GABEX vs. VIIIX

Last updated Jun 25, 2026

GABEX (Gabelli Equity Income Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - GABEX is a Large Cap Blend Equities fund managed by Gabelli, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GABEX returned 12.23%/yr vs 15.70%/yr for VIIIX. Their correlation of 0.89 suggests significant overlap in exposure. GABEX charges 1.42%/yr vs 0.02%/yr for VIIIX.

Performance

GABEX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Equity Income Fund (GABEX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GABEX having a 8.17% return and VIIIX slightly higher at 8.21%. Over the past 10 years, GABEX has underperformed VIIIX with an annualized return of 12.23%, while VIIIX has yielded a comparatively higher 15.70% annualized return.

GABEX

• 1D: -0.38%
• 1M: 1.75%
• YTD: 8.17%
• 6M: 6.75%
• 1Y: 6.18%
• 3Y*: 8.60%
• 5Y*: 5.45%
• 10Y*: 12.23%

VIIIX

• 1D: -1.44%
• 1M: -1.34%
• YTD: 8.21%
• 6M: 6.88%
• 1Y: 22.35%
• 3Y*: 21.22%
• 5Y*: 13.28%
• 10Y*: 15.70%

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

GABEX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GABEX Gabelli Equity Income Fund	8.17%	4.33%	6.62%	8.25%	-5.22%	23.28%	7.54%	75.11%	-11.37%	15.16%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	8.21%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between GABEX and VIIIX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 7, 1997	0.89

Over the past year, the correlation between GABEX and VIIIX has dropped to 0.66 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

GABEX vs. VIIIX — Risk / Return Rank

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

GABEX

GABEX Risk / Return Rank: 6
GABEX Sharpe Ratio Rank: 7
GABEX Sortino Ratio Rank: 6
GABEX Omega Ratio Rank: 8
GABEX Calmar Ratio Rank: 7
GABEX Martin Ratio Rank: 6

VIIIX

VIIIX Risk / Return Rank: 52
VIIIX Sharpe Ratio Rank: 49
VIIIX Sortino Ratio Rank: 44
VIIIX Omega Ratio Rank: 47
VIIIX Calmar Ratio Rank: 53
VIIIX Martin Ratio Rank: 66

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.

GABEX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Equity Income Fund (GABEX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	GABEX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.90	-1.43
Sortino ratio: Return per unit of downside risk	0.66	2.59	-1.92
Omega ratio: Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio: Return relative to maximum drawdown	0.54	2.68	-2.13
Martin ratio: Return relative to average drawdown	1.16	12.03	-10.86

GABEX vs. VIIIX - Sharpe Ratio Comparison

The current GABEX Sharpe Ratio is 0.47, which is lower than the VIIIX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GABEX and VIIIX, 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

GABEX vs. VIIIX - Drawdown Comparison

The maximum GABEX drawdown since its inception was -52.25%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for GABEX and VIIIX.

Drawdown Indicators

	GABEX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.25%	-55.18%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-8.90%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-18.75%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.59%	-24.50%	+6.91%
Max Drawdown (10Y) Largest decline over 10 years	-37.27%	-33.79%	-3.48%
Current Drawdown Current decline from peak	-2.12%	-3.13%	+1.01%
Average Drawdown Average peak-to-trough decline	-5.15%	-10.00%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	1.98%	+4.12%

Volatility

GABEX vs. VIIIX - Volatility Comparison

The current volatility for Gabelli Equity Income Fund (GABEX) is 3.27%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 4.90%. This indicates that GABEX experiences smaller price fluctuations and is considered to be less risky than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GABEX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	4.90%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.93%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	12.57%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	17.00%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	18.08%	+3.22%

GABEX vs. VIIIX - Expense Ratio Comparison

GABEX has a 1.42% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

GABEX vs. VIIIX - Dividend Comparison

GABEX's dividend yield for the trailing twelve months is around 21.15%, more than VIIIX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABEX Gabelli Equity Income Fund	21.15%	20.83%	33.06%	23.48%	20.49%	19.96%	32.82%	65.43%	31.87%	17.83%	16.63%	7.78%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.49%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both GABEX and VIIIX in my portfolio?

GABEX and VIIIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GABEX or VIIIX?

VIIIX has higher volatility (4.90%) compared to GABEX (3.27%). In terms of maximum drawdown, GABEX dropped -52.25% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (1.90 vs 0.47), 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.