VMFGX vs. SMCWX

Last updated Jun 25, 2026

VMFGX (Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares) and SMCWX (American Funds SMALLCAP World Fund Class A) are both mutual funds - VMFGX is a Mid Cap Growth Equities fund managed by Vanguard, while SMCWX is a Foreign Small & Mid Cap Equities fund managed by American Funds. Over the past 10 years, VMFGX returned 12.00%/yr vs 10.57%/yr for SMCWX. Their correlation of 0.90 suggests significant overlap in exposure. VMFGX charges 0.08%/yr vs 1.02%/yr for SMCWX.

Performance

VMFGX vs. SMCWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX) and American Funds SMALLCAP World Fund Class A (SMCWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMFGX achieves a 18.55% return, which is significantly higher than SMCWX's 14.26% return. Over the past 10 years, VMFGX has outperformed SMCWX with an annualized return of 12.00%, while SMCWX has yielded a comparatively lower 10.57% annualized return.

VMFGX

• 1D: -1.61%
• 1M: 2.52%
• YTD: 18.55%
• 6M: 15.91%
• 1Y: 28.29%
• 3Y*: 17.79%
• 5Y*: 8.35%
• 10Y*: 12.00%

SMCWX

• 1D: -2.21%
• 1M: 2.35%
• YTD: 14.26%
• 6M: 12.58%
• 1Y: 23.32%
• 3Y*: 13.30%
• 5Y*: 1.84%
• 10Y*: 10.57%

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

VMFGX vs. SMCWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMFGX Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares	18.55%	7.43%	15.86%	17.42%	-18.99%	18.83%	22.61%	26.20%	-10.39%	19.87%
SMCWX American Funds SMALLCAP World Fund Class A	14.26%	14.07%	2.33%	18.86%	-29.90%	10.14%	37.46%	30.79%	-9.75%	26.85%

Correlation

The correlation between VMFGX and SMCWX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.90

The correlation between VMFGX and SMCWX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

VMFGX vs. SMCWX — Risk / Return Rank

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

VMFGX

VMFGX Risk / Return Rank: 52
VMFGX Sharpe Ratio Rank: 42
VMFGX Sortino Ratio Rank: 42
VMFGX Omega Ratio Rank: 38
VMFGX Calmar Ratio Rank: 70
VMFGX Martin Ratio Rank: 67

SMCWX

SMCWX Risk / Return Rank: 35
SMCWX Sharpe Ratio Rank: 32
SMCWX Sortino Ratio Rank: 33
SMCWX Omega Ratio Rank: 31
SMCWX Calmar Ratio Rank: 36
SMCWX Martin Ratio Rank: 42

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.

VMFGX vs. SMCWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX) and American Funds SMALLCAP World Fund Class A (SMCWX). 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.

	VMFGX	SMCWX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.49	+0.21
Sortino ratio: Return per unit of downside risk	2.44	2.18	+0.25
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	3.00	2.13	+0.87
Martin ratio: Return relative to average drawdown	11.86	8.45	+3.41

VMFGX vs. SMCWX - Sharpe Ratio Comparison

The current VMFGX Sharpe Ratio is 1.70, which is comparable to the SMCWX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VMFGX and SMCWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMFGX vs. SMCWX - Drawdown Comparison

The maximum VMFGX drawdown since its inception was -39.15%, smaller than the maximum SMCWX drawdown of -62.46%. Use the drawdown chart below to compare losses from any high point for VMFGX and SMCWX.

Drawdown Indicators

	VMFGX	SMCWX	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-62.46%	+23.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-11.83%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-21.40%	-4.05%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-39.79%	+10.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-39.79%	+0.64%
Current Drawdown Current decline from peak	-1.61%	-2.21%	+0.60%
Average Drawdown Average peak-to-trough decline	-5.69%	-14.89%	+9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.98%	-0.48%

Volatility

VMFGX vs. SMCWX - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX) is 5.88%, while American Funds SMALLCAP World Fund Class A (SMCWX) has a volatility of 6.88%. This indicates that VMFGX experiences smaller price fluctuations and is considered to be less risky than SMCWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMFGX	SMCWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	6.88%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	14.09%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	16.89%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	18.40%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	17.92%	+3.15%

VMFGX vs. SMCWX - Expense Ratio Comparison

VMFGX has a 0.08% expense ratio, which is lower than SMCWX's 1.02% expense ratio.

Dividends

VMFGX vs. SMCWX - Dividend Comparison

VMFGX's dividend yield for the trailing twelve months is around 0.59%, less than SMCWX's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMCWX American Funds SMALLCAP World Fund Class A	4.21%	4.84%	0.60%	0.64%	0.00%	9.24%	1.60%	4.24%	7.06%	4.48%	0.35%	6.49%
VMFGX Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares	0.59%	0.70%	0.84%	1.21%	1.12%	0.53%	0.79%	1.22%	1.18%	0.93%	1.14%	1.14%

Frequently Asked Questions

Can I hold both VMFGX and SMCWX in my portfolio?

With a correlation of 0.91, VMFGX and SMCWX 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.

Which is riskier, VMFGX or SMCWX?

SMCWX has higher volatility (6.88%) compared to VMFGX (5.88%). In terms of maximum drawdown, VMFGX dropped -39.15% vs SMCWX's -62.46%.

Which has better risk-adjusted returns?

VMFGX currently has the higher Sharpe Ratio (1.70 vs 1.49), 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.