HLIEX vs. VUG

Last updated Jun 5, 2026

HLIEX (JPMorgan Equity Income Fund) and VUG (Vanguard Growth ETF) are both funds - HLIEX is a Large Cap Value Equities fund managed by JPMorgan, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Over the past 10 years, HLIEX returned 12.04%/yr vs 18.25%/yr for VUG. A 0.78 correlation means they provide meaningful diversification when combined. HLIEX charges 0.70%/yr vs 0.03%/yr for VUG.

Performance

HLIEX vs. VUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Income Fund (HLIEX) and Vanguard Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HLIEX having a 10.02% return and VUG slightly lower at 9.78%. Over the past 10 years, HLIEX has underperformed VUG with an annualized return of 12.04%, while VUG has yielded a comparatively higher 18.25% annualized return.

HLIEX

• 1D: -0.26%
• 1M: 2.38%
• YTD: 10.02%
• 6M: 10.61%
• 1Y: 22.94%
• 3Y*: 17.86%
• 5Y*: 10.52%
• 10Y*: 12.04%

VUG

• 1D: 0.26%
• 1M: 5.75%
• YTD: 9.78%
• 6M: 8.99%
• 1Y: 27.72%
• 3Y*: 26.10%
• 5Y*: 15.17%
• 10Y*: 18.25%

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

HLIEX vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLIEX JPMorgan Equity Income Fund	10.02%	14.67%	19.67%	4.79%	-1.88%	25.10%	3.61%	26.30%	-4.45%	17.55%
VUG Vanguard Growth ETF	9.78%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between HLIEX and VUG is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.78

Over the past year, the correlation between HLIEX and VUG has dropped to 0.42 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

HLIEX vs. VUG — Risk / Return Rank

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

HLIEX

HLIEX Risk / Return Rank: 58
HLIEX Sharpe Ratio Rank: 55
HLIEX Sortino Ratio Rank: 55
HLIEX Omega Ratio Rank: 52
HLIEX Calmar Ratio Rank: 68
HLIEX Martin Ratio Rank: 62

VUG

VUG Risk / Return Rank: 45
VUG Sharpe Ratio Rank: 52
VUG Sortino Ratio Rank: 50
VUG Omega Ratio Rank: 50
VUG Calmar Ratio Rank: 35
VUG Martin Ratio Rank: 39

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.

HLIEX vs. VUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Income Fund (HLIEX) and Vanguard Growth ETF (VUG). 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.

	HLIEX	VUG	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.76	+0.43
Sortino ratio: Return per unit of downside risk	3.12	2.39	+0.73
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	3.19	1.68	+1.51
Martin ratio: Return relative to average drawdown	12.18	5.90	+6.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLIEX vs. VUG - Sharpe Ratio Comparison

The current HLIEX Sharpe Ratio is 2.19, which is comparable to the VUG Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of HLIEX and VUG, 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

	HLIEX	VUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.76	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.69	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.85	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.62	-0.05

Drawdowns

HLIEX vs. VUG - Drawdown Comparison

The maximum HLIEX drawdown since its inception was -50.33%, roughly equal to the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for HLIEX and VUG.

Drawdown Indicators

	HLIEX	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-50.33%	-50.68%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-16.53%	+9.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.19%	-22.85%	+8.66%
Max Drawdown (5Y) Largest decline over 5 years	-14.85%	-35.61%	+20.76%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-35.61%	-1.28%
Current Drawdown Current decline from peak	-0.26%	-1.25%	+0.99%
Average Drawdown Average peak-to-trough decline	-6.37%	-7.09%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	4.71%	-2.86%

Volatility

HLIEX vs. VUG - Volatility Comparison

The current volatility for JPMorgan Equity Income Fund (HLIEX) is 2.45%, while Vanguard Growth ETF (VUG) has a volatility of 3.81%. This indicates that HLIEX experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLIEX	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	3.81%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	12.11%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	15.83%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	22.21%	-7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	21.44%	-4.65%

HLIEX vs. VUG - Expense Ratio Comparison

HLIEX has a 0.70% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

HLIEX vs. VUG - Dividend Comparison

HLIEX's dividend yield for the trailing twelve months is around 9.83%, more than VUG's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLIEX JPMorgan Equity Income Fund	9.83%	10.81%	14.41%	2.77%	3.67%	3.33%	1.82%	2.78%	5.12%	2.47%	2.45%	2.73%
VUG Vanguard Growth ETF	0.37%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both HLIEX and VUG in my portfolio?

HLIEX and VUG have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLIEX or VUG?

VUG has higher volatility (3.81%) compared to HLIEX (2.45%). In terms of maximum drawdown, HLIEX dropped -50.33% vs VUG's -50.68%.

Which has better risk-adjusted returns?

HLIEX currently has the higher Sharpe Ratio (2.19 vs 1.76), 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.