VMGMX vs. VDIGX

Last updated Aug 5, 2026

VMGMX (Vanguard Mid-Cap Growth Index Fund Admiral Shares) and VDIGX (Vanguard Dividend Growth Fund) are both mutual funds - VMGMX is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth Index, while VDIGX is a Dividend fund actively managed by Vanguard. VMGMX is passively managed, while VDIGX is actively managed. Over the past 10 years, VMGMX returned 11.73%/yr vs 12.20%/yr for VDIGX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VMGMX charges 0.07%/yr vs 0.20%/yr for VDIGX.

Performance

VMGMX vs. VDIGX - 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 Vanguard Dividend Growth Fund (VDIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMGMX achieves a 8.34% return, which is significantly higher than VDIGX's 5.63% return. Both investments have delivered pretty close results over the past 10 years, with VMGMX having a 11.73% annualized return and VDIGX not far ahead at 12.20%.

VMGMX

• 1D: 1.99%
• 1M: 0.08%
• 6M: 10.83%
• YTD: 8.34%
• 1Y: 3.99%
• 3Y*: 14.38%
• 5Y*: 5.16%
• 10Y*: 11.73%
• ALL TIME*: 12.51%

VDIGX

• 1D: 0.53%
• 1M: 0.16%
• 6M: 4.68%
• YTD: 5.63%
• 1Y: 11.26%
• 3Y*: 14.29%
• 5Y*: 9.72%
• 10Y*: 12.20%
• ALL TIME*: 9.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VDIGX Vanguard Dividend Growth Fund	$0.00	$0.00	$0.00
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	$0.00	$0.00	$0.00

VMGMX vs. VDIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	8.34%	10.69%	15.65%	23.93%	-28.84%	20.48%	34.45%	33.85%	-5.61%	21.83%
VDIGX Vanguard Dividend Growth Fund	5.63%	11.11%	20.84%	8.11%	-4.89%	24.86%	12.04%	30.94%	0.08%	19.32%

Correlation

The correlation between VMGMX and VDIGX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.78

The correlation between VMGMX and VDIGX shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

VMGMX vs. VDIGX - Sectors Allocation Comparison

Sectors	VMGMX	VDIGX
Technology	33.8%	25.6%
Industrials	26.7%	12.9%
Consumer Cyclical	10.8%	10.7%
Healthcare	8.0%	16.1%
Financial Services	6.0%	20.1%
Real Estate	4.2%	-
Communication Services	3.0%	2.3%
Utilities	2.9%	0.5%
Energy	1.8%	1.1%
Basic Materials	1.6%	2.6%
Consumer Defensive	0.7%	7.9%

Return for Risk

VMGMX vs. VDIGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMGMX

VMGMX Risk / Return Rank: 8
VMGMX Sharpe Ratio Rank: 8
VMGMX Sortino Ratio Rank: 9
VMGMX Omega Ratio Rank: 8
VMGMX Calmar Ratio Rank: 8
VMGMX Martin Ratio Rank: 8

VDIGX

VDIGX Risk / Return Rank: 34
VDIGX Sharpe Ratio Rank: 36
VDIGX Sortino Ratio Rank: 38
VDIGX Omega Ratio Rank: 33
VDIGX Calmar Ratio Rank: 29
VDIGX Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMGMX vs. VDIGX - 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 Vanguard Dividend Growth Fund (VDIGX). 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	VDIGX	Difference
Sharpe ratio: Return per unit of total volatility	0.36	1.24	-0.88
Sortino ratio: Return per unit of downside risk	0.62	1.86	-1.24
Omega ratio: Gain probability vs. loss probability	1.07	1.22	-0.15
Calmar ratio: Return relative to maximum drawdown	0.39	1.39	-1.00
Martin ratio: Return relative to average drawdown	1.15	5.50	-4.36

VMGMX vs. VDIGX - Sharpe Ratio Comparison

The current VMGMX Sharpe Ratio is 0.36, which is lower than the VDIGX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of VMGMX and VDIGX, 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. VDIGX - Drawdown Comparison

The maximum VMGMX drawdown since its inception was -37.17%, smaller than the maximum VDIGX drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for VMGMX and VDIGX.

Drawdown Indicators

	VMGMX	VDIGX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-45.23%	+8.06%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-9.09%	-6.86%
Max Drawdown (3Y) Largest decline over 3 years	-21.65%	-10.23%	-11.42%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-16.18%	-20.99%
Max Drawdown (10Y) Largest decline over 10 years	-37.17%	-32.98%	-4.19%
Current Drawdown Current decline from peak	-1.65%	-0.19%	-1.46%
Average Drawdown Average peak-to-trough decline	-6.97%	-6.62%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	2.29%	+3.12%

Volatility

VMGMX vs. VDIGX - Volatility Comparison

Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) has a higher volatility of 4.57% compared to Vanguard Dividend Growth Fund (VDIGX) at 2.64%. This indicates that VMGMX's price experiences larger fluctuations and is considered to be riskier than VDIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMGMX	VDIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	2.64%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	7.91%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.34%	10.21%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.64%	13.86%	+7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	15.68%	+5.36%

VMGMX vs. VDIGX - Expense Ratio Comparison

VMGMX has a 0.07% expense ratio, which is lower than VDIGX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMGMX vs. VDIGX - Dividend Comparison

VMGMX's dividend yield for the trailing twelve months is around 0.60%, less than VDIGX's 23.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDIGX Vanguard Dividend Growth Fund	23.24%	21.90%	21.94%	2.29%	6.06%	5.45%	2.83%	4.70%	8.72%	5.16%	2.86%	5.70%
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 VDIGX in my portfolio?

VMGMX and VDIGX have a correlation of 0.66, 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 VDIGX?

VMGMX has higher volatility (4.57%) compared to VDIGX (2.64%). In terms of maximum drawdown, VMGMX dropped -37.17% vs VDIGX's -45.23%.

Which has better risk-adjusted returns?

VDIGX currently has the higher Sharpe Ratio (1.24 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.