VPMCX vs. VHCAX

Last updated Jun 5, 2026

VPMCX (Vanguard PRIMECAP Fund Investor Shares) and VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) are both Large Cap Growth Equities funds from Vanguard. Over the past 10 years, VPMCX returned 17.59%/yr vs 17.15%/yr for VHCAX. With a 0.97 correlation, they move nearly in lockstep. VPMCX charges 0.38%/yr vs 0.36%/yr for VHCAX.

Performance

VPMCX vs. VHCAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VPMCX having a 25.64% return and VHCAX slightly higher at 25.65%. Both investments have delivered pretty close results over the past 10 years, with VPMCX having a 17.59% annualized return and VHCAX not far behind at 17.15%.

VPMCX

• 1D: 0.19%
• 1M: 10.35%
• YTD: 25.64%
• 6M: 27.62%
• 1Y: 58.49%
• 3Y*: 28.08%
• 5Y*: 16.24%
• 10Y*: 17.59%

VHCAX

• 1D: 0.16%
• 1M: 12.04%
• YTD: 25.65%
• 6M: 27.20%
• 1Y: 55.77%
• 3Y*: 26.95%
• 5Y*: 14.52%
• 10Y*: 17.15%

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

VPMCX vs. VHCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPMCX Vanguard PRIMECAP Fund Investor Shares	25.64%	29.60%	13.23%	28.16%	-15.22%	21.64%	17.16%	27.78%	-1.99%	28.17%
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	25.65%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%

Correlation

The correlation between VPMCX and VHCAX 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	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.97

The correlation between VPMCX and VHCAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

VPMCX vs. VHCAX - Sectors Allocation Comparison

Sectors	VPMCX	VHCAX
Technology	28.9%	33.1%
Healthcare	25.1%	24.9%
Industrials	13.2%	10.7%
Consumer Cyclical	11.8%	9.8%
Communication Services	7.7%	6.5%
Financial Services	7.6%	8.2%
Energy	1.8%	2.2%
Basic Materials	1.6%	0.4%
Consumer Defensive	1.1%	0.9%
Real Estate	0.1%	0.1%
Utilities	0.0%	-

Return for Risk

VPMCX vs. VHCAX — Risk / Return Rank

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

VPMCX

VPMCX Risk / Return Rank: 94
VPMCX Sharpe Ratio Rank: 97
VPMCX Sortino Ratio Rank: 94
VPMCX Omega Ratio Rank: 89
VPMCX Calmar Ratio Rank: 92
VPMCX Martin Ratio Rank: 96

VHCAX

VHCAX Risk / Return Rank: 90
VHCAX Sharpe Ratio Rank: 94
VHCAX Sortino Ratio Rank: 90
VHCAX Omega Ratio Rank: 85
VHCAX Calmar Ratio Rank: 89
VHCAX 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.

VPMCX vs. VHCAX - Risk-Adjusted Trends Comparison

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

	VPMCX	VHCAX	Difference
Sharpe ratio: Return per unit of total volatility	3.71	3.33	+0.38
Sortino ratio: Return per unit of downside risk	5.00	4.46	+0.54
Omega ratio: Gain probability vs. loss probability	1.65	1.59	+0.06
Calmar ratio: Return relative to maximum drawdown	5.06	4.55	+0.51
Martin ratio: Return relative to average drawdown	23.33	20.42	+2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPMCX vs. VHCAX - Sharpe Ratio Comparison

The current VPMCX Sharpe Ratio is 3.71, which is comparable to the VHCAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of VPMCX and VHCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VPMCX	VHCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	3.33	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.74	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.85	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.60	+0.21

Drawdowns

VPMCX vs. VHCAX - Drawdown Comparison

The maximum VPMCX drawdown since its inception was -50.45%, smaller than the maximum VHCAX drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for VPMCX and VHCAX.

Drawdown Indicators

	VPMCX	VHCAX	Difference
Max Drawdown Largest peak-to-trough decline	-50.45%	-54.27%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-12.42%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-20.56%	-23.92%	+3.36%
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	-27.55%	+2.30%
Max Drawdown (10Y) Largest decline over 10 years	-32.65%	-33.78%	+1.13%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.40%	-8.40%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.76%	-0.22%

Volatility

VPMCX vs. VHCAX - Volatility Comparison

The current volatility for Vanguard PRIMECAP Fund Investor Shares (VPMCX) is 6.13%, while Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a volatility of 6.63%. This indicates that VPMCX experiences smaller price fluctuations and is considered to be less risky than VHCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPMCX	VHCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	6.63%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	13.70%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	16.98%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	19.82%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	20.31%	-1.12%

VPMCX vs. VHCAX - Expense Ratio Comparison

VPMCX has a 0.38% expense ratio, which is higher than VHCAX's 0.36% expense ratio.

Dividends

VPMCX vs. VHCAX - Dividend Comparison

VPMCX's dividend yield for the trailing twelve months is around 13.02%, more than VHCAX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.73%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VPMCX Vanguard PRIMECAP Fund Investor Shares	13.02%	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

Can I hold both VPMCX and VHCAX in my portfolio?

With a correlation of 0.97, VPMCX and VHCAX 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, VPMCX or VHCAX?

VHCAX has higher volatility (6.63%) compared to VPMCX (6.13%). In terms of maximum drawdown, VPMCX dropped -50.45% vs VHCAX's -54.27%.

Which has better risk-adjusted returns?

VPMCX currently has the higher Sharpe Ratio (3.71 vs 3.33), 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.