VOT vs. VMGMX

Last updated Jun 30, 2026

VOT (Vanguard Mid-Cap Growth ETF) and VMGMX (Vanguard Mid-Cap Growth Index Fund Admiral Shares) are both Mid Cap Growth Equities funds from Vanguard tracking the CRSP US Mid Cap Growth Index. Both are passively managed. Over the past 10 years, VOT returned 12.30%/yr vs 12.51%/yr for VMGMX. With a 1.00 correlation, they move nearly in lockstep. VOT charges 0.05%/yr vs 0.07%/yr for VMGMX.

Performance

VOT vs. VMGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth ETF (VOT) and Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOT achieves a 9.18% return, which is significantly higher than VMGMX's 7.42% return. Both investments have delivered pretty close results over the past 10 years, with VOT having a 12.30% annualized return and VMGMX not far ahead at 12.51%.

VOT

• 1D: 1.74%
• 1M: 1.82%
• YTD: 9.18%
• 6M: 7.54%
• 1Y: 8.45%
• 3Y*: 14.67%
• 5Y*: 5.87%
• 10Y*: 12.30%

VMGMX

• 1D: -1.06%
• 1M: 0.20%
• YTD: 7.42%
• 6M: 5.86%
• 1Y: 6.81%
• 3Y*: 14.75%
• 5Y*: 5.57%
• 10Y*: 12.51%

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

VOT vs. VMGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOT Vanguard Mid-Cap Growth ETF	9.18%	10.72%	16.38%	23.10%	-28.87%	20.50%	34.50%	33.76%	-5.56%	21.80%
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	7.42%	10.69%	15.65%	23.93%	-28.84%	20.48%	34.45%	33.85%	-5.61%	21.83%

Correlation

The correlation between VOT and VMGMX 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 Sep 27, 2011	1.00

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

VOT vs. VMGMX - Sectors Allocation Comparison

Sectors	VOT	VMGMX
Technology	32.5%	32.5%
Industrials	23.2%	23.2%
Consumer Cyclical	12.8%	12.8%
Healthcare	8.9%	8.9%
Financial Services	6.9%	6.9%
Real Estate	4.5%	4.5%
Communication Services	3.6%	3.6%
Utilities	3.2%	3.2%
Energy	1.9%	1.9%
Basic Materials	1.6%	1.6%
Consumer Defensive	0.8%	0.8%

Return for Risk

VOT vs. VMGMX — Risk / Return Rank

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

VOT

VOT Risk / Return Rank: 16
VOT Sharpe Ratio Rank: 17
VOT Sortino Ratio Rank: 16
VOT Omega Ratio Rank: 15
VOT Calmar Ratio Rank: 15
VOT Martin Ratio Rank: 16

VMGMX

VMGMX Risk / Return Rank: 7
VMGMX Sharpe Ratio Rank: 7
VMGMX Sortino Ratio Rank: 7
VMGMX Omega Ratio Rank: 7
VMGMX Calmar Ratio Rank: 7
VMGMX Martin Ratio Rank: 7

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.

VOT vs. VMGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth ETF (VOT) and Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX). 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.

	VOT	VMGMX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.45	+0.05
Sortino ratio: Return per unit of downside risk	0.81	0.74	+0.07
Omega ratio: Gain probability vs. loss probability	1.10	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.53	0.48	+0.05
Martin ratio: Return relative to average drawdown	1.58	1.43	+0.15

VOT vs. VMGMX - Sharpe Ratio Comparison

The current VOT Sharpe Ratio is 0.50, which is comparable to the VMGMX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of VOT and VMGMX, 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

VOT vs. VMGMX - Drawdown Comparison

The maximum VOT drawdown since its inception was -60.16%, which is greater than VMGMX's maximum drawdown of -37.17%. Use the drawdown chart below to compare losses from any high point for VOT and VMGMX.

Drawdown Indicators

	VOT	VMGMX	Difference
Max Drawdown Largest peak-to-trough decline	-60.16%	-37.17%	-22.99%
Max Drawdown (1Y) Largest decline over 1 year	-15.96%	-15.95%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-21.65%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-37.19%	-37.17%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.19%	-37.17%	-0.02%
Current Drawdown Current decline from peak	-0.78%	-2.46%	+1.68%
Average Drawdown Average peak-to-trough decline	-9.94%	-7.00%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	5.34%	+0.01%

Volatility

VOT vs. VMGMX - Volatility Comparison

Vanguard Mid-Cap Growth ETF (VOT) and Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) have volatilities of 7.16% and 7.10%, 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

	VOT	VMGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	7.10%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	13.79%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	16.98%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.55%	21.58%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	21.02%	-0.01%

VOT vs. VMGMX - Expense Ratio Comparison

VOT has a 0.05% expense ratio, which is lower than VMGMX's 0.07% 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

VOT vs. VMGMX - Dividend Comparison

VOT's dividend yield for the trailing twelve months is around 0.74%, which matches VMGMX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	0.74%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.82%
VOT Vanguard Mid-Cap Growth ETF	0.74%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.81%

Frequently Asked Questions

Can I hold both VOT and VMGMX in my portfolio?

With a correlation of 0.99, VOT and VMGMX 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, VOT or VMGMX?

VOT has higher volatility (7.16%) compared to VMGMX (7.10%). In terms of maximum drawdown, VOT dropped -60.16% vs VMGMX's -37.17%.

Which has better risk-adjusted returns?

VOT currently has the higher Sharpe Ratio (0.50 vs 0.45), 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.