ICPAX vs. VENAX

Last updated Jun 4, 2026

ICPAX (Integrity Mid-North American Resources Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, ICPAX returned 7.52%/yr vs 9.50%/yr for VENAX. Their correlation of 0.86 suggests significant overlap in exposure. ICPAX charges 1.50%/yr vs 0.10%/yr for VENAX.

Performance

ICPAX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Integrity Mid-North American Resources Fund (ICPAX) 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 ICPAX having a 29.32% return and VENAX slightly higher at 30.74%. Over the past 10 years, ICPAX has underperformed VENAX with an annualized return of 7.52%, while VENAX has yielded a comparatively higher 9.50% annualized return.

ICPAX

• 1D: 1.83%
• 1M: -3.04%
• YTD: 29.32%
• 6M: 25.15%
• 1Y: 44.36%
• 3Y*: 24.96%
• 5Y*: 18.38%
• 10Y*: 7.52%

VENAX

• 1D: 1.15%
• 1M: -3.23%
• YTD: 30.74%
• 6M: 27.90%
• 1Y: 43.96%
• 3Y*: 17.52%
• 5Y*: 20.23%
• 10Y*: 9.50%

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

ICPAX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICPAX Integrity Mid-North American Resources Fund	29.32%	18.11%	17.52%	-1.37%	29.10%	32.79%	-24.34%	14.25%	-30.97%	-7.51%
VENAX Vanguard Energy Index Fund Admiral Shares	30.74%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between ICPAX and VENAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 30, 2004	0.86

The correlation between ICPAX and VENAX shifts across timeframes, from 0.77 (1 year) to 0.92 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

ICPAX vs. VENAX — Risk / Return Rank

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

ICPAX

ICPAX Risk / Return Rank: 83
ICPAX Sharpe Ratio Rank: 86
ICPAX Sortino Ratio Rank: 72
ICPAX Omega Ratio Rank: 68
ICPAX Calmar Ratio Rank: 97
ICPAX Martin Ratio Rank: 94

VENAX

VENAX Risk / Return Rank: 58
VENAX Sharpe Ratio Rank: 59
VENAX Sortino Ratio Rank: 48
VENAX Omega Ratio Rank: 45
VENAX Calmar Ratio Rank: 84
VENAX Martin Ratio Rank: 57

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.

ICPAX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Integrity Mid-North American Resources Fund (ICPAX) 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.

	ICPAX	VENAX	Difference
Sharpe ratio Return per unit of total volatility	2.79	2.26	+0.53
Sortino ratio Return per unit of downside risk	3.55	2.90	+0.66
Omega ratio Gain probability vs. loss probability	1.46	1.36	+0.10
Calmar ratio Return relative to maximum drawdown	7.02	3.91	+3.11
Martin ratio Return relative to average drawdown	21.75	11.54	+10.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICPAX vs. VENAX - Sharpe Ratio Comparison

The current ICPAX Sharpe Ratio is 2.79, which is comparable to the VENAX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of ICPAX 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.

Sharpe Ratios by Period

	ICPAX	VENAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.26	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.77	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.32	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.27	-0.05

Drawdowns

ICPAX vs. VENAX - Drawdown Comparison

The maximum ICPAX drawdown since its inception was -77.39%, roughly equal to the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for ICPAX and VENAX.

Drawdown Indicators

	ICPAX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.39%	-74.42%	-2.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-11.79%	+5.07%
Max Drawdown (3Y) Largest decline over 3 years	-22.60%	-21.44%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	-26.59%	+0.41%
Max Drawdown (10Y) Largest decline over 10 years	-71.43%	-69.58%	-1.85%
Current Drawdown Current decline from peak	-3.15%	-7.50%	+4.35%
Average Drawdown Average peak-to-trough decline	-30.64%	-19.98%	-10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	3.99%	-1.82%

Volatility

ICPAX vs. VENAX - Volatility Comparison

The current volatility for Integrity Mid-North American Resources Fund (ICPAX) is 5.99%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 7.91%. This indicates that ICPAX 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

	ICPAX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	7.91%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	16.29%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.94%	20.40%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.35%	26.43%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	30.24%	-1.45%

ICPAX vs. VENAX - Expense Ratio Comparison

ICPAX has a 1.50% expense ratio, which is higher than VENAX's 0.10% expense ratio.

Dividends

ICPAX vs. VENAX - Dividend Comparison

ICPAX's dividend yield for the trailing twelve months is around 0.38%, less than VENAX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICPAX Integrity Mid-North American Resources Fund	0.38%	0.60%	1.07%	1.50%	1.24%	1.26%	1.95%	1.56%	0.60%	0.08%	0.17%	0.72%
VENAX Vanguard Energy Index Fund Admiral Shares	2.40%	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 ICPAX and VENAX in my portfolio?

ICPAX and VENAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICPAX or VENAX?

VENAX has higher volatility (7.91%) compared to ICPAX (5.99%). In terms of maximum drawdown, ICPAX dropped -77.39% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

ICPAX currently has the higher Sharpe Ratio (2.79 vs 2.26), 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.