VSPMX vs. VMCPX

Last updated Jun 24, 2026

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 11.70%/yr vs 12.03%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSPMX achieves a 15.86% return, which is significantly higher than VMCPX's 11.33% return. Both investments have delivered pretty close results over the past 10 years, with VSPMX having a 11.70% annualized return and VMCPX not far ahead at 12.03%.

VSPMX

• 1D: 0.40%
• 1M: 3.75%
• YTD: 15.86%
• 6M: 13.78%
• 1Y: 26.50%
• 3Y*: 16.38%
• 5Y*: 8.82%
• 10Y*: 11.70%

VMCPX

• 1D: 0.41%
• 1M: 3.04%
• YTD: 11.33%
• 6M: 10.02%
• 1Y: 18.76%
• 3Y*: 16.61%
• 5Y*: 8.07%
• 10Y*: 12.03%

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

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	15.86%	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	11.33%	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 3, 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.

Return for Risk

VSPMX vs. VMCPX — Risk / Return Rank

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

VSPMX

VSPMX Risk / Return Rank: 51
VSPMX Sharpe Ratio Rank: 42
VSPMX Sortino Ratio Rank: 43
VSPMX Omega Ratio Rank: 39
VSPMX Calmar Ratio Rank: 73
VSPMX Martin Ratio Rank: 61

VMCPX

VMCPX Risk / Return Rank: 38
VMCPX Sharpe Ratio Rank: 34
VMCPX Sortino Ratio Rank: 32
VMCPX Omega Ratio Rank: 30
VMCPX Calmar Ratio Rank: 45
VMCPX Martin Ratio Rank: 47

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.

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.

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.

	VSPMX	VMCPX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.56	+0.20
Sortino ratio: Return per unit of downside risk	2.54	2.21	+0.34
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.14	2.45	+0.69
Martin ratio: Return relative to average drawdown	11.45	9.20	+2.25

VSPMX vs. VMCPX - Sharpe Ratio Comparison

The current VSPMX Sharpe Ratio is 1.76, which is comparable to the VMCPX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VSPMX and VMCPX, 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

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.

Drawdown Indicators

	VSPMX	VMCPX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.02%	-0.43%	+0.41%
Average Drawdown Average peak-to-trough decline	-5.08%	-5.20%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.16%	+0.25%

Volatility

VSPMX vs. VMCPX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Vanguard Mid-Cap Index Fund Institutional Plus Shares (VMCPX) have volatilities of 4.55% and 4.36%, 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.

Volatility by Period

	VSPMX	VMCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	4.36%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	9.85%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.78%	12.80%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	17.69%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	18.95%	+2.09%

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 1.21%, less than VMCPX's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMCPX Vanguard Mid-Cap Index Fund Institutional Plus Shares	1.35%	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	1.21%	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

Can I hold both VSPMX and VMCPX in my portfolio?

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.

Which is riskier, VSPMX or VMCPX?

VSPMX has higher volatility (4.55%) compared to VMCPX (4.36%). In terms of maximum drawdown, VSPMX dropped -42.04% vs VMCPX's -39.30%.

Which has better risk-adjusted returns?

VSPMX currently has the higher Sharpe Ratio (1.76 vs 1.56), 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.