VMVIX vs. VMVAX

Last updated Jun 4, 2026

VMVIX (Vanguard Mid-Cap Value Index Fund) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both Mid Cap Value Equities funds from Vanguard. Over the past 10 years, VMVIX returned 10.36%/yr vs 10.56%/yr for VMVAX. With a 1.00 correlation, they move nearly in lockstep. VMVIX charges 0.19%/yr vs 0.07%/yr for VMVAX.

Performance

VMVIX vs. VMVAX - 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 Value Index Fund Admiral Shares (VMVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VMVIX having a 10.90% return and VMVAX slightly higher at 10.95%. Both investments have delivered pretty close results over the past 10 years, with VMVIX having a 10.36% annualized return and VMVAX not far ahead at 10.56%.

VMVIX

• 1D: 0.85%
• 1M: 1.52%
• YTD: 10.90%
• 6M: 11.71%
• 1Y: 22.73%
• 3Y*: 16.21%
• 5Y*: 8.26%
• 10Y*: 10.36%

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%

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

VMVIX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVIX Vanguard Mid-Cap Value Index Fund	10.90%	11.22%	13.48%	10.00%	-8.00%	28.60%	2.33%	27.85%	-12.57%	16.91%
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%

Correlation

The correlation between VMVIX and VMVAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	1.00

The correlation between VMVIX and VMVAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VMVIX vs. VMVAX — Risk / Return Rank

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

VMVIX

VMVIX Risk / Return Rank: 58
VMVIX Sharpe Ratio Rank: 50
VMVIX Sortino Ratio Rank: 51
VMVIX Omega Ratio Rank: 45
VMVIX Calmar Ratio Rank: 75
VMVIX Martin Ratio Rank: 67

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

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. VMVAX - 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 Value Index Fund Admiral Shares (VMVAX). 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.

	VMVIX	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.10	-0.02
Sortino ratio: Return per unit of downside risk	3.01	3.03	-0.02
Omega ratio: Gain probability vs. loss probability	1.36	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	3.41	3.44	-0.03
Martin ratio: Return relative to average drawdown	13.03	13.13	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMVIX vs. VMVAX - Sharpe Ratio Comparison

The current VMVIX Sharpe Ratio is 2.08, which is comparable to the VMVAX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of VMVIX and VMVAX, 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

	VMVIX	VMVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.10	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.53	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.56	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.70	-0.27

Drawdowns

VMVIX vs. VMVAX - Drawdown Comparison

The maximum VMVIX drawdown since its inception was -61.61%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for VMVIX and VMVAX.

Drawdown Indicators

	VMVIX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.61%	-43.07%	-18.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-6.95%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-18.40%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.81%	-19.75%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-43.08%	-43.07%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.46%	-4.37%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.82%	0.00%

Volatility

VMVIX vs. VMVAX - Volatility Comparison

Vanguard Mid-Cap Value Index Fund (VMVIX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) have volatilities of 2.66% and 2.65%, 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	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.65%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	8.17%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.42%	11.41%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	16.02%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	18.79%	0.00%

VMVIX vs. VMVAX - Expense Ratio Comparison

VMVIX has a 0.19% expense ratio, which is higher than VMVAX's 0.07% 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. VMVAX - Dividend Comparison

VMVIX's dividend yield for the trailing twelve months is around 1.76%, less than VMVAX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VMVIX Vanguard Mid-Cap Value Index Fund	1.76%	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 VMVAX in my portfolio?

With a correlation of 1.00, VMVIX and VMVAX 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 VMVAX?

VMVIX has higher volatility (2.66%) compared to VMVAX (2.65%). In terms of maximum drawdown, VMVIX dropped -61.61% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.10 vs 2.08), 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.