VMVAX vs. ARFFX

Last updated Jun 4, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and ARFFX (Ariel Focus Fund) are both Mid Cap Value Equities funds. Over the past 10 years, VMVAX returned 10.56%/yr vs 10.50%/yr for ARFFX. Their correlation of 0.91 suggests significant overlap in exposure. VMVAX charges 0.07%/yr vs 1.00%/yr for ARFFX.

Performance

VMVAX vs. ARFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and Ariel Focus Fund (ARFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVAX achieves a 10.95% return, which is significantly higher than ARFFX's 10.06% return. Both investments have delivered pretty close results over the past 10 years, with VMVAX having a 10.56% annualized return and ARFFX not far behind at 10.50%.

VMVAX

• 1D: 0.86%
• 1M: 1.53%
• YTD: 10.95%
• 6M: 11.78%
• 1Y: 22.89%
• 3Y*: 16.59%
• 5Y*: 8.52%
• 10Y*: 10.56%

ARFFX

• 1D: 0.63%
• 1M: 1.54%
• YTD: 10.06%
• 6M: 11.92%
• 1Y: 37.85%
• 3Y*: 17.87%
• 5Y*: 6.89%
• 10Y*: 10.50%

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

VMVAX vs. ARFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	10.95%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%
ARFFX Ariel Focus Fund	10.06%	21.00%	13.39%	6.98%	-9.12%	21.14%	6.90%	25.62%	-13.23%	15.01%

Correlation

The correlation between VMVAX and ARFFX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.91

The correlation between VMVAX and ARFFX has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

VMVAX vs. ARFFX — Risk / Return Rank

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

VMVAX

VMVAX Risk / Return Rank: 58
VMVAX Sharpe Ratio Rank: 51
VMVAX Sortino Ratio Rank: 52
VMVAX Omega Ratio Rank: 46
VMVAX Calmar Ratio Rank: 76
VMVAX Martin Ratio Rank: 67

ARFFX

ARFFX Risk / Return Rank: 83
ARFFX Sharpe Ratio Rank: 90
ARFFX Sortino Ratio Rank: 88
ARFFX Omega Ratio Rank: 80
ARFFX Calmar Ratio Rank: 92
ARFFX Martin Ratio Rank: 65

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.

VMVAX vs. ARFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and Ariel Focus Fund (ARFFX). 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.

	VMVAX	ARFFX	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.98	-0.88
Sortino ratio Return per unit of downside risk	3.03	4.23	-1.20
Omega ratio Gain probability vs. loss probability	1.37	1.52	-0.16
Calmar ratio Return relative to maximum drawdown	3.44	4.97	-1.52
Martin ratio Return relative to average drawdown	13.13	12.73	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMVAX vs. ARFFX - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.10, which is comparable to the ARFFX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of VMVAX and ARFFX, 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

	VMVAX	ARFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.98	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.37	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.53	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.36	+0.34

Drawdowns

VMVAX vs. ARFFX - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, smaller than the maximum ARFFX drawdown of -57.66%. Use the drawdown chart below to compare losses from any high point for VMVAX and ARFFX.

Drawdown Indicators

	VMVAX	ARFFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-57.66%	+14.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-8.02%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-23.39%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-24.50%	+4.75%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-43.22%	+0.15%
Current Drawdown Current decline from peak	0.00%	-2.84%	+2.84%
Average Drawdown Average peak-to-trough decline	-4.37%	-9.45%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	3.12%	-1.30%

Volatility

VMVAX vs. ARFFX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) is 2.65%, while Ariel Focus Fund (ARFFX) has a volatility of 3.19%. This indicates that VMVAX experiences smaller price fluctuations and is considered to be less risky than ARFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVAX	ARFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	3.19%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	9.34%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	13.37%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	18.54%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	19.87%	-1.08%

VMVAX vs. ARFFX - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is lower than ARFFX's 1.00% expense ratio.

Dividends

VMVAX vs. ARFFX - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.87%, less than ARFFX's 11.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARFFX Ariel Focus Fund	11.52%	12.68%	2.27%	3.33%	8.30%	3.30%	2.41%	1.03%	7.61%	5.76%	1.04%	13.91%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.87%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both VMVAX and ARFFX in my portfolio?

VMVAX and ARFFX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVAX or ARFFX?

ARFFX has higher volatility (3.19%) compared to VMVAX (2.65%). In terms of maximum drawdown, VMVAX dropped -43.07% vs ARFFX's -57.66%.

Which has better risk-adjusted returns?

ARFFX currently has the higher Sharpe Ratio (2.98 vs 2.10), 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.