VMVAX vs. DGAGX

Last updated Jun 4, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and DGAGX (BNY Mellon Appreciation Fund, Inc.) are both mutual funds - VMVAX is a Mid Cap Value Equities fund managed by Vanguard, while DGAGX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, VMVAX returned 10.56%/yr vs 12.86%/yr for DGAGX. A 0.78 correlation means they provide meaningful diversification when combined. VMVAX charges 0.07%/yr vs 0.88%/yr for DGAGX.

Performance

VMVAX vs. DGAGX - 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 BNY Mellon Appreciation Fund, Inc. (DGAGX). 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 DGAGX's 4.63% return. Over the past 10 years, VMVAX has underperformed DGAGX with an annualized return of 10.56%, while DGAGX has yielded a comparatively higher 12.86% annualized return.

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%

DGAGX

• 1D: -0.49%
• 1M: 2.58%
• YTD: 4.63%
• 6M: 4.72%
• 1Y: 12.56%
• 3Y*: 12.38%
• 5Y*: 8.20%
• 10Y*: 12.86%

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

VMVAX vs. DGAGX - 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%
DGAGX BNY Mellon Appreciation Fund, Inc.	4.63%	10.14%	12.35%	21.37%	-17.86%	27.10%	23.96%	35.22%	-6.59%	26.60%

Correlation

The correlation between VMVAX and DGAGX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.78

Over the past year, the correlation between VMVAX and DGAGX has dropped to 0.54 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

VMVAX vs. DGAGX — 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

DGAGX

DGAGX Risk / Return Rank: 14
DGAGX Sharpe Ratio Rank: 15
DGAGX Sortino Ratio Rank: 14
DGAGX Omega Ratio Rank: 15
DGAGX Calmar Ratio Rank: 12
DGAGX Martin Ratio Rank: 16

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. DGAGX - 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 BNY Mellon Appreciation Fund, Inc. (DGAGX). 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	DGAGX	Difference
Sharpe ratio Return per unit of total volatility	2.10	1.09	+1.01
Sortino ratio Return per unit of downside risk	3.03	1.56	+1.47
Omega ratio Gain probability vs. loss probability	1.37	1.20	+0.17
Calmar ratio Return relative to maximum drawdown	3.44	1.15	+2.29
Martin ratio Return relative to average drawdown	13.13	4.59	+8.54
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. DGAGX - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.10, which is higher than the DGAGX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VMVAX and DGAGX, 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	DGAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.09	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.49	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.73	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.65	+0.05

Drawdowns

VMVAX vs. DGAGX - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, smaller than the maximum DGAGX drawdown of -48.80%. Use the drawdown chart below to compare losses from any high point for VMVAX and DGAGX.

Drawdown Indicators

	VMVAX	DGAGX	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-48.80%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-11.21%	+4.26%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-17.43%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-27.13%	+7.38%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-31.99%	-11.08%
Current Drawdown Current decline from peak	0.00%	-0.71%	+0.71%
Average Drawdown Average peak-to-trough decline	-4.37%	-7.13%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.81%	-0.99%

Volatility

VMVAX vs. DGAGX - Volatility Comparison

Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and BNY Mellon Appreciation Fund, Inc. (DGAGX) have volatilities of 2.65% and 2.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVAX	DGAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.77%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	9.21%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	11.85%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	16.67%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	17.79%	+1.00%

VMVAX vs. DGAGX - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is lower than DGAGX's 0.88% expense ratio.

Dividends

VMVAX vs. DGAGX - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.87%, less than DGAGX's 19.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGAGX BNY Mellon Appreciation Fund, Inc.	19.26%	21.12%	17.23%	7.44%	9.16%	3.91%	5.29%	10.52%	21.70%	16.17%	27.17%	31.89%
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 DGAGX in my portfolio?

VMVAX and DGAGX have a correlation of 0.54, 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 DGAGX?

DGAGX has higher volatility (2.77%) compared to VMVAX (2.65%). In terms of maximum drawdown, VMVAX dropped -43.07% vs DGAGX's -48.80%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.10 vs 1.09), 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.