TOWFX vs. VEIPX

Last updated Jun 24, 2026

TOWFX (Towpath Focus Fund) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both Large Cap Value Equities funds. Over the past 5 years, TOWFX returned 11.32%/yr vs 11.37%/yr for VEIPX. Their correlation of 0.87 suggests significant overlap in exposure. TOWFX charges 1.11%/yr vs 0.28%/yr for VEIPX.

Performance

TOWFX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towpath Focus Fund (TOWFX) 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, TOWFX achieves a 6.31% return, which is significantly lower than VEIPX's 8.13% return.

TOWFX

• 1D: -0.25%
• 1M: -1.03%
• YTD: 6.31%
• 6M: 5.69%
• 1Y: 22.98%
• 3Y*: 18.30%
• 5Y*: 11.32%
• 10Y*: —

VEIPX

• 1D: -0.17%
• 1M: -0.40%
• YTD: 8.13%
• 6M: 7.52%
• 1Y: 20.32%
• 3Y*: 16.81%
• 5Y*: 11.37%
• 10Y*: 11.92%

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

TOWFX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TOWFX Towpath Focus Fund	6.31%	23.51%	13.22%	12.33%	-2.06%	26.52%	19.46%	0.00%
VEIPX Vanguard Equity Income Fund Investor Shares	8.13%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	0.29%

Correlation

The correlation between TOWFX and VEIPX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 31, 2019	0.87

The correlation between TOWFX and VEIPX shifts across timeframes, from 0.71 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TOWFX vs. VEIPX — Risk / Return Rank

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

TOWFX

TOWFX Risk / Return Rank: 85
TOWFX Sharpe Ratio Rank: 83
TOWFX Sortino Ratio Rank: 84
TOWFX Omega Ratio Rank: 74
TOWFX Calmar Ratio Rank: 93
TOWFX Martin Ratio Rank: 93

VEIPX

VEIPX Risk / Return Rank: 59
VEIPX Sharpe Ratio Rank: 57
VEIPX Sortino Ratio Rank: 58
VEIPX Omega Ratio Rank: 54
VEIPX Calmar Ratio Rank: 66
VEIPX Martin Ratio Rank: 59

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.

TOWFX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towpath Focus Fund (TOWFX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TOWFX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.05	+0.45
Sortino ratio: Return per unit of downside risk	3.66	2.92	+0.74
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio: Return relative to maximum drawdown	4.87	2.98	+1.89
Martin ratio: Return relative to average drawdown	18.22	11.06	+7.16

TOWFX vs. VEIPX - Sharpe Ratio Comparison

The current TOWFX Sharpe Ratio is 2.50, which is comparable to the VEIPX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of TOWFX 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.

Drawdowns

TOWFX vs. VEIPX - Drawdown Comparison

The maximum TOWFX drawdown since its inception was -96.18%, which is greater than VEIPX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for TOWFX and VEIPX.

Drawdown Indicators

	TOWFX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-96.18%	-54.12%	-42.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.72%	-7.15%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-96.18%	-13.39%	-82.79%
Max Drawdown (5Y) Largest decline over 5 years	-96.18%	-15.16%	-81.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.26%	—
Current Drawdown Current decline from peak	-94.74%	-1.43%	-93.31%
Average Drawdown Average peak-to-trough decline	-23.58%	-5.50%	-18.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.92%	-0.66%

Volatility

TOWFX vs. VEIPX - Volatility Comparison

Towpath Focus Fund (TOWFX) and Vanguard Equity Income Fund Investor Shares (VEIPX) have volatilities of 2.87% and 2.82%, 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

	TOWFX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.82%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	7.60%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	10.39%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,041.97%	13.90%	+1,028.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	916.34%	16.31%	+900.03%

TOWFX vs. VEIPX - Expense Ratio Comparison

TOWFX has a 1.11% expense ratio, which is higher than VEIPX's 0.28% expense ratio.

Dividends

TOWFX vs. VEIPX - Dividend Comparison

TOWFX's dividend yield for the trailing twelve months is around 1.72%, less than VEIPX's 10.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOWFX Towpath Focus Fund	1.72%	1.82%	1.49%	2.81%	2.05%	5.69%	5.94%	0.00%	0.00%	0.00%	0.00%	0.00%
VEIPX Vanguard Equity Income Fund Investor Shares	10.17%	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 TOWFX and VEIPX in my portfolio?

TOWFX and VEIPX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOWFX or VEIPX?

TOWFX has higher volatility (2.87%) compared to VEIPX (2.82%). In terms of maximum drawdown, TOWFX dropped -96.18% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

TOWFX currently has the higher Sharpe Ratio (2.50 vs 2.05), 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.