VZICX vs. VHCAX

Last updated Jun 25, 2026

VZICX (Vanguard International Core Stock Fund Admiral Shares) and VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) are both mutual funds - VZICX is a Foreign Large Cap Equities fund managed by Vanguard, while VHCAX is a Large Cap Growth Equities fund managed by Vanguard. Over the past 5 years, VZICX returned 11.61%/yr vs 13.68%/yr for VHCAX. A 0.79 correlation means they provide meaningful diversification when combined. VZICX charges 0.35%/yr vs 0.36%/yr for VHCAX.

Performance

VZICX vs. VHCAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VZICX achieves a 12.46% return, which is significantly lower than VHCAX's 24.44% return.

VZICX

• 1D: -3.18%
• 1M: 0.66%
• YTD: 12.46%
• 6M: 12.36%
• 1Y: 30.64%
• 3Y*: 22.47%
• 5Y*: 11.61%
• 10Y*: —

VHCAX

• 1D: -3.00%
• 1M: 5.11%
• YTD: 24.44%
• 6M: 22.59%
• 1Y: 50.04%
• 3Y*: 25.91%
• 5Y*: 13.68%
• 10Y*: 17.80%

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

VZICX vs. VHCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VZICX Vanguard International Core Stock Fund Admiral Shares	12.46%	38.55%	8.74%	14.35%	-10.62%	11.85%	9.23%	7.37%
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	24.44%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	11.05%

Correlation

The correlation between VZICX and VHCAX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019	0.79

The correlation between VZICX and VHCAX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

VZICX vs. VHCAX — Risk / Return Rank

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

VZICX

VZICX Risk / Return Rank: 61
VZICX Sharpe Ratio Rank: 59
VZICX Sortino Ratio Rank: 52
VZICX Omega Ratio Rank: 60
VZICX Calmar Ratio Rank: 69
VZICX Martin Ratio Rank: 65

VHCAX

VHCAX Risk / Return Rank: 88
VHCAX Sharpe Ratio Rank: 91
VHCAX Sortino Ratio Rank: 85
VHCAX Omega Ratio Rank: 83
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.

VZICX vs. VHCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Core Stock Fund Admiral Shares (VZICX) 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.

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.

	VZICX	VHCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.81	-0.75
Sortino ratio: Return per unit of downside risk	2.77	3.70	-0.93
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	3.05	4.24	-1.19
Martin ratio: Return relative to average drawdown	11.79	18.67	-6.88

VZICX vs. VHCAX - Sharpe Ratio Comparison

The current VZICX Sharpe Ratio is 2.07, which is comparable to the VHCAX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of VZICX 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.

Drawdowns

VZICX vs. VHCAX - Drawdown Comparison

The maximum VZICX drawdown since its inception was -34.37%, smaller than the maximum VHCAX drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for VZICX and VHCAX.

Drawdown Indicators

	VZICX	VHCAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-54.27%	+19.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.81%	-12.42%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-23.92%	+10.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-27.55%	+2.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-3.18%	-3.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-5.67%	-8.39%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.82%	-0.03%

Volatility

VZICX vs. VHCAX - Volatility Comparison

The current volatility for Vanguard International Core Stock Fund Admiral Shares (VZICX) is 7.24%, while Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a volatility of 9.08%. This indicates that VZICX 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

	VZICX	VHCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	9.08%	-1.84%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	15.81%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	18.73%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	20.14%	-4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	20.42%	-2.39%

VZICX vs. VHCAX - Expense Ratio Comparison

VZICX has a 0.35% expense ratio, which is lower than VHCAX's 0.36% expense ratio.

Dividends

VZICX vs. VHCAX - Dividend Comparison

VZICX's dividend yield for the trailing twelve months is around 3.92%, less than VHCAX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.81%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%
VZICX Vanguard International Core Stock Fund Admiral Shares	3.92%	4.41%	2.65%	2.20%	2.10%	4.37%	1.89%	0.11%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VZICX and VHCAX in my portfolio?

VZICX and VHCAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VZICX or VHCAX?

VHCAX has higher volatility (9.08%) compared to VZICX (7.24%). In terms of maximum drawdown, VZICX dropped -34.37% vs VHCAX's -54.27%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (2.81 vs 2.07), 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.