VMIAX vs. VTV

Last updated Jun 4, 2026

VMIAX (Vanguard Materials Index Fund Admiral Shares) and VTV (Vanguard Value ETF) are both funds - VMIAX is a Materials fund managed by Vanguard, while VTV is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index. Over the past 10 years, VMIAX returned 10.36%/yr vs 12.48%/yr for VTV. Their correlation of 0.83 suggests significant overlap in exposure. VMIAX charges 0.10%/yr vs 0.04%/yr for VTV.

Performance

VMIAX vs. VTV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Materials Index Fund Admiral Shares (VMIAX) and Vanguard Value ETF (VTV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMIAX achieves a 13.48% return, which is significantly higher than VTV's 12.30% return. Over the past 10 years, VMIAX has underperformed VTV with an annualized return of 10.36%, while VTV has yielded a comparatively higher 12.48% annualized return.

VMIAX

• 1D: 1.31%
• 1M: 2.84%
• YTD: 13.48%
• 6M: 16.50%
• 1Y: 23.03%
• 3Y*: 12.54%
• 5Y*: 5.88%
• 10Y*: 10.36%

VTV

• 1D: 0.01%
• 1M: 4.23%
• YTD: 12.30%
• 6M: 13.12%
• 1Y: 26.25%
• 3Y*: 18.28%
• 5Y*: 11.24%
• 10Y*: 12.48%

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

VMIAX vs. VTV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMIAX Vanguard Materials Index Fund Admiral Shares	13.48%	12.26%	0.45%	13.69%	-11.77%	27.15%	19.37%	23.59%	-17.38%	23.68%
VTV Vanguard Value ETF	12.30%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%

Correlation

The correlation between VMIAX and VTV is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004	0.83

The correlation between VMIAX and VTV has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.

VMIAX vs. VTV - Sectors Allocation Comparison

Sectors	VMIAX	VTV
Basic Materials	90.2%	3.1%
Consumer Cyclical	8.3%	4.0%
Industrials	1.0%	14.0%
Energy	0.5%	8.1%
Healthcare	0.5%	14.5%
Technology	0.1%	13.4%
Consumer Defensive	0.0%	9.4%
Communication Services	-	3.3%
Financial Services	-	22.3%
Real Estate	-	2.8%
Utilities	-	5.2%

Return for Risk

VMIAX vs. VTV — Risk / Return Rank

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

VMIAX

VMIAX Risk / Return Rank: 23
VMIAX Sharpe Ratio Rank: 23
VMIAX Sortino Ratio Rank: 23
VMIAX Omega Ratio Rank: 21
VMIAX Calmar Ratio Rank: 24
VMIAX Martin Ratio Rank: 24

VTV

VTV Risk / Return Rank: 79
VTV Sharpe Ratio Rank: 78
VTV Sortino Ratio Rank: 82
VTV Omega Ratio Rank: 77
VTV Calmar Ratio Rank: 79
VTV Martin Ratio Rank: 79

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.

VMIAX vs. VTV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials Index Fund Admiral Shares (VMIAX) and Vanguard Value ETF (VTV). 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.

	VMIAX	VTV	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.61	-1.22
Sortino ratio: Return per unit of downside risk	1.98	3.74	-1.76
Omega ratio: Gain probability vs. loss probability	1.24	1.47	-0.23
Calmar ratio: Return relative to maximum drawdown	1.83	4.15	-2.33
Martin ratio: Return relative to average drawdown	5.98	15.69	-9.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMIAX vs. VTV - Sharpe Ratio Comparison

The current VMIAX Sharpe Ratio is 1.39, which is lower than the VTV Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VMIAX and VTV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMIAX	VTV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.61	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.81	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.75	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.51	-0.12

Drawdowns

VMIAX vs. VTV - Drawdown Comparison

The maximum VMIAX drawdown since its inception was -62.17%, roughly equal to the maximum VTV drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for VMIAX and VTV.

Drawdown Indicators

	VMIAX	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-59.27%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-6.35%	-7.06%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-14.52%	-8.69%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-17.04%	-8.41%
Max Drawdown (10Y) Largest decline over 10 years	-41.02%	-36.78%	-4.24%
Current Drawdown Current decline from peak	-3.53%	0.00%	-3.53%
Average Drawdown Average peak-to-trough decline	-9.63%	-7.87%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	1.68%	+2.40%

Volatility

VMIAX vs. VTV - Volatility Comparison

Vanguard Materials Index Fund Admiral Shares (VMIAX) has a higher volatility of 6.36% compared to Vanguard Value ETF (VTV) at 2.52%. This indicates that VMIAX's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMIAX	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	2.52%	+3.84%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	7.55%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	10.11%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	13.88%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	16.67%	+4.56%

VMIAX vs. VTV - Expense Ratio Comparison

VMIAX has a 0.10% expense ratio, which is higher than VTV's 0.04% 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

VMIAX vs. VTV - Dividend Comparison

VMIAX's dividend yield for the trailing twelve months is around 1.36%, less than VTV's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMIAX Vanguard Materials Index Fund Admiral Shares	1.36%	1.55%	1.70%	1.72%	1.98%	1.33%	1.67%	1.94%	2.02%	1.63%	1.73%	2.31%
VTV Vanguard Value ETF	1.86%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%

Frequently Asked Questions

Can I hold both VMIAX and VTV in my portfolio?

VMIAX and VTV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMIAX or VTV?

VMIAX has higher volatility (6.36%) compared to VTV (2.52%). In terms of maximum drawdown, VMIAX dropped -62.17% vs VTV's -59.27%.

Which has better risk-adjusted returns?

VTV currently has the higher Sharpe Ratio (2.61 vs 1.39), 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.