VMVIX vs. VIMAX

Last updated Jun 24, 2026

VMVIX (Vanguard Mid-Cap Value Index Fund) and VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) are both mutual funds - VMVIX is a Mid Cap Value Equities fund managed by Vanguard, while VIMAX is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Over the past 10 years, VMVIX returned 10.74%/yr vs 12.00%/yr for VIMAX. With a 0.95 correlation, they move nearly in lockstep. VMVIX charges 0.19%/yr vs 0.05%/yr for VIMAX.

Performance

VMVIX vs. VIMAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VMVIX having a 11.61% return and VIMAX slightly lower at 11.32%. Over the past 10 years, VMVIX has underperformed VIMAX with an annualized return of 10.74%, while VIMAX has yielded a comparatively higher 12.00% annualized return.

VMVIX

• 1D: 0.53%
• 1M: 1.27%
• YTD: 11.61%
• 6M: 10.74%
• 1Y: 22.77%
• 3Y*: 15.81%
• 5Y*: 9.14%
• 10Y*: 10.74%

VIMAX

• 1D: 0.41%
• 1M: 3.04%
• YTD: 11.32%
• 6M: 10.01%
• 1Y: 18.73%
• 3Y*: 16.58%
• 5Y*: 8.05%
• 10Y*: 12.00%

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

VMVIX vs. VIMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVIX Vanguard Mid-Cap Value Index Fund	11.61%	11.22%	13.48%	10.00%	-8.00%	28.60%	2.33%	27.85%	-12.57%	16.91%
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	11.32%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%

Correlation

The correlation between VMVIX and VIMAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 24, 2006	0.95

The correlation between VMVIX and VIMAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

VMVIX vs. VIMAX — Risk / Return Rank

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

VMVIX

VMVIX Risk / Return Rank: 64
VMVIX Sharpe Ratio Rank: 57
VMVIX Sortino Ratio Rank: 60
VMVIX Omega Ratio Rank: 51
VMVIX Calmar Ratio Rank: 80
VMVIX Martin Ratio Rank: 74

VIMAX

VIMAX Risk / Return Rank: 37
VIMAX Sharpe Ratio Rank: 34
VIMAX Sortino Ratio Rank: 32
VIMAX Omega Ratio Rank: 31
VIMAX Calmar Ratio Rank: 44
VIMAX Martin Ratio Rank: 46

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.

VMVIX vs. VIMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund (VMVIX) and Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX). 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	VIMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.55	+0.51
Sortino ratio: Return per unit of downside risk	2.96	2.21	+0.76
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	3.44	2.44	+1.00
Martin ratio: Return relative to average drawdown	13.09	9.18	+3.91

VMVIX vs. VIMAX - Sharpe Ratio Comparison

The current VMVIX Sharpe Ratio is 2.06, which is higher than the VIMAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of VMVIX and VIMAX, 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. VIMAX - Drawdown Comparison

The maximum VMVIX drawdown since its inception was -61.61%, roughly equal to the maximum VIMAX drawdown of -58.88%. Use the drawdown chart below to compare losses from any high point for VMVIX and VIMAX.

Drawdown Indicators

	VMVIX	VIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.61%	-58.88%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-8.13%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-18.93%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-19.81%	-27.55%	+7.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.08%	-39.30%	-3.78%
Current Drawdown Current decline from peak	-1.15%	-0.43%	-0.72%
Average Drawdown Average peak-to-trough decline	-8.44%	-8.10%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.16%	-0.33%

Volatility

VMVIX vs. VIMAX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value Index Fund (VMVIX) is 3.39%, while Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) has a volatility of 4.36%. This indicates that VMVIX experiences smaller price fluctuations and is considered to be less risky than VIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVIX	VIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	4.36%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	9.85%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	12.79%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	17.69%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.95%	-0.15%

VMVIX vs. VIMAX - Expense Ratio Comparison

VMVIX has a 0.19% expense ratio, which is higher than VIMAX's 0.05% 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

VMVIX vs. VIMAX - Dividend Comparison

VMVIX's dividend yield for the trailing twelve months is around 1.75%, more than VIMAX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	1.34%	1.51%	1.48%	1.50%	1.59%	1.11%	1.44%	1.47%	1.82%	1.35%	1.45%	1.47%
VMVIX Vanguard Mid-Cap Value Index Fund	1.75%	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 VIMAX in my portfolio?

With a correlation of 0.90, VMVIX and VIMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMVIX or VIMAX?

VIMAX has higher volatility (4.36%) compared to VMVIX (3.39%). In terms of maximum drawdown, VMVIX dropped -61.61% vs VIMAX's -58.88%.

Which has better risk-adjusted returns?

VMVIX currently has the higher Sharpe Ratio (2.06 vs 1.55), 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.