PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VPMAX vs. VPMCX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VPMAX vs. VPMCX

Last updated Jun 4, 2026

VPMAX (Vanguard PRIMECAP Fund Admiral Shares) and VPMCX (Vanguard PRIMECAP Fund Investor Shares) are both mutual funds - VPMAX is a Large Cap Blend Equities fund managed by Vanguard, while VPMCX is a Large Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VPMAX returned 17.65%/yr vs 17.57%/yr for VPMCX. With a 1.00 correlation, they move nearly in lockstep. VPMAX charges 0.27%/yr vs 0.38%/yr for VPMCX.

Performance

VPMAX vs. VPMCX - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with VPMAX having a 25.44% return and VPMCX slightly lower at 25.40%. Both investments have delivered pretty close results over the past 10 years, with VPMAX having a 17.65% annualized return and VPMCX not far behind at 17.57%.

VPMAX

1D
0.35%
1M
12.86%
YTD
25.44%
6M
26.85%
1Y
58.91%
3Y*
28.09%
5Y*
16.52%
10Y*
17.65%

VPMCX

1D
0.35%
1M
12.86%
YTD
25.40%
6M
26.79%
1Y
58.79%
3Y*
28.00%
5Y*
16.44%
10Y*
17.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VPMAX vs. VPMCX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VPMAX
Vanguard PRIMECAP Fund Admiral Shares		25.44%29.70%13.30%28.25%-15.16%21.72%17.23%27.88%-1.93%28.28%
VPMCX
Vanguard PRIMECAP Fund Investor Shares		25.40%29.60%13.23%28.16%-15.22%21.64%17.16%27.78%-1.99%28.17%

Correlation

The correlation between VPMAX and VPMCX is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

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 Nov 13, 2001

1.00

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

VPMAX vs. VPMCX - Sectors Allocation Comparison

Sectors
VPMAX
VPMCX

Technology

29.2%
28.9%

Healthcare

25.4%
25.1%

Industrials

13.3%
13.2%

Consumer Cyclical

11.9%
11.8%

Communication Services

7.8%
7.7%

Financial Services

7.7%
7.6%

Energy

1.8%
1.8%

Basic Materials

1.6%
1.6%

Consumer Defensive

1.2%
1.1%

Real Estate

0.1%
0.1%

Utilities

0.0%
0.0%

Technology

VPMAX
29.2%
VPMCX
28.9%

Healthcare

VPMAX
25.4%
VPMCX
25.1%

Industrials

VPMAX
13.3%
VPMCX
13.2%

Consumer Cyclical

VPMAX
11.9%
VPMCX
11.8%

Communication Services

VPMAX
7.8%
VPMCX
7.7%

Financial Services

VPMAX
7.7%
VPMCX
7.6%

Energy

VPMAX
1.8%
VPMCX
1.8%

Basic Materials

VPMAX
1.6%
VPMCX
1.6%

Consumer Defensive

VPMAX
1.2%
VPMCX
1.1%

Real Estate

VPMAX
0.1%
VPMCX
0.1%

Utilities

VPMAX
0.0%
VPMCX
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard PRIMECAP Fund Admiral Shares

Vanguard PRIMECAP Fund Investor Shares

Often compared with VPMAX:
VPMAX vs. VOOVPMAX vs. FCNTXVPMAX vs. SPYVPMAX vs. VTIVPMAX vs. VHCAXVPMAX vs. VMCPXVPMAX vs. VQNPX
Often compared with VPMCX:
VPMCX vs. VOOVPMCX vs. SPYVPMCX vs. VUGVPMCX vs. VHCOXVPMCX vs. VGHCXVPMCX vs. VPCCXVPMCX vs. VWELX

Return for Risk

VPMAX vs. VPMCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VPMAX
VPMAX Risk / Return Rank: 9494
Overall Rank
VPMAX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
VPMAX Sortino Ratio Rank: 9595
Sortino Ratio Rank
VPMAX Omega Ratio Rank: 9191
Omega Ratio Rank
VPMAX Calmar Ratio Rank: 9393
Calmar Ratio Rank
VPMAX Martin Ratio Rank: 9696
Martin Ratio Rank
VPMCX
VPMCX Risk / Return Rank: 9494
Overall Rank
VPMCX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
VPMCX Sortino Ratio Rank: 9595
Sortino Ratio Rank
VPMCX Omega Ratio Rank: 9191
Omega Ratio Rank
VPMCX Calmar Ratio Rank: 9393
Calmar Ratio Rank
VPMCX Martin Ratio Rank: 9696
Martin Ratio Rank
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.

VPMAX vs. VPMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard PRIMECAP Fund Admiral Shares (VPMAX) and Vanguard PRIMECAP Fund Investor Shares (VPMCX). 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.

VPMAXVPMCXDifference
Sharpe ratioReturn per unit of total volatility
3.76
3.75

+0.01

Sortino ratioReturn per unit of downside risk
5.05
5.04

+0.01

Omega ratioGain probability vs. loss probability

1.66

1.65

0.00

Calmar ratioReturn relative to maximum drawdown

5.14

5.12

+0.02

Martin ratioReturn relative to average drawdown

23.68

23.59

+0.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPMAX vs. VPMCX - Sharpe Ratio Comparison

The current VPMAX Sharpe Ratio is 3.76, which is comparable to the VPMCX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of VPMAX and VPMCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VPMAXVPMCXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.76

3.75

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

0.91

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

0.92

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.81

-0.16

Drawdowns

VPMAX vs. VPMCX - Drawdown Comparison

The maximum VPMAX drawdown since its inception was -48.32%, roughly equal to the maximum VPMCX drawdown of -50.45%. Use the drawdown chart below to compare losses from any high point for VPMAX and VPMCX.

Loading charts...

Drawdown Indicators

VPMAXVPMCXDifference

Max Drawdown

Largest peak-to-trough decline

-48.32%

-50.45%

+2.13%

Max Drawdown (1Y)

Largest decline over 1 year

-11.72%

-11.73%

+0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-20.55%

-20.56%

+0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-25.21%

-25.25%

+0.04%

Max Drawdown (10Y)

Largest decline over 10 years

-32.65%

-32.65%

0.00%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.58%

-7.41%

+0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

2.54%

0.00%

Volatility

VPMAX vs. VPMCX - Volatility Comparison

Vanguard PRIMECAP Fund Admiral Shares (VPMAX) and Vanguard PRIMECAP Fund Investor Shares (VPMCX) have volatilities of 6.18% and 6.18%, 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.

Loading charts...

Volatility by Period

VPMAXVPMCXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.18%

6.18%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

12.85%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

16.02%

16.02%

0.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.26%

18.26%

0.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.19%

19.19%

0.00%

VPMAX vs. VPMCX - Expense Ratio Comparison

VPMAX has a 0.27% expense ratio, which is lower than VPMCX's 0.38% expense ratio.

Dividends

VPMAX vs. VPMCX - Dividend Comparison

VPMAX's dividend yield for the trailing twelve months is around 13.12%, which matches VPMCX's 13.04% yield.

PositionTTM20252024202320222021202020192018201720162015
VPMAX
Vanguard PRIMECAP Fund Admiral Shares		13.12%16.46%6.71%7.24%9.94%10.18%9.82%7.23%8.43%4.52%5.13%5.99%
VPMCX
Vanguard PRIMECAP Fund Investor Shares		13.04%16.36%6.62%7.16%9.85%10.08%9.74%7.15%8.32%4.53%5.05%5.91%

Frequently Asked Questions

With a correlation of 1.00, VPMAX and VPMCX 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.

VPMCX has higher volatility (6.18%) compared to VPMAX (6.18%). In terms of maximum drawdown, VPMAX dropped -48.32% vs VPMCX's -50.45%.

VPMAX currently has the higher Sharpe Ratio (3.76 vs 3.75), 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.

Portfolio Optimizer

Find the right allocation for VPMAX and VPMCX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer