VMVLX vs. ACIIX

Last updated Aug 4, 2026

VMVLX (Vanguard Mega Cap Value Index Fund Institutional Shares) and ACIIX (American Century Equity Income Fund Class I) are both mutual funds - VMVLX is a Large Cap Value Equities fund managed by Vanguard, while ACIIX is a Dividend fund managed by American Century. Over the past 10 years, VMVLX returned 12.79%/yr vs 9.22%/yr for ACIIX. Their correlation of 0.94 means they have usually moved in the same direction. VMVLX charges 0.06%/yr vs 0.72%/yr for ACIIX.

Performance

VMVLX vs. ACIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) and American Century Equity Income Fund Class I (ACIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVLX achieves a 16.75% return, which is significantly higher than ACIIX's 13.38% return. Over the past 10 years, VMVLX has outperformed ACIIX with an annualized return of 12.79%, while ACIIX has yielded a comparatively lower 9.22% annualized return.

VMVLX

• 1D: -0.27%
• 1M: -0.53%
• 6M: 10.14%
• YTD: 16.75%
• 1Y: 28.73%
• 3Y*: 17.68%
• 5Y*: 12.79%
• 10Y*: 12.79%
• ALL TIME*: 9.33%

ACIIX

• 1D: 0.00%
• 1M: 2.27%
• 6M: 8.39%
• YTD: 13.38%
• 1Y: 19.83%
• 3Y*: 11.94%
• 5Y*: 8.20%
• 10Y*: 9.22%
• ALL TIME*: 7.77%

*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)
ACIIX American Century Equity Income Fund Class I	$0.00	$0.00	$0.00
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

VMVLX vs. ACIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	16.75%	15.60%	16.87%	9.14%	-1.21%	25.92%	2.48%	25.71%	-4.09%	16.81%
ACIIX American Century Equity Income Fund Class I	13.38%	12.05%	10.58%	4.25%	-2.96%	17.16%	1.19%	24.50%	-3.53%	13.69%

Correlation

The correlation between VMVLX and ACIIX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.94

The correlation between VMVLX and ACIIX shifts across timeframes, from 0.79 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMVLX vs. ACIIX — Risk / Return Rank

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

VMVLX

VMVLX Risk / Return Rank: 94
VMVLX Sharpe Ratio Rank: 96
VMVLX Sortino Ratio Rank: 94
VMVLX Omega Ratio Rank: 90
VMVLX Calmar Ratio Rank: 95
VMVLX Martin Ratio Rank: 96

ACIIX

ACIIX Risk / Return Rank: 85
ACIIX Sharpe Ratio Rank: 89
ACIIX Sortino Ratio Rank: 90
ACIIX Omega Ratio Rank: 83
ACIIX Calmar Ratio Rank: 85
ACIIX Martin Ratio Rank: 78

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.

VMVLX vs. ACIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) and American Century Equity Income Fund Class I (ACIIX). 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.

	VMVLX	ACIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.25	+0.45
Sortino ratio: Return per unit of downside risk	3.85	3.42	+0.43
Omega ratio: Gain probability vs. loss probability	1.49	1.40	+0.09
Calmar ratio: Return relative to maximum drawdown	4.32	3.02	+1.30
Martin ratio: Return relative to average drawdown	16.83	9.93	+6.90

VMVLX vs. ACIIX - Sharpe Ratio Comparison

The current VMVLX Sharpe Ratio is 2.70, which is comparable to the ACIIX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of VMVLX and ACIIX, 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

VMVLX vs. ACIIX - Drawdown Comparison

The maximum VMVLX drawdown since its inception was -55.79%, which is greater than ACIIX's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for VMVLX and ACIIX.

Drawdown Indicators

	VMVLX	ACIIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.79%	-39.16%	-16.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-6.38%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-10.15%	-2.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-13.49%	-3.11%
Max Drawdown (10Y) Largest decline over 10 years	-35.57%	-32.76%	-2.81%
Current Drawdown Current decline from peak	-1.32%	-0.63%	-0.69%
Average Drawdown Average peak-to-trough decline	-7.59%	-5.22%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.93%	-0.29%

Volatility

VMVLX vs. ACIIX - Volatility Comparison

Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) and American Century Equity Income Fund Class I (ACIIX) have volatilities of 2.85% and 2.89%, 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

	VMVLX	ACIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.89%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	6.52%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	8.60%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	10.77%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	13.34%	+3.09%

VMVLX vs. ACIIX - Expense Ratio Comparison

VMVLX has a 0.06% expense ratio, which is lower than ACIIX's 0.72% expense ratio.

Dividends

VMVLX vs. ACIIX - Dividend Comparison

VMVLX's dividend yield for the trailing twelve months is around 1.87%, less than ACIIX's 9.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACIIX American Century Equity Income Fund Class I	9.48%	10.55%	11.71%	8.21%	8.96%	7.02%	2.18%	7.57%	9.05%	12.14%	8.08%	10.72%
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	1.87%	2.05%	2.32%	2.49%	2.46%	2.18%	2.47%	2.70%	2.66%	2.36%	1.90%	2.62%

Frequently Asked Questions

Can I hold both VMVLX and ACIIX in my portfolio?

VMVLX and ACIIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVLX or ACIIX?

ACIIX has higher volatility (2.89%) compared to VMVLX (2.85%). In terms of maximum drawdown, VMVLX dropped -55.79% vs ACIIX's -39.16%.

Which has better risk-adjusted returns?

VMVLX currently has the higher Sharpe Ratio (2.70 vs 2.25), 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.