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VPMCX vs. VPMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VPMCX vs. VPMAX

Last updated Jun 4, 2026

VPMCX (Vanguard PRIMECAP Fund Investor Shares) and VPMAX (Vanguard PRIMECAP Fund Admiral Shares) are both mutual funds - VPMCX is a Large Cap Growth Equities fund managed by Vanguard, while VPMAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, VPMCX returned 17.57%/yr vs 17.65%/yr for VPMAX. With a 1.00 correlation, they move nearly in lockstep. VPMCX charges 0.38%/yr vs 0.31%/yr for VPMAX.

Performance

VPMCX vs. VPMAX - Performance Comparison

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

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Returns By Period

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

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

VPMCX vs. VPMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

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

VPMCX vs. VPMAX - Sectors Allocation Comparison

Sectors
VPMCX
VPMAX

Technology

28.9%
29.2%

Healthcare

25.1%
25.4%

Industrials

13.2%
13.3%

Consumer Cyclical

11.8%
11.9%

Communication Services

7.7%
7.8%

Financial Services

7.6%
7.7%

Energy

1.8%
1.8%

Basic Materials

1.6%
1.6%

Consumer Defensive

1.1%
1.2%

Real Estate

0.1%
0.1%

Utilities

0.0%
0.0%

Technology

VPMCX
28.9%
VPMAX
29.2%

Healthcare

VPMCX
25.1%
VPMAX
25.4%

Industrials

VPMCX
13.2%
VPMAX
13.3%

Consumer Cyclical

VPMCX
11.8%
VPMAX
11.9%

Communication Services

VPMCX
7.7%
VPMAX
7.8%

Financial Services

VPMCX
7.6%
VPMAX
7.7%

Energy

VPMCX
1.8%
VPMAX
1.8%

Basic Materials

VPMCX
1.6%
VPMAX
1.6%

Consumer Defensive

VPMCX
1.1%
VPMAX
1.2%

Real Estate

VPMCX
0.1%
VPMAX
0.1%

Utilities

VPMCX
0.0%
VPMAX
0.0%

Compare stocks, funds, or ETFs

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Vanguard PRIMECAP Fund Investor Shares

Vanguard PRIMECAP Fund Admiral Shares

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

Return for Risk

VPMCX vs. VPMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
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
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. VPMAX - Risk-Adjusted Trends Comparison

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

VPMCXVPMAXDifference
Sharpe ratioReturn per unit of total volatility
3.75
3.76

-0.01

Sortino ratioReturn per unit of downside risk
5.04
5.05

-0.01

Omega ratioGain probability vs. loss probability

1.65

1.66

0.00

Calmar ratioReturn relative to maximum drawdown

5.12

5.14

-0.02

Martin ratioReturn relative to average drawdown

23.59

23.68

-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.

VPMCX vs. VPMAX - Sharpe Ratio Comparison

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

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Sharpe Ratios by Period

VPMCXVPMAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.75

3.76

-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

0.81

0.65

+0.16

Drawdowns

VPMCX vs. VPMAX - Drawdown Comparison

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

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Drawdown Indicators

VPMCXVPMAXDifference

Max Drawdown

Largest peak-to-trough decline

-50.45%

-48.32%

-2.13%

Max Drawdown (1Y)

Largest decline over 1 year

-11.73%

-11.72%

-0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-20.56%

-20.55%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-25.25%

-25.21%

-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

-7.41%

-6.58%

-0.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

2.54%

0.00%

Volatility

VPMCX vs. VPMAX - Volatility Comparison

Vanguard PRIMECAP Fund Investor Shares (VPMCX) and Vanguard PRIMECAP Fund Admiral Shares (VPMAX) 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.

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Volatility by Period

VPMCXVPMAXDifference

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%

VPMCX vs. VPMAX - Expense Ratio Comparison

VPMCX has a 0.38% expense ratio, which is higher than VPMAX's 0.31% expense ratio.

Dividends

VPMCX vs. VPMAX - Dividend Comparison

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

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

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.

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