VMVLX vs. MGV

Last updated Jun 3, 2026

VMVLX (Vanguard Mega Cap Value Index Fund Institutional Shares) and MGV (Vanguard Mega Cap Value ETF) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, VMVLX returned 12.65%/yr vs 12.81%/yr for MGV. With a 0.99 correlation, they move nearly in lockstep. VMVLX charges 0.06%/yr vs 0.05%/yr for MGV.

Performance

VMVLX vs. MGV - 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 Vanguard Mega Cap Value ETF (MGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVLX achieves a 12.08% return, which is significantly lower than MGV's 13.05% return. Both investments have delivered pretty close results over the past 10 years, with VMVLX having a 12.65% annualized return and MGV not far ahead at 12.81%.

VMVLX

• 1D: -0.18%
• 1M: 3.40%
• YTD: 12.08%
• 6M: 13.91%
• 1Y: 26.33%
• 3Y*: 18.51%
• 5Y*: 11.89%
• 10Y*: 12.65%

MGV

• 1D: 0.89%
• 1M: 4.32%
• YTD: 13.05%
• 6M: 14.92%
• 1Y: 27.44%
• 3Y*: 18.83%
• 5Y*: 11.99%
• 10Y*: 12.81%

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

VMVLX vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	12.08%	15.60%	16.87%	9.14%	-1.21%	25.92%	2.48%	25.71%	-4.09%	16.81%
MGV Vanguard Mega Cap Value ETF	13.05%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between VMVLX and MGV is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
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 Dec 28, 2007	0.99

The correlation between VMVLX and MGV has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

VMVLX vs. MGV — Risk / Return Rank

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

VMVLX

VMVLX Risk / Return Rank: 82
VMVLX Sharpe Ratio Rank: 84
VMVLX Sortino Ratio Rank: 82
VMVLX Omega Ratio Rank: 75
VMVLX Calmar Ratio Rank: 87
VMVLX Martin Ratio Rank: 84

MGV

MGV Risk / Return Rank: 84
MGV Sharpe Ratio Rank: 85
MGV Sortino Ratio Rank: 87
MGV Omega Ratio Rank: 83
MGV Calmar Ratio Rank: 82
MGV Martin Ratio Rank: 81

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.

VMVLX vs. MGV - 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 Vanguard Mega Cap Value ETF (MGV). 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.

	VMVLX	MGV	Difference
Sharpe ratio Return per unit of total volatility	2.72	2.80	-0.09
Sortino ratio Return per unit of downside risk	3.87	3.99	-0.12
Omega ratio Gain probability vs. loss probability	1.49	1.50	-0.02
Calmar ratio Return relative to maximum drawdown	4.19	4.30	-0.11
Martin ratio Return relative to average drawdown	15.94	16.33	-0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMVLX vs. MGV - Sharpe Ratio Comparison

The current VMVLX Sharpe Ratio is 2.72, which is comparable to the MGV Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of VMVLX and MGV, 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

	VMVLX	MGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.80	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.89	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.79	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.48	-0.01

Drawdowns

VMVLX vs. MGV - Drawdown Comparison

The maximum VMVLX drawdown since its inception was -55.79%, roughly equal to the maximum MGV drawdown of -55.87%. Use the drawdown chart below to compare losses from any high point for VMVLX and MGV.

Drawdown Indicators

	VMVLX	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-55.79%	-55.87%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-6.42%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-13.18%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-16.54%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-35.57%	-35.41%	-0.16%
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.66%	-7.70%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.68%	0.00%

Volatility

VMVLX vs. MGV - Volatility Comparison

Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) and Vanguard Mega Cap Value ETF (MGV) have volatilities of 2.60% and 2.61%, 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	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.61%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.52%	7.50%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	9.83%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	13.56%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	16.34%	+0.13%

VMVLX vs. MGV - Expense Ratio Comparison

VMVLX has a 0.06% expense ratio, which is higher than MGV'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

VMVLX vs. MGV - Dividend Comparison

VMVLX's dividend yield for the trailing twelve months is around 1.91%, more than MGV's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.89%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	1.91%	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 MGV in my portfolio?

With a correlation of 0.99, VMVLX and MGV 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, VMVLX or MGV?

MGV has higher volatility (2.61%) compared to VMVLX (2.60%). In terms of maximum drawdown, VMVLX dropped -55.79% vs MGV's -55.87%.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.80 vs 2.72), 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.