VMVAX vs. SMVTX

Last updated Jun 4, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and SMVTX (Virtus Ceredex Mid-Cap Value Equity Fund) are both Mid Cap Value Equities funds. Over the past 10 years, VMVAX returned 10.56%/yr vs 12.21%/yr for SMVTX. Their correlation of 0.93 suggests significant overlap in exposure. VMVAX charges 0.07%/yr vs 0.99%/yr for SMVTX.

Performance

VMVAX vs. SMVTX - 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 Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX). 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 lower than SMVTX's 21.54% return. Over the past 10 years, VMVAX has underperformed SMVTX with an annualized return of 10.56%, while SMVTX has yielded a comparatively higher 12.21% 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%

SMVTX

• 1D: 1.80%
• 1M: 2.73%
• YTD: 21.54%
• 6M: 20.83%
• 1Y: 43.86%
• 3Y*: 23.93%
• 5Y*: 11.97%
• 10Y*: 12.21%

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

VMVAX vs. SMVTX - 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%
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	21.54%	17.58%	18.93%	10.94%	-13.89%	29.15%	-1.19%	33.14%	-8.01%	11.69%

Correlation

The correlation between VMVAX and SMVTX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.93

The correlation between VMVAX and SMVTX shifts across timeframes, from 0.83 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMVAX vs. SMVTX — 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

SMVTX

SMVTX Risk / Return Rank: 89
SMVTX Sharpe Ratio Rank: 90
SMVTX Sortino Ratio Rank: 85
SMVTX Omega Ratio Rank: 79
SMVTX Calmar Ratio Rank: 96
SMVTX Martin Ratio Rank: 96

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. SMVTX - 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 Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX). 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	SMVTX	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.99	-0.90
Sortino ratio Return per unit of downside risk	3.03	4.06	-1.03
Omega ratio Gain probability vs. loss probability	1.37	1.51	-0.15
Calmar ratio Return relative to maximum drawdown	3.44	6.39	-2.94
Martin ratio Return relative to average drawdown	13.13	23.52	-10.39
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. SMVTX - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.10, which is comparable to the SMVTX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of VMVAX and SMVTX, 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	SMVTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.99	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.59	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.59	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.49	+0.20

Drawdowns

VMVAX vs. SMVTX - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, smaller than the maximum SMVTX drawdown of -54.72%. Use the drawdown chart below to compare losses from any high point for VMVAX and SMVTX.

Drawdown Indicators

	VMVAX	SMVTX	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-54.72%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-7.17%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-24.75%	+6.35%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-25.44%	+5.69%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-45.45%	+2.38%
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-4.37%	-8.23%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.94%	-0.12%

Volatility

VMVAX vs. SMVTX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) is 2.65%, while Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) has a volatility of 5.09%. This indicates that VMVAX experiences smaller price fluctuations and is considered to be less risky than SMVTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVAX	SMVTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	5.09%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	11.94%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	15.30%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	20.45%	-4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	20.64%	-1.85%

VMVAX vs. SMVTX - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is lower than SMVTX's 0.99% expense ratio.

Dividends

VMVAX vs. SMVTX - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.87%, less than SMVTX's 13.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	13.52%	16.44%	15.96%	1.16%	6.75%	18.53%	2.52%	5.82%	14.47%	20.86%	3.61%	7.05%
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 SMVTX in my portfolio?

VMVAX and SMVTX have a correlation of 0.83, 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 SMVTX?

SMVTX has higher volatility (5.09%) compared to VMVAX (2.65%). In terms of maximum drawdown, VMVAX dropped -43.07% vs SMVTX's -54.72%.

Which has better risk-adjusted returns?

SMVTX currently has the higher Sharpe Ratio (2.99 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.