VPCCX vs. VHCOX

Last updated Jun 25, 2026

VPCCX (Vanguard PRIMECAP Core Fund) and VHCOX (Vanguard Capital Opportunity Fund Investor Shares) are both mutual funds - VPCCX is a Large Cap Blend Equities fund actively managed by Vanguard, while VHCOX is a Mid Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VPCCX returned 17.73%/yr vs 17.72%/yr for VHCOX. With a 0.97 correlation, they move nearly in lockstep. VPCCX charges 0.37%/yr vs 0.43%/yr for VHCOX.

Performance

VPCCX vs. VHCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard PRIMECAP Core Fund (VPCCX) and Vanguard Capital Opportunity Fund Investor Shares (VHCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPCCX achieves a 30.27% return, which is significantly higher than VHCOX's 24.40% return. Both investments have delivered pretty close results over the past 10 years, with VPCCX having a 17.73% annualized return and VHCOX not far behind at 17.72%.

VPCCX

• 1D: -2.74%
• 1M: 5.51%
• YTD: 30.27%
• 6M: 28.54%
• 1Y: 58.76%
• 3Y*: 28.79%
• 5Y*: 16.62%
• 10Y*: 17.73%

VHCOX

• 1D: -2.99%
• 1M: 5.11%
• YTD: 24.40%
• 6M: 22.54%
• 1Y: 49.92%
• 3Y*: 25.83%
• 5Y*: 13.61%
• 10Y*: 17.72%

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

VPCCX vs. VHCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPCCX Vanguard PRIMECAP Core Fund	30.27%	29.96%	12.72%	23.58%	-12.43%	24.30%	12.04%	27.70%	-4.89%	26.27%
VHCOX Vanguard Capital Opportunity Fund Investor Shares	24.40%	25.74%	14.00%	25.55%	-17.61%	20.85%	22.73%	27.20%	-3.76%	28.28%

Correlation

The correlation between VPCCX and VHCOX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 9, 2004	0.97

The correlation between VPCCX and VHCOX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

VPCCX vs. VHCOX - Sectors Allocation Comparison

Sectors	VPCCX	VHCOX
Technology	28.0%	33.1%
Healthcare	22.0%	24.9%
Industrials	15.6%	10.7%
Financial Services	10.8%	8.2%
Consumer Cyclical	7.5%	9.8%
Communication Services	5.8%	6.5%
Energy	3.7%	2.2%
Basic Materials	2.2%	0.4%
Consumer Defensive	2.1%	0.9%
Utilities	0.1%	-
Real Estate	-	0.1%

Return for Risk

VPCCX vs. VHCOX — Risk / Return Rank

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

VPCCX

VPCCX Risk / Return Rank: 95
VPCCX Sharpe Ratio Rank: 97
VPCCX Sortino Ratio Rank: 94
VPCCX Omega Ratio Rank: 90
VPCCX Calmar Ratio Rank: 96
VPCCX Martin Ratio Rank: 97

VHCOX

VHCOX Risk / Return Rank: 88
VHCOX Sharpe Ratio Rank: 91
VHCOX Sortino Ratio Rank: 85
VHCOX Omega Ratio Rank: 83
VHCOX Calmar Ratio Rank: 89
VHCOX Martin Ratio Rank: 93

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.

VPCCX vs. VHCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard PRIMECAP Core Fund (VPCCX) and Vanguard Capital Opportunity Fund Investor Shares (VHCOX). 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.

	VPCCX	VHCOX	Difference
Sharpe ratio: Return per unit of total volatility	3.43	2.81	+0.63
Sortino ratio: Return per unit of downside risk	4.51	3.70	+0.81
Omega ratio: Gain probability vs. loss probability	1.61	1.50	+0.11
Calmar ratio: Return relative to maximum drawdown	5.96	4.23	+1.73
Martin ratio: Return relative to average drawdown	26.62	18.60	+8.02

VPCCX vs. VHCOX - Sharpe Ratio Comparison

The current VPCCX Sharpe Ratio is 3.43, which is comparable to the VHCOX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of VPCCX and VHCOX, 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

VPCCX vs. VHCOX - Drawdown Comparison

The maximum VPCCX drawdown since its inception was -47.53%, smaller than the maximum VHCOX drawdown of -54.76%. Use the drawdown chart below to compare losses from any high point for VPCCX and VHCOX.

Drawdown Indicators

	VPCCX	VHCOX	Difference
Max Drawdown Largest peak-to-trough decline	-47.53%	-54.76%	+7.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-12.43%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-23.87%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-27.59%	+4.84%
Max Drawdown (10Y) Largest decline over 10 years	-34.60%	-33.78%	-0.82%
Current Drawdown Current decline from peak	-2.74%	-2.99%	+0.25%
Average Drawdown Average peak-to-trough decline	-5.73%	-9.98%	+4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	2.82%	-0.52%

Volatility

VPCCX vs. VHCOX - Volatility Comparison

The current volatility for Vanguard PRIMECAP Core Fund (VPCCX) is 8.33%, while Vanguard Capital Opportunity Fund Investor Shares (VHCOX) has a volatility of 9.08%. This indicates that VPCCX experiences smaller price fluctuations and is considered to be less risky than VHCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPCCX	VHCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	9.08%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	14.97%	15.82%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	18.73%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	20.19%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	20.44%	-1.58%

VPCCX vs. VHCOX - Expense Ratio Comparison

VPCCX has a 0.37% expense ratio, which is lower than VHCOX's 0.43% expense ratio.

Dividends

VPCCX vs. VHCOX - Dividend Comparison

VPCCX's dividend yield for the trailing twelve months is around 13.24%, more than VHCOX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCOX Vanguard Capital Opportunity Fund Investor Shares	7.73%	9.62%	8.16%	2.33%	9.26%	10.44%	9.10%	6.41%	12.11%	3.87%	5.66%	5.30%
VPCCX Vanguard PRIMECAP Core Fund	13.24%	17.25%	7.17%	5.73%	8.40%	6.89%	7.89%	6.99%	9.45%	4.10%	5.52%	4.96%

Frequently Asked Questions

Can I hold both VPCCX and VHCOX in my portfolio?

With a correlation of 0.97, VPCCX and VHCOX 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, VPCCX or VHCOX?

VHCOX has higher volatility (9.08%) compared to VPCCX (8.33%). In terms of maximum drawdown, VPCCX dropped -47.53% vs VHCOX's -54.76%.

Which has better risk-adjusted returns?

VPCCX currently has the higher Sharpe Ratio (3.43 vs 2.81), 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.