VMCTX vs. VFIAX
VMCTX (Vanguard Mega Cap Index Fund Institutional Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VMCTX is a Large Cap Blend Equities fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VMCTX returned 16.46%/yr vs 15.63%/yr for VFIAX. With a 1.00 correlation, they move nearly in lockstep. VMCTX charges 0.06%/yr vs 0.04%/yr for VFIAX.
Performance
VMCTX vs. VFIAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VMCTX having a 11.68% return and VFIAX slightly higher at 11.69%. Over the past 10 years, VMCTX has outperformed VFIAX with an annualized return of 16.46%, while VFIAX has yielded a comparatively lower 15.63% 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%
VFIAX
- 1D
- 0.13%
- 1M
- 5.80%
- YTD
- 11.69%
- 6M
- 11.73%
- 1Y
- 28.95%
- 3Y*
- 22.72%
- 5Y*
- 14.24%
- 10Y*
- 15.63%
VMCTX vs. VFIAX - 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% |
VFIAX Vanguard 500 Index Fund Admiral Shares | 11.69% | 17.83% | 24.97% | 26.24% | -18.16% | 28.65% | 18.32% | 31.46% | -4.45% | 21.78% |
Correlation
The correlation between VMCTX and VFIAX 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 | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007 | 1.00 |
The correlation between VMCTX and VFIAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VMCTX vs. VFIAX — Risk / Return Rank
VMCTX
VFIAX
VMCTX vs. VFIAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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 | VFIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.46 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 3.35 | -0.16 |
| Martin ratioReturn relative to average drawdown | 14.39 | 15.66 | -1.28 |
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
| VMCTX | VFIAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | 2.52 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.85 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.90 | 0.87 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.47 | +0.13 |
Drawdowns
VMCTX vs. VFIAX - Drawdown Comparison
The maximum VMCTX drawdown since its inception was -52.00%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VMCTX and VFIAX.
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Drawdown Indicators
| VMCTX | VFIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.00% | -55.20% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -9.87% | -8.90% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -19.36% | -18.75% | -0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -25.77% | -24.53% | -1.24% |
Max Drawdown (10Y)Largest decline over 10 years | -32.96% | -33.83% | +0.87% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -9.40% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 1.90% | +0.29% |
Volatility
VMCTX vs. VFIAX - Volatility Comparison
Vanguard Mega Cap Index Fund Institutional Shares (VMCTX) and Vanguard 500 Index Fund Admiral Shares (VFIAX) have volatilities of 2.93% and 2.82%, 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
| VMCTX | VFIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.93% | 2.82% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.29% | 8.98% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.32% | 11.86% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.34% | 16.90% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 18.07% | +0.21% |
VMCTX vs. VFIAX - Expense Ratio Comparison
VMCTX has a 0.06% expense ratio, which is higher than VFIAX's 0.04% 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. VFIAX - Dividend Comparison
VMCTX's dividend yield for the trailing twelve months is around 0.87%, less than VFIAX's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFIAX Vanguard 500 Index Fund Admiral Shares | 1.01% | 1.12% | 1.24% | 1.45% | 1.68% | 1.24% | 1.53% | 1.87% | 2.05% | 1.78% | 2.02% | 2.10% |
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
With a correlation of 0.99, VMCTX and VFIAX 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 (2.93%) compared to VFIAX (2.82%). In terms of maximum drawdown, VMCTX dropped -52.00% vs VFIAX's -55.20%.
VMCTX currently has the higher Sharpe Ratio (2.56 vs 2.52), 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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