard, while VIVIX is a Large Cap Value Equities fund tracking the CRSP U.S. Large Cap Value Index. Over the past 10 years, VMCPX returned 11.39%/yr vs 12.54%/yr for VIVIX. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
VMCPX vs. VIVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VMCPX achieves a 12.42% return, which is significantly lower than VIVIX's 16.66% return. Over the past 10 years, VMCPX has underperformed VIVIX with an annualized return of 11.39%, while VIVIX has yielded a comparatively higher 12.54% 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%
VIVIX
- 1D
- 0.33%
- 1M
- 0.58%
- 6M
- 11.55%
- YTD
- 16.66%
- 1Y
- 28.24%
- 3Y*
- 17.13%
- 5Y*
- 12.35%
- 10Y*
- 12.54%
- ALL TIME*
- 8.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VMCPX vs. VIVIX - 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% |
VIVIX Vanguard Value Index Fund Institutional Shares | 16.66% | 15.30% | 15.99% | 9.23% | -2.05% | 26.50% | 2.30% | 25.83% | -5.44% | 17.14% |
Correlation
The correlation between VMCPX and VIVIX is 0.86, 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. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
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 | 0.90 |
The correlation between VMCPX and VIVIX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
VMCPX vs. VIVIX — Risk / Return Rank
VMCPX
VIVIX
VMCPX vs. VIVIX - 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 Value Index Fund Institutional Shares (VIVIX). 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 | VIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.45 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 4.11 | -2.30 |
| Martin ratioReturn relative to average drawdown | 6.90 | 15.86 | -8.96 |
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Drawdowns
VMCPX vs. VIVIX - Drawdown Comparison
The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum VIVIX drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for VMCPX and VIVIX.
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Drawdown Indicators
| VMCPX | VIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -59.30% | +20.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -6.36% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -18.93% | -14.40% | -4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -27.54% | -17.12% | -10.42% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -36.80% | -2.50% |
Current DrawdownCurrent decline from peak | -0.44% | -1.07% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -9.21% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 1.65% | +0.48% |
Volatility
VMCPX vs. VIVIX - Volatility Comparison
The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 2.10%, while Vanguard Value Index Fund Institutional Shares (VIVIX) has a volatility of 2.65%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than VIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMCPX | VIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 2.65% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 7.78% | +1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.60% | 10.36% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 13.87% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.84% | 16.69% | +2.15% |
VMCPX vs. VIVIX - Expense Ratio Comparison
Both VMCPX and VIVIX have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VMCPX vs. VIVIX - Dividend Comparison
VMCPX's dividend yield for the trailing twelve months is around 1.33%, less than VIVIX's 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIVIX Vanguard Value Index Fund Institutional Shares | 1.85% | 2.04% | 2.31% | 2.46% | 2.52% | 2.15% | 2.55% | 2.50% | 2.73% | 2.30% | 2.46% | 2.61% |
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
VMCPX and VIVIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIVIX has higher volatility (2.65%) compared to VMCPX (2.10%). In terms of maximum drawdown, VMCPX dropped -39.30% vs VIVIX's -59.30%.
VIVIX currently has the higher Sharpe Ratio (2.53 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.
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