PGINX vs. VINIX

Last updated Jun 5, 2026

PGINX (Impax Global Environmental Markets Fund Institutional Class) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - PGINX is a Global Equities fund managed by Pax World, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PGINX returned 11.19%/yr vs 15.63%/yr for VINIX. Their correlation of 0.87 suggests significant overlap in exposure. PGINX charges 0.90%/yr vs 0.04%/yr for VINIX.

Performance

PGINX vs. VINIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impax Global Environmental Markets Fund Institutional Class (PGINX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGINX achieves a 17.82% return, which is significantly higher than VINIX's 10.87% return. Over the past 10 years, PGINX has underperformed VINIX with an annualized return of 11.19%, while VINIX has yielded a comparatively higher 15.63% annualized return.

PGINX

• 1D: 0.12%
• 1M: 6.18%
• YTD: 17.82%
• 6M: 17.45%
• 1Y: 25.19%
• 3Y*: 15.19%
• 5Y*: 7.02%
• 10Y*: 11.19%

VINIX

• 1D: -0.73%
• 1M: 4.17%
• YTD: 10.87%
• 6M: 10.79%
• 1Y: 28.00%
• 3Y*: 22.85%
• 5Y*: 14.03%
• 10Y*: 15.63%

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

PGINX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGINX Impax Global Environmental Markets Fund Institutional Class	17.82%	14.14%	5.15%	16.85%	-22.39%	22.25%	26.00%	28.18%	-14.20%	26.80%
VINIX Vanguard Institutional Index Fund Institutional Shares	10.87%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between PGINX and VINIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.87

The correlation between PGINX and VINIX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

PGINX vs. VINIX — Risk / Return Rank

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

PGINX

PGINX Risk / Return Rank: 36
PGINX Sharpe Ratio Rank: 36
PGINX Sortino Ratio Rank: 34
PGINX Omega Ratio Rank: 33
PGINX Calmar Ratio Rank: 37
PGINX Martin Ratio Rank: 38

VINIX

VINIX Risk / Return Rank: 66
VINIX Sharpe Ratio Rank: 64
VINIX Sortino Ratio Rank: 59
VINIX Omega Ratio Rank: 59
VINIX Calmar Ratio Rank: 67
VINIX Martin Ratio Rank: 79

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.

PGINX vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impax Global Environmental Markets Fund Institutional Class (PGINX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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.

	PGINX	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.37	-0.66
Sortino ratio: Return per unit of downside risk	2.43	3.24	-0.81
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.27	3.16	-0.90
Martin ratio: Return relative to average drawdown	8.32	14.78	-6.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGINX vs. VINIX - Sharpe Ratio Comparison

The current PGINX Sharpe Ratio is 1.71, which is comparable to the VINIX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of PGINX and VINIX, 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

	PGINX	VINIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.37	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.84	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.87	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.61	-0.22

Drawdowns

PGINX vs. VINIX - Drawdown Comparison

The maximum PGINX drawdown since its inception was -52.48%, roughly equal to the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PGINX and VINIX.

Drawdown Indicators

	PGINX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.48%	-55.19%	+2.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-8.90%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-19.57%	-18.75%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-33.54%	-24.51%	-9.03%
Max Drawdown (10Y) Largest decline over 10 years	-33.54%	-33.79%	+0.25%
Current Drawdown Current decline from peak	0.00%	-0.73%	+0.73%
Average Drawdown Average peak-to-trough decline	-9.57%	-8.53%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.90%	+1.22%

Volatility

PGINX vs. VINIX - Volatility Comparison

Impax Global Environmental Markets Fund Institutional Class (PGINX) has a higher volatility of 5.45% compared to Vanguard Institutional Index Fund Institutional Shares (VINIX) at 2.93%. This indicates that PGINX's price experiences larger fluctuations and is considered to be riskier than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGINX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	2.93%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	8.99%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	11.89%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	16.89%	+1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	18.06%	+0.11%

PGINX vs. VINIX - Expense Ratio Comparison

PGINX has a 0.90% expense ratio, which is higher than VINIX's 0.04% expense ratio.

Dividends

PGINX vs. VINIX - Dividend Comparison

PGINX's dividend yield for the trailing twelve months is around 20.12%, more than VINIX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGINX Impax Global Environmental Markets Fund Institutional Class	20.12%	23.71%	4.79%	0.74%	0.65%	2.10%	0.60%	0.86%	4.26%	3.44%	0.75%	1.13%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.41%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both PGINX and VINIX in my portfolio?

PGINX and VINIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGINX or VINIX?

PGINX has higher volatility (5.45%) compared to VINIX (2.93%). In terms of maximum drawdown, PGINX dropped -52.48% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (2.37 vs 1.71), 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.