VMCPX vs. VO
Compare and contrast key facts about Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) and Vanguard Mid-Cap ETF (VO).
VMCPX is managed by Vanguard. It was launched on Dec 15, 2010. VO is a passively managed fund by Vanguard that tracks the performance of the CRSP US Mid Cap Index. It was launched on Jan 26, 2004.
Performance
VMCPX vs. VO - Performance Comparison
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VMCPX vs. VO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares | -2.79% | 11.70% | 14.68% | 16.55% | -18.68% | 24.54% | 18.20% | 31.06% | -9.23% | 19.28% |
VO Vanguard Mid-Cap ETF | -0.68% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
Returns By Period
In the year-to-date period, VMCPX achieves a -2.79% return, which is significantly lower than VO's -0.68% return. Both investments have delivered pretty close results over the past 10 years, with VMCPX having a 10.44% annualized return and VO not far ahead at 10.67%.
VMCPX
- 1D
- -0.66%
- 1M
- -7.87%
- YTD
- -2.79%
- 6M
- -3.58%
- 1Y
- 10.32%
- 3Y*
- 11.80%
- 5Y*
- 6.52%
- 10Y*
- 10.44%
VO
- 1D
- 2.22%
- 1M
- -5.86%
- YTD
- -0.68%
- 6M
- -1.48%
- 1Y
- 12.73%
- 3Y*
- 12.61%
- 5Y*
- 6.66%
- 10Y*
- 10.67%
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VMCPX vs. VO - Expense Ratio Comparison
VMCPX has a 0.03% expense ratio, which is lower than VO'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%.
Return for Risk
VMCPX vs. VO — Risk / Return Rank
VMCPX
VO
VMCPX vs. VO - 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 ETF (VO). 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.
| VMCPX | VO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 0.73 | -0.10 |
Sortino ratioReturn per unit of downside risk | 0.99 | 1.12 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.73 | 1.05 | -0.32 |
Martin ratioReturn relative to average drawdown | 3.40 | 4.84 | -1.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMCPX | VO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.73 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.38 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.57 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.48 | +0.10 |
Correlation
The correlation between VMCPX and VO is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VMCPX vs. VO - Dividend Comparison
VMCPX's dividend yield for the trailing twelve months is around 1.55%, more than VO's 1.51% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares | 1.55% | 1.53% | 1.50% | 1.52% | 1.61% | 1.13% | 1.45% | 1.49% | 1.84% | 1.37% | 1.47% | 1.50% |
VO Vanguard Mid-Cap ETF | 1.51% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Drawdowns
VMCPX vs. VO - Drawdown Comparison
The maximum VMCPX drawdown since its inception was -39.30%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for VMCPX and VO.
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Drawdown Indicators
| VMCPX | VO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -58.87% | +19.57% |
Max Drawdown (1Y)Largest decline over 1 year | -12.77% | -12.74% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.54% | -27.57% | +0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -39.37% | +0.07% |
Current DrawdownCurrent decline from peak | -8.13% | -6.12% | -2.01% |
Average DrawdownAverage peak-to-trough decline | -5.26% | -7.91% | +2.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 2.76% | -0.02% |
Volatility
VMCPX vs. VO - Volatility Comparison
The current volatility for Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) is 4.23%, while Vanguard Mid-Cap ETF (VO) has a volatility of 4.89%. This indicates that VMCPX experiences smaller price fluctuations and is considered to be less risky than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMCPX | VO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 4.89% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 9.72% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.58% | 17.57% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 17.62% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 18.94% | -0.04% |