VOO vs. VCMDX

Last updated Jun 13, 2026

VOO (Vanguard S&P 500 ETF) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while VCMDX is a Commodities fund managed by Vanguard. Over the past 5 years, VOO returned 13.43%/yr vs 10.64%/yr for VCMDX. At a 0.22 correlation, their price movements are largely independent. VOO charges 0.03%/yr vs 0.20%/yr for VCMDX.

Performance

VOO vs. VCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOO achieves a 9.08% return, which is significantly lower than VCMDX's 17.07% return.

VOO

• 1D: 0.55%
• 1M: -0.07%
• YTD: 9.08%
• 6M: 9.44%
• 1Y: 24.36%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.50%

VCMDX

• 1D: -0.62%
• 1M: -7.98%
• YTD: 17.07%
• 6M: 18.44%
• 1Y: 27.78%
• 3Y*: 13.99%
• 5Y*: 10.64%
• 10Y*: —

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

VOO vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VOO Vanguard S&P 500 ETF	9.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	11.86%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	17.07%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Correlation

The correlation between VOO and VCMDX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.22

The correlation between VOO and VCMDX shifts across timeframes, from -0.00 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VOO vs. VCMDX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 76

VCMDX

VCMDX Risk / Return Rank: 68
VCMDX Sharpe Ratio Rank: 65
VCMDX Sortino Ratio Rank: 55
VCMDX Omega Ratio Rank: 60
VCMDX Calmar Ratio Rank: 87
VCMDX Martin Ratio Rank: 72

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.

VOO vs. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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.

	VOO	VCMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.86	+0.13
Sortino ratio: Return per unit of downside risk	2.70	2.42	+0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.75	3.51	-0.77
Martin ratio: Return relative to average drawdown	12.42	10.76	+1.66

VOO vs. VCMDX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.99, which is comparable to the VCMDX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of VOO and VCMDX, 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

VOO vs. VCMDX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for VOO and VCMDX.

Drawdown Indicators

	VOO	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-26.67%	-7.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.98%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-9.90%	-8.79%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-25.45%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-2.34%	-7.98%	+5.64%
Average Drawdown Average peak-to-trough decline	-3.68%	-10.84%	+7.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.60%	-0.63%

Volatility

VOO vs. VCMDX - Volatility Comparison

Vanguard S&P 500 ETF (VOO) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) have volatilities of 4.34% and 4.17%, 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

	VOO	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.17%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	12.90%	-3.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	15.07%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	15.87%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	15.39%	+2.64%

VOO vs. VCMDX - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than VCMDX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOO vs. VCMDX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, less than VCMDX's 12.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.99%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and VCMDX in my portfolio?

VOO and VCMDX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or VCMDX?

VOO has higher volatility (4.34%) compared to VCMDX (4.17%). In terms of maximum drawdown, VOO dropped -33.99% vs VCMDX's -26.67%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.99 vs 1.86), 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.