VMVIX vs. IMCVX

Last updated Aug 1, 2026

VMVIX (Vanguard Mid-Cap Value Index Fund) and IMCVX (Voya Multi-Manager Mid Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, VMVIX returned 10.57%/yr vs 9.64%/yr for IMCVX. Their 0.95 correlation means they have historically moved very closely together. VMVIX charges 0.19%/yr vs 0.78%/yr for IMCVX.

Performance

VMVIX vs. IMCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value Index Fund (VMVIX) and Voya Multi-Manager Mid Cap Value Fund (IMCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVIX achieves a 16.84% return, which is significantly higher than IMCVX's 14.19% return. Over the past 10 years, VMVIX has outperformed IMCVX with an annualized return of 10.57%, while IMCVX has yielded a comparatively lower 9.64% annualized return.

VMVIX

• 1D: -0.33%
• 1M: 2.52%
• 6M: 12.09%
• YTD: 16.84%
• 1Y: 26.13%
• 3Y*: 14.80%
• 5Y*: 9.91%
• 10Y*: 10.57%
• ALL TIME*: 9.34%

IMCVX

• 1D: -0.58%
• 1M: 0.39%
• 6M: 8.76%
• YTD: 14.19%
• 1Y: 16.64%
• 3Y*: 10.50%
• 5Y*: 6.28%
• 10Y*: 9.64%
• ALL TIME*: 12.15%

*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)
IMCVX Voya Multi-Manager Mid Cap Value Fund	$0.00	$0.00	$0.00
VMVIX Vanguard Mid-Cap Value Index Fund	$0.00	$0.00	$0.00

VMVIX vs. IMCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVIX Vanguard Mid-Cap Value Index Fund	16.84%	11.22%	13.48%	10.00%	-8.00%	28.60%	2.33%	27.85%	-12.57%	16.91%
IMCVX Voya Multi-Manager Mid Cap Value Fund	14.19%	4.09%	10.72%	9.44%	-11.52%	29.40%	2.62%	40.50%	-15.20%	15.06%

Correlation

The correlation between VMVIX and IMCVX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.95

The correlation between VMVIX and IMCVX shifts across timeframes, from 0.85 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMVIX vs. IMCVX — Risk / Return Rank

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

VMVIX

VMVIX Risk / Return Rank: 88
VMVIX Sharpe Ratio Rank: 88
VMVIX Sortino Ratio Rank: 87
VMVIX Omega Ratio Rank: 82
VMVIX Calmar Ratio Rank: 92
VMVIX Martin Ratio Rank: 93

IMCVX

IMCVX Risk / Return Rank: 63
IMCVX Sharpe Ratio Rank: 60
IMCVX Sortino Ratio Rank: 67
IMCVX Omega Ratio Rank: 54
IMCVX Calmar Ratio Rank: 72
IMCVX Martin Ratio Rank: 62

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.

VMVIX vs. IMCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund (VMVIX) and Voya Multi-Manager Mid Cap Value Fund (IMCVX). 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.

	VMVIX	IMCVX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.54	+0.64
Sortino ratio: Return per unit of downside risk	3.16	2.36	+0.80
Omega ratio: Gain probability vs. loss probability	1.39	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	3.55	2.42	+1.13
Martin ratio: Return relative to average drawdown	13.86	8.27	+5.58

VMVIX vs. IMCVX - Sharpe Ratio Comparison

The current VMVIX Sharpe Ratio is 2.18, which is higher than the IMCVX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of VMVIX and IMCVX, 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

VMVIX vs. IMCVX - Drawdown Comparison

The maximum VMVIX drawdown since its inception was -61.61%, which is greater than IMCVX's maximum drawdown of -44.22%. Use the drawdown chart below to compare losses from any high point for VMVIX and IMCVX.

Drawdown Indicators

	VMVIX	IMCVX	Difference
Max Drawdown Largest peak-to-trough decline	-61.61%	-44.22%	-17.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-7.47%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-19.34%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.81%	-22.03%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-43.08%	-44.22%	+1.14%
Current Drawdown Current decline from peak	-1.08%	-1.53%	+0.45%
Average Drawdown Average peak-to-trough decline	-8.39%	-5.41%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.15%	-0.37%

Volatility

VMVIX vs. IMCVX - Volatility Comparison

Vanguard Mid-Cap Value Index Fund (VMVIX) and Voya Multi-Manager Mid Cap Value Fund (IMCVX) have volatilities of 2.69% and 2.83%, 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

	VMVIX	IMCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.83%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	8.08%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	11.85%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	17.25%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	20.00%	-1.31%

VMVIX vs. IMCVX - Expense Ratio Comparison

VMVIX has a 0.19% expense ratio, which is lower than IMCVX's 0.78% expense ratio.

Dividends

VMVIX vs. IMCVX - Dividend Comparison

VMVIX's dividend yield for the trailing twelve months is around 1.70%, less than IMCVX's 8.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCVX Voya Multi-Manager Mid Cap Value Fund	8.07%	9.21%	11.72%	0.98%	8.69%	15.71%	4.38%	19.23%	20.04%	7.09%	3.00%	21.05%
VMVIX Vanguard Mid-Cap Value Index Fund	1.70%	1.42%	1.99%	2.15%	2.15%	1.67%	2.26%	1.95%	2.60%	1.75%	1.81%	1.91%

Frequently Asked Questions

Can I hold both VMVIX and IMCVX in my portfolio?

VMVIX and IMCVX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVIX or IMCVX?

IMCVX has higher volatility (2.83%) compared to VMVIX (2.69%). In terms of maximum drawdown, VMVIX dropped -61.61% vs IMCVX's -44.22%.

Which has better risk-adjusted returns?

VMVIX currently has the higher Sharpe Ratio (2.18 vs 1.54), 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.