VMVLX vs. SWLVX

Last updated Aug 4, 2026

VMVLX (Vanguard Mega Cap Value Index Fund Institutional Shares) and SWLVX (Schwab U.S. Large-Cap Value Index Fund) are both Large Cap Value Equities funds. Over the past 5 years, VMVLX returned 12.79%/yr vs 11.79%/yr for SWLVX. Their 0.96 correlation means they have historically moved very closely together. VMVLX charges 0.06%/yr vs 0.04%/yr for SWLVX.

Performance

VMVLX vs. SWLVX - 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 Schwab U.S. Large-Cap Value Index Fund (SWLVX). 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 lower than SWLVX's 20.60% 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%

SWLVX

• 1D: 0.46%
• 1M: 1.92%
• 6M: 14.48%
• YTD: 20.60%
• 1Y: 32.80%
• 3Y*: 17.98%
• 5Y*: 11.79%
• 10Y*: —
• ALL TIME*: 11.00%

*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)
SWLVX Schwab U.S. Large-Cap Value Index Fund	$0.00	$0.00	$0.00
VMVLX Vanguard Mega Cap Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

VMVLX vs. SWLVX - 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%	-0.24%
SWLVX Schwab U.S. Large-Cap Value Index Fund	20.60%	15.87%	14.36%	11.45%	-7.61%	25.15%	2.64%	26.49%	-8.39%	0.30%

Correlation

The correlation between VMVLX and SWLVX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.96

The correlation between VMVLX and SWLVX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

VMVLX vs. SWLVX — 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

SWLVX

SWLVX Risk / Return Rank: 95
SWLVX Sharpe Ratio Rank: 96
SWLVX Sortino Ratio Rank: 94
SWLVX Omega Ratio Rank: 91
SWLVX Calmar Ratio Rank: 96
SWLVX Martin Ratio Rank: 97

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. SWLVX - 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 Schwab U.S. Large-Cap Value Index Fund (SWLVX). 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	SWLVX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.75	-0.05
Sortino ratio: Return per unit of downside risk	3.85	3.83	+0.01
Omega ratio: Gain probability vs. loss probability	1.49	1.50	-0.01
Calmar ratio: Return relative to maximum drawdown	4.32	4.58	-0.26
Martin ratio: Return relative to average drawdown	16.83	19.70	-2.87

VMVLX vs. SWLVX - Sharpe Ratio Comparison

The current VMVLX Sharpe Ratio is 2.70, which is comparable to the SWLVX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of VMVLX and SWLVX, 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. SWLVX - Drawdown Comparison

The maximum VMVLX drawdown since its inception was -55.79%, which is greater than SWLVX's maximum drawdown of -38.34%. Use the drawdown chart below to compare losses from any high point for VMVLX and SWLVX.

Drawdown Indicators

	VMVLX	SWLVX	Difference
Max Drawdown Largest peak-to-trough decline	-55.79%	-38.34%	-17.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-6.82%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.12%	-15.61%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-19.05%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	-35.57%	—	—
Current Drawdown Current decline from peak	-1.32%	-0.10%	-1.22%
Average Drawdown Average peak-to-trough decline	-7.59%	-4.76%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.59%	+0.05%

Volatility

VMVLX vs. SWLVX - Volatility Comparison

Vanguard Mega Cap Value Index Fund Institutional Shares (VMVLX) and Schwab U.S. Large-Cap Value Index Fund (SWLVX) have volatilities of 2.85% and 2.93%, 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	SWLVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.93%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	8.77%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	11.41%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	14.86%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	18.46%	-2.03%

VMVLX vs. SWLVX - Expense Ratio Comparison

VMVLX has a 0.06% expense ratio, which is higher than SWLVX's 0.04% 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. SWLVX - Dividend Comparison

VMVLX's dividend yield for the trailing twelve months is around 1.87%, more than SWLVX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWLVX Schwab U.S. Large-Cap Value Index Fund	1.68%	2.02%	2.75%	2.56%	2.29%	4.86%	2.00%	4.35%	1.87%	0.00%	0.00%	0.00%
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 SWLVX in my portfolio?

With a correlation of 0.90, VMVLX and SWLVX 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 SWLVX?

SWLVX has higher volatility (2.93%) compared to VMVLX (2.85%). In terms of maximum drawdown, VMVLX dropped -55.79% vs SWLVX's -38.34%.

Which has better risk-adjusted returns?

SWLVX currently has the higher Sharpe Ratio (2.75 vs 2.70), 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.