Fund Evaluator:
Vanguard Commodity Strategy Admiral (VCMDX)
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Best Performing in Commodities Broad Basket Over the Last Year
| 33.5% | Invesco Balanced-Risk Commodity Strat Y (BRCYX) |
| 30.6% | ALPS/CorCmdty Mgmt CmpltCmdty Strat I (JCRIX) |
| 30.1% | ALPS/CorCmdty Mgmt CmpltCmdty Strat Inv (JCRAX) |
| 29.5% | PGIM Quant Solutions Commodity Strats Z (PQCZX) |
| 25.9% | AQR Risk-Balanced Commodities Strategy N (ARCNX) |
Fund Details
Vanguard Commodity Strategy Admiral Overview
Vanguard Commodity Strategy Admiral (VCMDX) is an actively managed Commodities Commodities Broad Basket fund. Vanguard launched the fund in 2019.
The investment seeks to provide broad commodities exposure and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investments consistent with the fund’s commodity strategy.
About Vanguard Commodity Strategy Admiral (VCMDX)
There are 2 members of the management team with an average tenure of 7.02 years: Joshua Barrickman (2019), Fei Xu (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: DJ US Total Stock Market TR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. Vanguard Commodity Strategy Admiral has 29 securities in its portfolio. The top 10 holdings constitute 37.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard Commodity Strategy Admiral is part of the Real Assets global asset class and is within the Commodities fund group. Vanguard Commodity Strategy Admiral has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 71.8% (71.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Commodity Strategy Admiral has 28.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $476 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VCMDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Commodity Strategy Admiral expense ratio is low compared to funds in the Commodities Broad Basket category. Vanguard Commodity Strategy Admiral has an expense ratio of 0.16%, which is 85% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Commodity Strategy Admiral has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Commodities Broad Basket category.
Recently, in the month of June 2026, Vanguard Commodity Strategy Admiral returned -8.4%, which earned it a grade of C, as the Commodities Broad Basket category had an average return of -8.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard Commodity Strategy Admiral has a trailing yield of 13.70%, which is above the 9.25% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Commodity Strategy Admiral Grades
Year to date, the fund has returned 11.0%, 3.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 21.7% over the past year (grade of D), 11.6% over the past three years (grade of D) and 9.6% per year over the past five years (grade of B).
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VCMDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VCMDX Return (NAV) | -8.4% | -5.7% | 21.7% | 11.6% | 9.6% | na |
| VCMDX Grade | C | B | D | D | B | na |
| +/- Category | -0.3% | 0.3% | -4.3% | -0.4% | 0.1% | na |
| Commodities Broad Basket Avg | -8.1% | -6.0% | 26.0% | 12.0% | 9.6% | 6.5% |
| VCMDX Tax Cost Ratio | na | na | 5.4% | 2.5% | 4.5% | na |
VCMDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VCMDX Return (NAV) | 11.0% | 18.0% | 5.3% | -7.5% | 14.0% | 35.2% | 5.1% | na | na | na | na |
| VCMDX Grade | D | C | B | D | C | A | A | na | na | na | na |
| +/- Category | -3.4% | 2.1% | 0.3% | -1.4% | -0.5% | 4.7% | 7.8% | na | na | na | na |
| Commodities Broad Basket Avg | 14.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 11.5% |
| Total Risk Index: | 0.95 - Average |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | 0.83 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 13.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $2598 Mil |
| Fund Total Assets: | $2,599 Mil |
| Share Class Type: | ADM |
| Portfolio Turnover: | 25% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 7.0 years | |||
| Managers (Year): Barrickman Joshua (2019), Xu Fei (2019) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 37.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 71.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 28.2% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-523-1188 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | June 25, 2019 |
| Min. Initial Purchase: | $50,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.16% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | Vanguard Commodity Strategy Admiral |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
