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VMCPX vs. VMCIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMCPX vs. VMCIX

Last updated Jun 25, 2026

VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) and VMCIX (Vanguard Mid-Cap Index Fund Institutional Shares) are both Mid Cap Blend Equities funds from Vanguard. Over the past 10 years, VMCPX returned 11.93%/yr vs 11.92%/yr for VMCIX. With a 1.00 correlation, they move nearly in lockstep. VMCPX charges 0.03%/yr vs 0.04%/yr for VMCIX.

Performance

VMCPX vs. VMCIX - 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 Mid-Cap Index Fund Institutional Shares (VMCIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VMCPX at 10.37% and VMCIX at 10.37%. Both investments have delivered pretty close results over the past 10 years, with VMCPX having a 11.93% annualized return and VMCIX not far behind at 11.92%.

VMCPX

1D
-0.87%
1M
2.15%
YTD
10.37%
6M
8.75%
1Y
16.55%
3Y*
16.27%
5Y*
7.73%
10Y*
11.93%

VMCIX

1D
-0.87%
1M
2.14%
YTD
10.37%
6M
8.75%
1Y
16.54%
3Y*
16.26%
5Y*
7.72%
10Y*
11.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMCPX vs. VMCIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMCPX
Vanguard Mid-Cap Index Fund Institutional Plus Shares		10.37%11.70%14.68%16.55%-18.68%24.54%18.20%31.06%-9.23%19.28%
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		10.37%11.67%14.68%16.54%-18.70%24.53%18.20%31.04%-9.25%19.30%

Correlation

The correlation between VMCPX and VMCIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

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

1.00

The correlation between VMCPX and VMCIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VMCPX vs. VMCIX - Sectors Allocation Comparison

Sectors
VMCPX
VMCIX

Technology

20.8%
18.6%

Industrials

17.7%
17.9%

Financial Services

12.5%
12.8%

Consumer Cyclical

8.6%
8.6%

Utilities

7.9%
8.3%

Energy

7.9%
8.5%

Healthcare

7.5%
7.6%

Real Estate

5.1%
5.4%

Consumer Defensive

4.7%
4.8%

Basic Materials

4.0%
4.2%

Communication Services

3.0%
3.1%

Technology

VMCPX
20.8%
VMCIX
18.6%

Industrials

VMCPX
17.7%
VMCIX
17.9%

Financial Services

VMCPX
12.5%
VMCIX
12.8%

Consumer Cyclical

VMCPX
8.6%
VMCIX
8.6%

Utilities

VMCPX
7.9%
VMCIX
8.3%

Energy

VMCPX
7.9%
VMCIX
8.5%

Healthcare

VMCPX
7.5%
VMCIX
7.6%

Real Estate

VMCPX
5.1%
VMCIX
5.4%

Consumer Defensive

VMCPX
4.7%
VMCIX
4.8%

Basic Materials

VMCPX
4.0%
VMCIX
4.2%

Communication Services

VMCPX
3.0%
VMCIX
3.1%

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Vanguard Mid-Cap Index Fund Institutional Plus Shares

Vanguard Mid-Cap Index Fund Institutional Shares

Often compared with VMCPX:
VMCPX vs. VPMAXVMCPX vs. VSCPXVMCPX vs. VIVIXVMCPX vs. SPYVMCPX vs. VOOVMCPX vs. VTSAXVMCPX vs. VIGIX
Often compared with VMCIX:
VMCIX vs. VSCIXVMCIX vs. VIIIXVMCIX vs. VFIAXVMCIX vs. FXAIXVMCIX vs. VIEIXVMCIX vs. FLPKXVMCIX vs. VOO

Return for Risk

VMCPX vs. VMCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMCPX
VMCPX Risk / Return Rank: 3232
Overall Rank
VMCPX Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
VMCPX Sortino Ratio Rank: 2828
Sortino Ratio Rank
VMCPX Omega Ratio Rank: 2626
Omega Ratio Rank
VMCPX Calmar Ratio Rank: 3838
Calmar Ratio Rank
VMCPX Martin Ratio Rank: 4141
Martin Ratio Rank
VMCIX
VMCIX Risk / Return Rank: 3232
Overall Rank
VMCIX Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
VMCIX Sortino Ratio Rank: 2828
Sortino Ratio Rank
VMCIX Omega Ratio Rank: 2626
Omega Ratio Rank
VMCIX Calmar Ratio Rank: 3737
Calmar Ratio Rank
VMCIX Martin Ratio Rank: 4141
Martin Ratio Rank
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. VMCIX - 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 Mid-Cap Index Fund Institutional Shares (VMCIX). 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.

VMCPXVMCIXDifference
Sharpe ratioReturn per unit of total volatility
1.39
1.39

0.00

Sortino ratioReturn per unit of downside risk
2.00
1.99

0.00

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

2.19

2.19

0.00

Martin ratioReturn relative to average drawdown

8.24

8.22

+0.01

VMCPX vs. VMCIX - Sharpe Ratio Comparison

The current VMCPX Sharpe Ratio is 1.39, which is comparable to the VMCIX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of VMCPX and VMCIX, 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. VMCIX - Drawdown Comparison

The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum VMCIX drawdown of -58.86%. Use the drawdown chart below to compare losses from any high point for VMCPX and VMCIX.

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Drawdown Indicators

VMCPXVMCIXDifference

Max Drawdown

Largest peak-to-trough decline

-39.30%

-58.86%

+19.56%

Max Drawdown (1Y)

Largest decline over 1 year

-8.13%

-8.13%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-18.93%

0.00%

Max Drawdown (5Y)

Largest decline over 5 years

-27.54%

-27.54%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

-39.30%

0.00%

Current Drawdown

Current decline from peak

-1.30%

-1.30%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.20%

-7.96%

+2.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

2.16%

0.00%

Volatility

VMCPX vs. VMCIX - Volatility Comparison

Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) have volatilities of 4.48% and 4.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMCPXVMCIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.48%

4.48%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

9.89%

9.89%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

12.81%

12.81%

0.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.70%

17.70%

0.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

18.91%

0.00%

VMCPX vs. VMCIX - Expense Ratio Comparison

VMCPX has a 0.03% expense ratio, which is lower than VMCIX'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. VMCIX - Dividend Comparison

VMCPX's dividend yield for the trailing twelve months is around 1.37%, which matches VMCIX's 1.36% yield.

PositionTTM20252024202320222021202020192018201720162015
VMCIX
Vanguard Mid-Cap Index Fund Institutional Shares		1.36%1.52%1.49%1.51%1.60%1.12%1.45%1.48%1.83%1.36%1.46%1.48%
VMCPX
Vanguard Mid-Cap Index Fund Institutional Plus Shares		1.37%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 1.00, VMCPX and VMCIX 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.

VMCIX has higher volatility (4.48%) compared to VMCPX (4.48%). In terms of maximum drawdown, VMCPX dropped -39.30% vs VMCIX's -58.86%.

VMCPX currently has the higher Sharpe Ratio (1.39 vs 1.39), 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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