VSPMX vs. VMCPX
VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and VMCPX (Vanguard Mid-Cap Index Fund Institutional Plus Shares) are both Mid Cap Blend Equities funds from Vanguard. Over the past 10 years, VSPMX returned 11.22%/yr vs 11.60%/yr for VMCPX. With a 0.95 correlation, they move nearly in lockstep. VSPMX charges 0.08%/yr vs 0.03%/yr for VMCPX.
Performance
VSPMX vs. VMCPX - Performance Comparison
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Returns By Period
In the year-to-date period, VSPMX achieves a 14.18% return, which is significantly higher than VMCPX's 10.55% return. Both investments have delivered pretty close results over the past 10 years, with VSPMX having a 11.22% annualized return and VMCPX not far ahead at 11.60%.
VSPMX
- 1D
- 0.87%
- 1M
- 3.95%
- YTD
- 14.18%
- 6M
- 14.43%
- 1Y
- 25.60%
- 3Y*
- 16.00%
- 5Y*
- 8.22%
- 10Y*
- 11.22%
VMCPX
- 1D
- 0.90%
- 1M
- 3.68%
- YTD
- 10.55%
- 6M
- 10.22%
- 1Y
- 18.76%
- 3Y*
- 16.85%
- 5Y*
- 8.12%
- 10Y*
- 11.60%
VSPMX vs. VMCPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 14.18% | 7.11% | 12.83% | 17.42% | -13.12% | 24.66% | 13.53% | 26.12% | -11.14% | 16.18% |
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares | 10.55% | 11.70% | 14.68% | 16.55% | -18.68% | 24.54% | 18.20% | 31.06% | -9.23% | 19.28% |
Correlation
The correlation between VSPMX and VMCPX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.95 |
The correlation between VSPMX and VMCPX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
VSPMX vs. VMCPX — Risk / Return Rank
VSPMX
VMCPX
VSPMX vs. VMCPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX). 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.
| VSPMX | VMCPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.28 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 2.45 | +0.65 |
| Martin ratioReturn relative to average drawdown | 11.30 | 9.30 | +2.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSPMX | VMCPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.77 | 1.62 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.46 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.62 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.63 | 0.00 |
Drawdowns
VSPMX vs. VMCPX - Drawdown Comparison
The maximum VSPMX drawdown since its inception was -42.04%, which is greater than VMCPX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for VSPMX and VMCPX.
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Drawdown Indicators
| VSPMX | VMCPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.04% | -39.30% | -2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -8.13% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -24.27% | -18.93% | -5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -27.54% | +3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -42.04% | -39.30% | -2.74% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -5.22% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.13% | +0.28% |
Volatility
VSPMX vs. VMCPX - Volatility Comparison
Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) has a higher volatility of 4.44% compared to Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) at 2.97%. This indicates that VSPMX's price experiences larger fluctuations and is considered to be riskier than VMCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSPMX | VMCPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 2.97% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 11.30% | 9.29% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 12.30% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 17.63% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 18.92% | +2.10% |
VSPMX vs. VMCPX - Expense Ratio Comparison
VSPMX has a 0.08% expense ratio, which is higher than VMCPX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VSPMX vs. VMCPX - Dividend Comparison
VSPMX's dividend yield for the trailing twelve months is around 1.22%, less than VMCPX's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares | 1.36% | 1.53% | 1.50% | 1.52% | 1.61% | 1.13% | 1.45% | 1.49% | 1.84% | 1.37% | 1.47% | 1.50% |
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 1.22% | 1.07% | 1.32% | 1.26% | 1.59% | 1.15% | 1.24% | 1.49% | 1.64% | 1.27% | 1.54% | 1.52% |
Frequently Asked Questions
With a correlation of 0.92, VSPMX and VMCPX 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.
VSPMX has higher volatility (4.44%) compared to VMCPX (2.97%). In terms of maximum drawdown, VSPMX dropped -42.04% vs VMCPX's -39.30%.
VSPMX currently has the higher Sharpe Ratio (1.77 vs 1.62), 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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