GHAAX vs. VENAX

Last updated Jun 26, 2026

GHAAX (VanEck Global Resources Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, GHAAX returned 6.18%/yr vs 8.63%/yr for VENAX. Their correlation of 0.86 suggests significant overlap in exposure. GHAAX charges 1.38%/yr vs 0.10%/yr for VENAX.

Performance

GHAAX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Global Resources Fund (GHAAX) and Vanguard Energy Index Fund Admiral Shares (VENAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHAAX achieves a 6.68% return, which is significantly lower than VENAX's 21.27% return. Over the past 10 years, GHAAX has underperformed VENAX with an annualized return of 6.18%, while VENAX has yielded a comparatively higher 8.63% annualized return.

GHAAX

• 1D: -2.00%
• 1M: -8.08%
• YTD: 6.68%
• 6M: 5.40%
• 1Y: 29.72%
• 3Y*: 13.89%
• 5Y*: 7.64%
• 10Y*: 6.18%

VENAX

• 1D: -1.80%
• 1M: -7.23%
• YTD: 21.27%
• 6M: 22.22%
• 1Y: 30.91%
• 3Y*: 15.43%
• 5Y*: 18.10%
• 10Y*: 8.63%

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

GHAAX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHAAX VanEck Global Resources Fund	6.68%	36.12%	-3.15%	-3.93%	7.79%	18.63%	18.68%	11.65%	-29.35%	-1.49%
VENAX Vanguard Energy Index Fund Admiral Shares	21.27%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between GHAAX and VENAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	0.86

Over the past year, the correlation between GHAAX and VENAX has dropped to 0.40 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

GHAAX vs. VENAX — Risk / Return Rank

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

GHAAX

GHAAX Risk / Return Rank: 38
GHAAX Sharpe Ratio Rank: 34
GHAAX Sortino Ratio Rank: 28
GHAAX Omega Ratio Rank: 35
GHAAX Calmar Ratio Rank: 50
GHAAX Martin Ratio Rank: 45

VENAX

VENAX Risk / Return Rank: 34
VENAX Sharpe Ratio Rank: 36
VENAX Sortino Ratio Rank: 32
VENAX Omega Ratio Rank: 30
VENAX Calmar Ratio Rank: 40
VENAX Martin Ratio Rank: 33

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.

GHAAX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Global Resources Fund (GHAAX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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.

	GHAAX	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.46	-0.08
Sortino ratio: Return per unit of downside risk	1.80	1.98	-0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.32	2.13	+0.20
Martin ratio: Return relative to average drawdown	8.18	6.42	+1.76

GHAAX vs. VENAX - Sharpe Ratio Comparison

The current GHAAX Sharpe Ratio is 1.38, which is comparable to the VENAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GHAAX and VENAX, 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

GHAAX vs. VENAX - Drawdown Comparison

The maximum GHAAX drawdown since its inception was -74.68%, roughly equal to the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for GHAAX and VENAX.

Drawdown Indicators

	GHAAX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.68%	-74.42%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-14.22%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	-21.44%	+2.79%
Max Drawdown (5Y) Largest decline over 5 years	-27.74%	-26.59%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	-62.93%	-69.58%	+6.65%
Current Drawdown Current decline from peak	-12.49%	-14.20%	+1.71%
Average Drawdown Average peak-to-trough decline	-24.65%	-19.95%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	4.70%	-1.16%

Volatility

GHAAX vs. VENAX - Volatility Comparison

VanEck Global Resources Fund (GHAAX) and Vanguard Energy Index Fund Admiral Shares (VENAX) have volatilities of 7.04% and 7.17%, 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

	GHAAX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.04%	7.17%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	17.66%	16.70%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.98%	20.73%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	26.41%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	30.24%	-4.85%

GHAAX vs. VENAX - Expense Ratio Comparison

GHAAX has a 1.38% expense ratio, which is higher than VENAX's 0.10% expense ratio.

Dividends

GHAAX vs. VENAX - Dividend Comparison

GHAAX's dividend yield for the trailing twelve months is around 1.46%, less than VENAX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHAAX VanEck Global Resources Fund	1.46%	1.56%	2.95%	2.33%	2.53%	1.35%	0.53%	0.89%	0.00%	0.00%	0.03%	0.51%
VENAX Vanguard Energy Index Fund Admiral Shares	3.29%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both GHAAX and VENAX in my portfolio?

GHAAX and VENAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GHAAX or VENAX?

VENAX has higher volatility (7.17%) compared to GHAAX (7.04%). In terms of maximum drawdown, GHAAX dropped -74.68% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

VENAX currently has the higher Sharpe Ratio (1.46 vs 1.38), 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.