VMGMX vs. PCRIX

Last updated Jul 17, 2026

VMGMX (Vanguard Mid-Cap Growth Index Fund Admiral Shares) and PCRIX (PIMCO Commodity Real Return Strategy Fund) are both mutual funds - VMGMX is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth Index, while PCRIX is a Commodities fund managed by PIMCO. Over the past 10 years, VMGMX returned 11.75%/yr vs 8.06%/yr for PCRIX. At a 0.22 correlation, their price movements are largely independent. VMGMX charges 0.07%/yr vs 0.80%/yr for PCRIX.

Performance

VMGMX vs. PCRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) and PIMCO Commodity Real Return Strategy Fund (PCRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMGMX achieves a 7.30% return, which is significantly lower than PCRIX's 20.72% return. Over the past 10 years, VMGMX has outperformed PCRIX with an annualized return of 11.75%, while PCRIX has yielded a comparatively lower 8.06% annualized return.

VMGMX

• 1D: -0.76%
• 1M: -1.62%
• 6M: 4.62%
• YTD: 7.30%
• 1Y: 5.67%
• 3Y*: 13.10%
• 5Y*: 5.85%
• 10Y*: 11.75%

PCRIX

• 1D: 0.49%
• 1M: 2.07%
• 6M: 16.08%
• YTD: 20.72%
• 1Y: 29.00%
• 3Y*: 15.17%
• 5Y*: 11.26%
• 10Y*: 8.06%

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

VMGMX vs. PCRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	7.30%	10.69%	15.65%	23.93%	-28.84%	20.48%	34.45%	33.85%	-5.61%	21.83%
PCRIX PIMCO Commodity Real Return Strategy Fund	20.72%	17.05%	10.59%	-5.91%	8.94%	33.35%	0.79%	12.29%	-13.77%	2.71%

Correlation

The correlation between VMGMX and PCRIX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.22

Over the past year, the correlation between VMGMX and PCRIX has dropped to 0.01 - well below their long-term average of 0.22, suggesting their price drivers have been diverging.

Return for Risk

VMGMX vs. PCRIX — Risk / Return Rank

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

VMGMX

VMGMX Risk / Return Rank: 7
VMGMX Sharpe Ratio Rank: 7
VMGMX Sortino Ratio Rank: 7
VMGMX Omega Ratio Rank: 6
VMGMX Calmar Ratio Rank: 6
VMGMX Martin Ratio Rank: 7

PCRIX

PCRIX Risk / Return Rank: 54
PCRIX Sharpe Ratio Rank: 66
PCRIX Sortino Ratio Rank: 55
PCRIX Omega Ratio Rank: 59
PCRIX Calmar Ratio Rank: 45
PCRIX Martin Ratio Rank: 43

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.

VMGMX vs. PCRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) and PIMCO Commodity Real Return Strategy Fund (PCRIX). 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.

	VMGMX	PCRIX	Difference
Sharpe ratio: Return per unit of total volatility	0.36	1.81	-1.44
Sortino ratio: Return per unit of downside risk	0.62	2.36	-1.74
Omega ratio: Gain probability vs. loss probability	1.07	1.32	-0.25
Calmar ratio: Return relative to maximum drawdown	0.39	2.08	-1.69
Martin ratio: Return relative to average drawdown	1.15	7.28	-6.12

VMGMX vs. PCRIX - Sharpe Ratio Comparison

The current VMGMX Sharpe Ratio is 0.36, which is lower than the PCRIX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of VMGMX and PCRIX, 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

VMGMX vs. PCRIX - Drawdown Comparison

The maximum VMGMX drawdown since its inception was -37.17%, smaller than the maximum PCRIX drawdown of -82.24%. Use the drawdown chart below to compare losses from any high point for VMGMX and PCRIX.

Drawdown Indicators

	VMGMX	PCRIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-82.24%	+45.07%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-14.44%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-21.65%	-14.44%	-7.21%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-34.44%	-2.73%
Max Drawdown (10Y) Largest decline over 10 years	-37.17%	-39.07%	+1.90%
Current Drawdown Current decline from peak	-2.59%	-42.00%	+39.41%
Average Drawdown Average peak-to-trough decline	-6.98%	-47.94%	+40.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	4.11%	+1.24%

Volatility

VMGMX vs. PCRIX - Volatility Comparison

Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) has a higher volatility of 5.48% compared to PIMCO Commodity Real Return Strategy Fund (PCRIX) at 4.55%. This indicates that VMGMX's price experiences larger fluctuations and is considered to be riskier than PCRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMGMX	PCRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	4.55%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	13.93%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	16.63%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.63%	19.63%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	17.07%	+3.95%

VMGMX vs. PCRIX - Expense Ratio Comparison

VMGMX has a 0.07% expense ratio, which is lower than PCRIX's 0.80% expense ratio.

Dividends

VMGMX vs. PCRIX - Dividend Comparison

VMGMX's dividend yield for the trailing twelve months is around 0.60%, less than PCRIX's 10.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCRIX PIMCO Commodity Real Return Strategy Fund	10.04%	5.61%	8.34%	6.57%	46.23%	22.74%	1.56%	4.00%	5.94%	8.14%	0.91%	5.29%
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	0.60%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.82%

Frequently Asked Questions

Can I hold both VMGMX and PCRIX in my portfolio?

VMGMX and PCRIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMGMX or PCRIX?

VMGMX has higher volatility (5.48%) compared to PCRIX (4.55%). In terms of maximum drawdown, VMGMX dropped -37.17% vs PCRIX's -82.24%.

Which has better risk-adjusted returns?

PCRIX currently has the higher Sharpe Ratio (1.80 vs 0.36), 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.