GPAFX vs. VEIPX

Last updated Jun 4, 2026

GPAFX (Victory RS Large Cap Alpha Fund) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both Large Cap Value Equities funds. Over the past 10 years, GPAFX returned 11.32%/yr vs 11.85%/yr for VEIPX. Their correlation of 0.85 suggests significant overlap in exposure. GPAFX charges 0.89%/yr vs 0.28%/yr for VEIPX.

Performance

GPAFX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory RS Large Cap Alpha Fund (GPAFX) and Vanguard Equity Income Fund Investor Shares (VEIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPAFX achieves a 4.45% return, which is significantly lower than VEIPX's 9.70% return. Both investments have delivered pretty close results over the past 10 years, with GPAFX having a 11.32% annualized return and VEIPX not far ahead at 11.85%.

GPAFX

• 1D: 0.05%
• 1M: -0.40%
• YTD: 4.45%
• 6M: 5.86%
• 1Y: 18.57%
• 3Y*: 17.73%
• 5Y*: 10.19%
• 10Y*: 11.32%

VEIPX

• 1D: 0.79%
• 1M: 2.94%
• YTD: 9.70%
• 6M: 9.81%
• 1Y: 23.43%
• 3Y*: 17.52%
• 5Y*: 11.01%
• 10Y*: 11.85%

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

GPAFX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPAFX Victory RS Large Cap Alpha Fund	4.45%	15.80%	20.95%	13.27%	-4.64%	23.04%	-1.05%	30.73%	-9.55%	18.32%
VEIPX Vanguard Equity Income Fund Investor Shares	9.70%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between GPAFX and VEIPX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 1990	0.85

The correlation between GPAFX and VEIPX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

GPAFX vs. VEIPX — Risk / Return Rank

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

GPAFX

GPAFX Risk / Return Rank: 40
GPAFX Sharpe Ratio Rank: 40
GPAFX Sortino Ratio Rank: 40
GPAFX Omega Ratio Rank: 36
GPAFX Calmar Ratio Rank: 42
GPAFX Martin Ratio Rank: 41

VEIPX

VEIPX Risk / Return Rank: 67
VEIPX Sharpe Ratio Rank: 66
VEIPX Sortino Ratio Rank: 65
VEIPX Omega Ratio Rank: 60
VEIPX Calmar Ratio Rank: 75
VEIPX 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.

GPAFX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory RS Large Cap Alpha Fund (GPAFX) and Vanguard Equity Income Fund Investor Shares (VEIPX). 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.

	GPAFX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.38	-0.55
Sortino ratio: Return per unit of downside risk	2.65	3.38	-0.73
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.45	3.42	-0.97
Martin ratio: Return relative to average drawdown	8.81	12.78	-3.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPAFX vs. VEIPX - Sharpe Ratio Comparison

The current GPAFX Sharpe Ratio is 1.83, which is comparable to the VEIPX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GPAFX and VEIPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GPAFX	VEIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.38	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.80	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.73	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.66	-0.20

Drawdowns

GPAFX vs. VEIPX - Drawdown Comparison

The maximum GPAFX drawdown since its inception was -62.16%, which is greater than VEIPX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for GPAFX and VEIPX.

Drawdown Indicators

	GPAFX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-62.16%	-54.12%	-8.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-7.15%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.86%	-13.39%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-20.30%	-15.16%	-5.14%
Max Drawdown (10Y) Largest decline over 10 years	-40.08%	-35.26%	-4.82%
Current Drawdown Current decline from peak	-2.65%	0.00%	-2.65%
Average Drawdown Average peak-to-trough decline	-16.38%	-5.50%	-10.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.91%	+0.26%

Volatility

GPAFX vs. VEIPX - Volatility Comparison

The current volatility for Victory RS Large Cap Alpha Fund (GPAFX) is 2.61%, while Vanguard Equity Income Fund Investor Shares (VEIPX) has a volatility of 2.83%. This indicates that GPAFX experiences smaller price fluctuations and is considered to be less risky than VEIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPAFX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.83%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	7.65%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	10.25%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	13.92%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	16.30%	+1.32%

GPAFX vs. VEIPX - Expense Ratio Comparison

GPAFX has a 0.89% expense ratio, which is higher than VEIPX's 0.28% expense ratio.

Dividends

GPAFX vs. VEIPX - Dividend Comparison

GPAFX's dividend yield for the trailing twelve months is around 10.72%, more than VEIPX's 10.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPAFX Victory RS Large Cap Alpha Fund	10.72%	11.19%	14.74%	1.12%	9.93%	12.50%	3.80%	3.84%	21.74%	8.36%	6.84%	13.78%
VEIPX Vanguard Equity Income Fund Investor Shares	10.03%	10.94%	9.74%	7.87%	8.69%	7.62%	2.77%	4.36%	10.87%	2.98%	3.78%	6.39%

Frequently Asked Questions

Can I hold both GPAFX and VEIPX in my portfolio?

GPAFX and VEIPX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPAFX or VEIPX?

VEIPX has higher volatility (2.83%) compared to GPAFX (2.61%). In terms of maximum drawdown, GPAFX dropped -62.16% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.38 vs 1.83), 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.