VMCTX vs. SWPPX
VMCTX (Vanguard Mega Cap Index Fund Institutional Shares) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. Over the past 10 years, VMCTX returned 16.32%/yr vs 15.59%/yr for SWPPX. With a 0.99 correlation, they move nearly in lockstep. VMCTX charges 0.06%/yr vs 0.02%/yr for SWPPX.
Performance
VMCTX vs. SWPPX - Performance Comparison
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Returns By Period
In the year-to-date period, VMCTX achieves a 7.20% return, which is significantly lower than SWPPX's 8.10% return. Both investments have delivered pretty close results over the past 10 years, with VMCTX having a 16.32% annualized return and SWPPX not far behind at 15.59%.
VMCTX
- 1D
- -0.26%
- 1M
- -2.72%
- YTD
- 7.20%
- 6M
- 5.93%
- 1Y
- 22.53%
- 3Y*
- 21.84%
- 5Y*
- 13.55%
- 10Y*
- 16.32%
SWPPX
- 1D
- -0.11%
- 1M
- -2.02%
- YTD
- 8.10%
- 6M
- 6.82%
- 1Y
- 22.22%
- 3Y*
- 20.75%
- 5Y*
- 13.03%
- 10Y*
- 15.59%
VMCTX vs. SWPPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMCTX Vanguard Mega Cap Index Fund Institutional Shares | 7.20% | 19.35% | 27.18% | 29.67% | -19.91% | 27.57% | 21.47% | 31.42% | -3.47% | 22.57% |
SWPPX Schwab S&P 500 Index Fund | 8.10% | 17.87% | 24.96% | 26.26% | -18.14% | 28.67% | 18.38% | 31.46% | -4.47% | 21.81% |
Correlation
The correlation between VMCTX and SWPPX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.99 |
The correlation between VMCTX and SWPPX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
VMCTX vs. SWPPX — Risk / Return Rank
VMCTX
SWPPX
VMCTX vs. SWPPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) and Schwab S&P 500 Index Fund (SWPPX). 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.
| VMCTX | SWPPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.51 | -0.20 |
| Martin ratioReturn relative to average drawdown | 9.95 | 11.20 | -1.26 |
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Drawdowns
VMCTX vs. SWPPX - Drawdown Comparison
The maximum VMCTX drawdown since its inception was -52.00%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for VMCTX and SWPPX.
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Drawdown Indicators
| VMCTX | SWPPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.00% | -55.06% | +3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.87% | -8.89% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -18.74% | -0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -25.77% | -24.51% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -32.96% | -33.80% | +0.84% |
Current DrawdownCurrent decline from peak | -4.02% | -3.22% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -7.07% | -9.93% | +2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 1.99% | +0.30% |
Volatility
VMCTX vs. SWPPX - Volatility Comparison
Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) has a higher volatility of 5.17% compared to Schwab S&P 500 Index Fund (SWPPX) at 4.92%. This indicates that VMCTX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMCTX | SWPPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 4.92% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 10.31% | 9.93% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 12.57% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 17.04% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.30% | 18.24% | +0.06% |
VMCTX vs. SWPPX - Expense Ratio Comparison
VMCTX has a 0.06% expense ratio, which is higher than SWPPX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VMCTX vs. SWPPX - Dividend Comparison
VMCTX's dividend yield for the trailing twelve months is around 0.91%, less than SWPPX's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWPPX Schwab S&P 500 Index Fund | 1.03% | 1.11% | 1.23% | 1.43% | 1.67% | 1.27% | 1.81% | 1.95% | 2.67% | 1.79% | 2.55% | 3.17% |
VMCTX Vanguard Mega Cap Index Fund Institutional Shares | 0.91% | 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
With a correlation of 0.99, VMCTX and SWPPX 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.
VMCTX has higher volatility (5.17%) compared to SWPPX (4.92%). In terms of maximum drawdown, VMCTX dropped -52.00% vs SWPPX's -55.06%.
SWPPX currently has the higher Sharpe Ratio (1.78 vs 1.75), 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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