GLEIX vs. VENAX

Last updated Jun 24, 2026

GLEIX (Goldman Sachs Energy Infrastructure Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 5 years, GLEIX returned 22.95%/yr vs 18.73%/yr for VENAX. Their correlation of 0.82 suggests significant overlap in exposure. GLEIX charges 1.23%/yr vs 0.10%/yr for VENAX.

Performance

GLEIX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Energy Infrastructure Fund (GLEIX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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 GLEIX having a 22.15% return and VENAX slightly higher at 22.81%.

GLEIX

• 1D: 1.08%
• 1M: -5.53%
• YTD: 22.15%
• 6M: 22.06%
• 1Y: 25.94%
• 3Y*: 32.87%
• 5Y*: 22.95%
• 10Y*: —

VENAX

• 1D: 1.29%
• 1M: -8.51%
• YTD: 22.81%
• 6M: 23.30%
• 1Y: 30.20%
• 3Y*: 15.91%
• 5Y*: 18.73%
• 10Y*: 8.77%

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

GLEIX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLEIX Goldman Sachs Energy Infrastructure Fund	22.15%	5.30%	58.18%	15.08%	18.96%	38.31%	-17.46%	16.95%	-15.17%	6.98%
VENAX Vanguard Energy Index Fund Admiral Shares	22.81%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	7.91%

Correlation

The correlation between GLEIX and VENAX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 23, 2017	0.82

The correlation between GLEIX and VENAX shifts across timeframes, from 0.69 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLEIX vs. VENAX — Risk / Return Rank

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

GLEIX

GLEIX Risk / Return Rank: 46
GLEIX Sharpe Ratio Rank: 40
GLEIX Sortino Ratio Rank: 37
GLEIX Omega Ratio Rank: 35
GLEIX Calmar Ratio Rank: 80
GLEIX Martin Ratio Rank: 40

VENAX

VENAX Risk / Return Rank: 24
VENAX Sharpe Ratio Rank: 24
VENAX Sortino Ratio Rank: 21
VENAX Omega Ratio Rank: 20
VENAX Calmar Ratio Rank: 29
VENAX Martin Ratio Rank: 27

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.

GLEIX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Energy Infrastructure Fund (GLEIX) 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.

	GLEIX	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.29	+0.41
Sortino ratio: Return per unit of downside risk	2.35	1.78	+0.57
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	3.43	1.89	+1.53
Martin ratio: Return relative to average drawdown	8.09	5.92	+2.17

GLEIX vs. VENAX - Sharpe Ratio Comparison

The current GLEIX Sharpe Ratio is 1.70, which is higher than the VENAX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of GLEIX 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

GLEIX vs. VENAX - Drawdown Comparison

The maximum GLEIX drawdown since its inception was -59.27%, smaller than the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for GLEIX and VENAX.

Drawdown Indicators

	GLEIX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-74.42%	+15.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-14.22%	+6.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-21.44%	+4.37%
Max Drawdown (5Y) Largest decline over 5 years	-21.89%	-26.59%	+4.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.58%	—
Current Drawdown Current decline from peak	-5.81%	-13.11%	+7.30%
Average Drawdown Average peak-to-trough decline	-8.52%	-19.96%	+11.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	4.58%	-1.50%

Volatility

GLEIX vs. VENAX - Volatility Comparison

The current volatility for Goldman Sachs Energy Infrastructure Fund (GLEIX) is 5.30%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 7.05%. This indicates that GLEIX experiences smaller price fluctuations and is considered to be less risky than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLEIX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	7.05%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	16.66%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.73%	20.86%	-6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	26.40%	-5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.42%	30.26%	-4.84%

GLEIX vs. VENAX - Expense Ratio Comparison

GLEIX has a 1.23% expense ratio, which is higher than VENAX's 0.10% expense ratio.

Dividends

GLEIX vs. VENAX - Dividend Comparison

GLEIX's dividend yield for the trailing twelve months is around 8.18%, more than VENAX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLEIX Goldman Sachs Energy Infrastructure Fund	8.18%	10.00%	25.43%	10.22%	4.70%	8.41%	4.17%	4.83%	3.54%	0.68%	0.00%	0.00%
VENAX Vanguard Energy Index Fund Admiral Shares	2.56%	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 GLEIX and VENAX in my portfolio?

GLEIX and VENAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLEIX or VENAX?

VENAX has higher volatility (7.05%) compared to GLEIX (5.30%). In terms of maximum drawdown, GLEIX dropped -59.27% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

GLEIX currently has the higher Sharpe Ratio (1.70 vs 1.29), 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.