MDPL vs. VEGI

Last updated Jun 6, 2026

MDPL (Monarch Dividend Plus ETF) and VEGI (iShares MSCI Agriculture Producers ETF) are both Mid Cap Value Equities funds - MDPL tracks the Monarch Dividend Plus Index while VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past year, MDPL returned 4.86% vs 12.03% for VEGI. A 0.59 correlation means they provide meaningful diversification when combined. MDPL charges 1.24%/yr vs 0.39%/yr for VEGI.

Performance

MDPL vs. VEGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Dividend Plus ETF (MDPL) and iShares MSCI Agriculture Producers ETF (VEGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDPL achieves a -1.68% return, which is significantly lower than VEGI's 14.05% return.

MDPL

• 1D: -0.15%
• 1M: 0.11%
• YTD: -1.68%
• 6M: -0.85%
• 1Y: 4.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEGI

• 1D: -1.85%
• 1M: -4.68%
• YTD: 14.05%
• 6M: 13.63%
• 1Y: 12.03%
• 3Y*: 6.83%
• 5Y*: 3.09%
• 10Y*: 8.07%

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

MDPL vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDPL Monarch Dividend Plus ETF	-1.68%	7.57%	0.33%
VEGI iShares MSCI Agriculture Producers ETF	14.05%	11.34%	-1.52%

Correlation

The correlation between MDPL and VEGI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.59

Over the past year, the correlation between MDPL and VEGI has dropped to 0.38 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

MDPL vs. VEGI — Risk / Return Rank

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

MDPL

MDPL Risk / Return Rank: 14
MDPL Sharpe Ratio Rank: 14
MDPL Sortino Ratio Rank: 14
MDPL Omega Ratio Rank: 14
MDPL Calmar Ratio Rank: 15
MDPL Martin Ratio Rank: 14

VEGI

VEGI Risk / Return Rank: 26
VEGI Sharpe Ratio Rank: 24
VEGI Sortino Ratio Rank: 24
VEGI Omega Ratio Rank: 23
VEGI Calmar Ratio Rank: 34
VEGI Martin Ratio Rank: 24

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.

MDPL vs. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Dividend Plus ETF (MDPL) and iShares MSCI Agriculture Producers ETF (VEGI). 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.

	MDPL	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	0.32	0.81	-0.49
Sortino ratio: Return per unit of downside risk	0.59	1.28	-0.69
Omega ratio: Gain probability vs. loss probability	1.06	1.15	-0.08
Calmar ratio: Return relative to maximum drawdown	0.47	1.61	-1.14
Martin ratio: Return relative to average drawdown	1.01	3.08	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDPL vs. VEGI - Sharpe Ratio Comparison

The current MDPL Sharpe Ratio is 0.32, which is lower than the VEGI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of MDPL and VEGI, 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

	MDPL	VEGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.81	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.33	-0.15

Drawdowns

MDPL vs. VEGI - Drawdown Comparison

The maximum MDPL drawdown since its inception was -14.21%, smaller than the maximum VEGI drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for MDPL and VEGI.

Drawdown Indicators

	MDPL	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-14.21%	-37.37%	+23.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-7.49%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.37%	—
Current Drawdown Current decline from peak	-6.21%	-6.72%	+0.51%
Average Drawdown Average peak-to-trough decline	-4.38%	-9.82%	+5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	3.92%	+0.91%

Volatility

MDPL vs. VEGI - Volatility Comparison

Monarch Dividend Plus ETF (MDPL) and iShares MSCI Agriculture Producers ETF (VEGI) have volatilities of 4.59% and 4.79%, 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

	MDPL	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	4.79%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	11.96%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	14.89%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	17.89%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	18.94%	-3.79%

MDPL vs. VEGI - Expense Ratio Comparison

MDPL has a 1.24% expense ratio, which is higher than VEGI's 0.39% expense ratio.

Dividends

MDPL vs. VEGI - Dividend Comparison

MDPL's dividend yield for the trailing twelve months is around 1.31%, less than VEGI's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDPL Monarch Dividend Plus ETF	1.31%	1.42%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEGI iShares MSCI Agriculture Producers ETF	2.04%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both MDPL and VEGI in my portfolio?

MDPL and VEGI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDPL or VEGI?

VEGI has higher volatility (4.79%) compared to MDPL (4.59%). In terms of maximum drawdown, MDPL dropped -14.21% vs VEGI's -37.37%.

Which ETF is better, MDPL or VEGI?

On 1-year performance, VEGI leads with 12.03% vs 4.86% for MDPL. On fees, VEGI is cheaper at 0.39% per year. On volatility, MDPL has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDPL or VEGI?

Over the 1-year period, VEGI has performed better with a 12.03% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDPL or VEGI?

VEGI is cheaper with a 0.39% expense ratio, compared with 1.24% for MDPL.

Which ETF pays a higher dividend yield, MDPL or VEGI?

VEGI has the higher dividend yield at 2.04%, compared with 1.31% for MDPL.

What is the main difference between MDPL and VEGI?

MDPL tracks Monarch Dividend Plus Index, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. They also come from different issuers: Monarch and iShares. Their fees differ too: 1.24% for MDPL and 0.39% for VEGI.

Which has better risk-adjusted returns?

VEGI currently has the higher Sharpe Ratio (0.81 vs 0.32), 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.