VMGMX vs. VOT

Last updated Aug 4, 2026

VMGMX (Vanguard Mid-Cap Growth Index Fund Admiral Shares) and VOT (Vanguard Mid-Cap Growth ETF) are both Mid Cap Growth Equities funds from Vanguard tracking the CRSP US Mid Cap Growth Index. Both are passively managed. Over the past 10 years, VMGMX returned 11.65%/yr vs 11.74%/yr for VOT. Their 1.00 correlation means they have historically moved very closely together. VMGMX charges 0.07%/yr vs 0.05%/yr for VOT.

Performance

VMGMX vs. VOT - 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 Mid-Cap Growth ETF (VOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMGMX achieves a 6.22% return, which is significantly lower than VOT's 8.39% return. Both investments have delivered pretty close results over the past 10 years, with VMGMX having a 11.65% annualized return and VOT not far ahead at 11.74%.

VMGMX

• 1D: 0.20%
• 1M: -1.87%
• 6M: 6.87%
• YTD: 6.22%
• 1Y: 4.11%
• 3Y*: 12.47%
• 5Y*: 4.87%
• 10Y*: 11.65%
• ALL TIME*: 12.37%

VOT

• 1D: 2.04%
• 1M: 0.10%
• 6M: 8.99%
• YTD: 8.39%
• 1Y: 6.20%
• 3Y*: 14.40%
• 5Y*: 5.16%
• 10Y*: 11.74%
• ALL TIME*: 10.07%

*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)
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	$0.00	$0.00	$0.00
VOT Vanguard Mid-Cap Growth ETF	$55.37M	$60.37M	$62.18M

VMGMX vs. VOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	6.22%	10.69%	15.65%	23.93%	-28.84%	20.48%	34.45%	33.85%	-5.61%	21.83%
VOT Vanguard Mid-Cap Growth ETF	8.39%	10.72%	16.38%	23.10%	-28.87%	20.50%	34.50%	33.76%	-5.56%	21.80%

Correlation

The correlation between VMGMX and VOT 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.	0.99
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 Sep 27, 2011	1.00

The correlation between VMGMX and VOT has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VMGMX vs. VOT - Sectors Allocation Comparison

Sectors	VMGMX	VOT
Technology	33.8%	33.8%
Industrials	26.7%	26.7%
Consumer Cyclical	10.8%	10.8%
Healthcare	8.0%	8.0%
Financial Services	6.0%	6.0%
Real Estate	4.2%	4.2%
Communication Services	3.0%	3.0%
Utilities	2.9%	2.9%
Energy	1.8%	1.8%
Basic Materials	1.6%	1.6%
Consumer Defensive	0.7%	0.7%

Return for Risk

VMGMX vs. VOT — Risk / Return Rank

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

VMGMX

VMGMX Risk / Return Rank: 5
VMGMX Sharpe Ratio Rank: 6
VMGMX Sortino Ratio Rank: 6
VMGMX Omega Ratio Rank: 5
VMGMX Calmar Ratio Rank: 5
VMGMX Martin Ratio Rank: 6

VOT

VOT Risk / Return Rank: 19
VOT Sharpe Ratio Rank: 19
VOT Sortino Ratio Rank: 19
VOT Omega Ratio Rank: 18
VOT Calmar Ratio Rank: 18
VOT Martin Ratio Rank: 19

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. VOT - 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 Mid-Cap Growth ETF (VOT). 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	VOT	Difference
Sharpe ratio: Return per unit of total volatility	0.13	0.36	-0.24
Sortino ratio: Return per unit of downside risk	0.30	0.63	-0.33
Omega ratio: Gain probability vs. loss probability	1.03	1.07	-0.04
Calmar ratio: Return relative to maximum drawdown	0.14	0.39	-0.25
Martin ratio: Return relative to average drawdown	0.40	1.15	-0.75

VMGMX vs. VOT - Sharpe Ratio Comparison

The current VMGMX Sharpe Ratio is 0.13, which is lower than the VOT Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of VMGMX and VOT, 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. VOT - Drawdown Comparison

The maximum VMGMX drawdown since its inception was -37.17%, smaller than the maximum VOT drawdown of -60.16%. Use the drawdown chart below to compare losses from any high point for VMGMX and VOT.

Drawdown Indicators

	VMGMX	VOT	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-60.16%	+22.99%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-15.96%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.65%	-21.77%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-37.19%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.17%	-37.19%	+0.02%
Current Drawdown Current decline from peak	-3.57%	-1.55%	-2.02%
Average Drawdown Average peak-to-trough decline	-6.97%	-9.90%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	5.42%	-0.01%

Volatility

VMGMX vs. VOT - Volatility Comparison

The current volatility for Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) is 4.16%, while Vanguard Mid-Cap Growth ETF (VOT) has a volatility of 4.63%. This indicates that VMGMX experiences smaller price fluctuations and is considered to be less risky than VOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMGMX	VOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.63%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	13.94%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	17.25%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	21.58%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	21.04%	-0.01%

VMGMX vs. VOT - Expense Ratio Comparison

VMGMX has a 0.07% expense ratio, which is higher than VOT's 0.05% 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

VMGMX vs. VOT - Dividend Comparison

VMGMX's dividend yield for the trailing twelve months is around 0.61%, more than VOT's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	0.61%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.82%
VOT Vanguard Mid-Cap Growth ETF	0.60%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.81%

Frequently Asked Questions

Can I hold both VMGMX and VOT in my portfolio?

With a correlation of 0.99, VMGMX and VOT 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, VMGMX or VOT?

VOT has higher volatility (4.63%) compared to VMGMX (4.16%). In terms of maximum drawdown, VMGMX dropped -37.17% vs VOT's -60.16%.

Which has better risk-adjusted returns?

VOT currently has the higher Sharpe Ratio (0.36 vs 0.13), 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.