VMCTX vs. MUHLX

Last updated Jun 4, 2026

VMCTX (Vanguard Mega Cap Index Fund Institutional Shares) and MUHLX (Muhlenkamp Fund) are both Large Cap Blend Equities funds. Over the past 10 years, VMCTX returned 16.46%/yr vs 10.79%/yr for MUHLX. Their correlation of 0.84 suggests significant overlap in exposure. VMCTX charges 0.06%/yr vs 1.14%/yr for MUHLX.

Performance

VMCTX vs. MUHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) and Muhlenkamp Fund (MUHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VMCTX having a 11.68% return and MUHLX slightly lower at 11.53%. Over the past 10 years, VMCTX has outperformed MUHLX with an annualized return of 16.46%, while MUHLX has yielded a comparatively lower 10.79% annualized return.

VMCTX

• 1D: 0.04%
• 1M: 6.43%
• YTD: 11.68%
• 6M: 11.63%
• 1Y: 30.69%
• 3Y*: 24.20%
• 5Y*: 15.10%
• 10Y*: 16.46%

MUHLX

• 1D: 0.66%
• 1M: -0.82%
• YTD: 11.53%
• 6M: 11.87%
• 1Y: 23.73%
• 3Y*: 13.92%
• 5Y*: 10.63%
• 10Y*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VMCTX vs. MUHLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMCTX Vanguard Mega Cap Index Fund Institutional Shares	11.68%	19.35%	27.18%	29.67%	-19.91%	27.57%	21.47%	31.42%	-3.47%	22.57%
MUHLX Muhlenkamp Fund	11.53%	17.82%	3.38%	13.92%	2.89%	28.98%	11.96%	14.39%	-13.29%	18.78%

Correlation

The correlation between VMCTX and MUHLX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.84

Over the past year, the correlation between VMCTX and MUHLX has dropped to 0.54 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

VMCTX vs. MUHLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VMCTX

VMCTX Risk / Return Rank: 72
VMCTX Sharpe Ratio Rank: 78
VMCTX Sortino Ratio Rank: 69
VMCTX Omega Ratio Rank: 68
VMCTX Calmar Ratio Rank: 68
VMCTX Martin Ratio Rank: 76

MUHLX

MUHLX Risk / Return Rank: 37
MUHLX Sharpe Ratio Rank: 37
MUHLX Sortino Ratio Rank: 33
MUHLX Omega Ratio Rank: 34
MUHLX Calmar Ratio Rank: 40
MUHLX Martin Ratio Rank: 43

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.

VMCTX vs. MUHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) and Muhlenkamp Fund (MUHLX). 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.

	VMCTX	MUHLX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.76	+0.80
Sortino ratio: Return per unit of downside risk	3.47	2.40	+1.07
Omega ratio: Gain probability vs. loss probability	1.46	1.31	+0.15
Calmar ratio: Return relative to maximum drawdown	3.19	2.40	+0.79
Martin ratio: Return relative to average drawdown	14.39	9.10	+5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMCTX vs. MUHLX - Sharpe Ratio Comparison

The current VMCTX Sharpe Ratio is 2.56, which is higher than the MUHLX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of VMCTX and MUHLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMCTX	MUHLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	1.76	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.73	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.63	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.52	+0.08

Drawdowns

VMCTX vs. MUHLX - Drawdown Comparison

The maximum VMCTX drawdown since its inception was -52.00%, smaller than the maximum MUHLX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for VMCTX and MUHLX.

Drawdown Indicators

	VMCTX	MUHLX	Difference
Max Drawdown Largest peak-to-trough decline	-52.00%	-62.05%	+10.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-10.23%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.36%	-18.63%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-18.63%	-7.14%
Max Drawdown (10Y) Largest decline over 10 years	-32.96%	-40.85%	+7.89%
Current Drawdown Current decline from peak	0.00%	-3.55%	+3.55%
Average Drawdown Average peak-to-trough decline	-7.09%	-10.77%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.69%	-0.50%

Volatility

VMCTX vs. MUHLX - Volatility Comparison

The current volatility for Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) is 2.93%, while Muhlenkamp Fund (MUHLX) has a volatility of 3.17%. This indicates that VMCTX experiences smaller price fluctuations and is considered to be less risky than MUHLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMCTX	MUHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.17%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	10.95%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.32%	13.98%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	14.62%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	17.05%	+1.23%

VMCTX vs. MUHLX - Expense Ratio Comparison

VMCTX has a 0.06% expense ratio, which is lower than MUHLX's 1.14% expense ratio.

Dividends

VMCTX vs. MUHLX - Dividend Comparison

VMCTX's dividend yield for the trailing twelve months is around 0.87%, less than MUHLX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUHLX Muhlenkamp Fund	2.99%	3.34%	0.58%	0.89%	6.80%	7.77%	10.28%	1.26%	14.70%	4.30%	0.00%	11.02%
VMCTX Vanguard Mega Cap Index Fund Institutional Shares	0.87%	0.94%	1.16%	1.36%	1.66%	1.18%	1.46%	1.82%	2.11%	1.84%	2.13%	2.13%

Frequently Asked Questions

Can I hold both VMCTX and MUHLX in my portfolio?

VMCTX and MUHLX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMCTX or MUHLX?

MUHLX has higher volatility (3.17%) compared to VMCTX (2.93%). In terms of maximum drawdown, VMCTX dropped -52.00% vs MUHLX's -62.05%.

Which has better risk-adjusted returns?

VMCTX currently has the higher Sharpe Ratio (2.56 vs 1.76), 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.