VMGAX vs. MGK
VMGAX (Vanguard Mega Cap Growth Index Fund Institutional Shares) and MGK (Vanguard Mega Cap Growth ETF) are both Large Cap Growth Equities funds from Vanguard tracking the CRSP US Mega Cap Growth Index. Both are passively managed. Over the past 10 years, VMGAX returned 18.05%/yr vs 18.26%/yr for MGK. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.05% expense ratio.
Performance
VMGAX vs. MGK - Performance Comparison
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Returns By Period
In the year-to-date period, VMGAX achieves a 3.59% return, which is significantly lower than MGK's 4.77% return. Both investments have delivered pretty close results over the past 10 years, with VMGAX having a 18.05% annualized return and MGK not far ahead at 18.26%.
VMGAX
- 1D
- 2.74%
- 1M
- -2.05%
- 6M
- 5.39%
- YTD
- 3.59%
- 1Y
- 15.11%
- 3Y*
- 21.22%
- 5Y*
- 12.81%
- 10Y*
- 18.05%
- ALL TIME*
- 13.38%
MGK
- 1D
- 1.11%
- 1M
- -0.78%
- 6M
- 6.56%
- YTD
- 4.77%
- 1Y
- 16.51%
- 3Y*
- 21.79%
- 5Y*
- 13.06%
- 10Y*
- 18.26%
- ALL TIME*
- 13.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $119.42M | $123.75M | $142.35M | |
| $0.00 | $0.00 | $0.00 |
VMGAX vs. MGK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 3.59% | 20.73% | 32.98% | 51.57% | -33.55% | 28.50% | 41.02% | 37.54% | -2.86% | 29.49% |
MGK Vanguard Mega Cap Growth ETF | 4.77% | 20.67% | 32.94% | 51.67% | -33.59% | 28.58% | 41.01% | 37.38% | -2.91% | 29.49% |
Correlation
The correlation between VMGAX and MGK is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 1.00 |
The correlation between VMGAX and MGK has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VMGAX vs. MGK — Risk / Return Rank
VMGAX
MGK
VMGAX vs. MGK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) and Vanguard Mega Cap Growth ETF (MGK). 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.
| VMGAX | MGK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.14 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 0.83 | -0.06 |
| Martin ratioReturn relative to average drawdown | 2.39 | 2.57 | -0.18 |
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Drawdowns
VMGAX vs. MGK - Drawdown Comparison
The maximum VMGAX drawdown since its inception was -47.97%, roughly equal to the maximum MGK drawdown of -48.43%. Use the drawdown chart below to compare losses from any high point for VMGAX and MGK.
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Drawdown Indicators
| VMGAX | MGK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.97% | -48.43% | +0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -16.78% | -16.85% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.45% | -23.36% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -36.03% | -36.01% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -36.03% | -36.01% | -0.02% |
Current DrawdownCurrent decline from peak | -7.18% | -6.13% | -1.05% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -7.57% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 5.40% | -0.07% |
Volatility
VMGAX vs. MGK - Volatility Comparison
Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) and Vanguard Mega Cap Growth ETF (MGK) have volatilities of 5.69% and 5.90%, 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
| VMGAX | MGK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 5.90% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 14.67% | 14.66% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.22% | 18.25% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.00% | 22.93% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.02% | 22.02% | 0.00% |
VMGAX vs. MGK - Expense Ratio Comparison
Both VMGAX and MGK have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VMGAX vs. MGK - Dividend Comparison
VMGAX's dividend yield for the trailing twelve months is around 0.35%, more than MGK's 0.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MGK Vanguard Mega Cap Growth ETF | 0.34% | 0.35% | 0.43% | 0.50% | 0.70% | 0.41% | 0.65% | 0.85% | 1.12% | 1.23% | 1.53% | 1.43% |
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 0.35% | 0.36% | 0.44% | 0.51% | 0.71% | 0.42% | 0.65% | 0.86% | 1.13% | 1.23% | 1.53% | 1.44% |
Frequently Asked Questions
With a correlation of 0.99, VMGAX and MGK 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.
MGK has higher volatility (5.90%) compared to VMGAX (5.69%). In terms of maximum drawdown, VMGAX dropped -47.97% vs MGK's -48.43%.
MGK currently has the higher Sharpe Ratio (0.76 vs 0.70), 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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