VMFGX vs. VUG

Last updated Jun 24, 2026

VMFGX (Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares) and VUG (Vanguard Growth ETF) are both funds - VMFGX is a Mid Cap Growth Equities fund managed by Vanguard, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Over the past 10 years, VMFGX returned 12.18%/yr vs 18.02%/yr for VUG. Their correlation of 0.81 suggests significant overlap in exposure. VMFGX charges 0.08%/yr vs 0.03%/yr for VUG.

Performance

VMFGX vs. VUG - 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 Vanguard Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMFGX achieves a 20.49% return, which is significantly higher than VUG's 3.52% return. Over the past 10 years, VMFGX has underperformed VUG with an annualized return of 12.18%, while VUG has yielded a comparatively higher 18.02% annualized return.

VMFGX

• 1D: 0.63%
• 1M: 4.19%
• YTD: 20.49%
• 6M: 17.90%
• 1Y: 31.74%
• 3Y*: 18.43%
• 5Y*: 8.89%
• 10Y*: 12.18%

VUG

• 1D: -2.12%
• 1M: -3.95%
• YTD: 3.52%
• 6M: 2.23%
• 1Y: 20.05%
• 3Y*: 22.74%
• 5Y*: 12.80%
• 10Y*: 18.02%

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

VMFGX vs. VUG - 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	20.49%	7.43%	15.86%	17.42%	-18.99%	18.83%	22.61%	26.20%	-10.39%	19.87%
VUG Vanguard Growth ETF	3.52%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between VMFGX and VUG is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.81

The correlation between VMFGX and VUG shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMFGX vs. VUG — Risk / Return Rank

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

VMFGX

VMFGX Risk / Return Rank: 58
VMFGX Sharpe Ratio Rank: 48
VMFGX Sortino Ratio Rank: 47
VMFGX Omega Ratio Rank: 44
VMFGX Calmar Ratio Rank: 77
VMFGX Martin Ratio Rank: 74

VUG

VUG Risk / Return Rank: 31
VUG Sharpe Ratio Rank: 34
VUG Sortino Ratio Rank: 32
VUG Omega Ratio Rank: 33
VUG Calmar Ratio Rank: 26
VUG Martin Ratio Rank: 30

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. VUG - 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 Vanguard Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.19	+0.70
Sortino ratio: Return per unit of downside risk	2.68	1.67	+1.01
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	3.32	1.22	+2.10
Martin ratio: Return relative to average drawdown	13.13	4.15	+8.98

VMFGX vs. VUG - Sharpe Ratio Comparison

The current VMFGX Sharpe Ratio is 1.89, which is higher than the VUG Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of VMFGX and VUG, 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. VUG - Drawdown Comparison

The maximum VMFGX drawdown since its inception was -39.15%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for VMFGX and VUG.

Drawdown Indicators

	VMFGX	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-50.68%	+11.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-16.53%	+6.62%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-22.85%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-35.61%	+6.36%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-35.61%	-3.54%
Current Drawdown Current decline from peak	0.00%	-6.88%	+6.88%
Average Drawdown Average peak-to-trough decline	-5.69%	-7.09%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	4.84%	-2.34%

Volatility

VMFGX vs. VUG - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX) is 5.57%, while Vanguard Growth ETF (VUG) has a volatility of 6.86%. This indicates that VMFGX experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMFGX	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	6.86%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	13.44%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	17.42%	16.91%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	22.39%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	21.51%	-0.41%

VMFGX vs. VUG - Expense Ratio Comparison

VMFGX has a 0.08% expense ratio, which is higher than VUG's 0.03% 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

VMFGX vs. VUG - Dividend Comparison

VMFGX's dividend yield for the trailing twelve months is around 0.58%, more than VUG's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMFGX Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares	0.58%	0.70%	0.84%	1.21%	1.12%	0.53%	0.79%	1.22%	1.18%	0.93%	1.14%	1.14%
VUG Vanguard Growth ETF	0.39%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both VMFGX and VUG in my portfolio?

VMFGX and VUG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMFGX or VUG?

VUG has higher volatility (6.86%) compared to VMFGX (5.57%). In terms of maximum drawdown, VMFGX dropped -39.15% vs VUG's -50.68%.

Which has better risk-adjusted returns?

VMFGX currently has the higher Sharpe Ratio (1.89 vs 1.19), 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.