VDADX vs. VEIPX

Last updated Aug 2, 2026

VDADX (Vanguard Dividend Appreciation Index Fund Admiral Shares) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both Dividend funds from Vanguard. VDADX is passively managed, while VEIPX is actively managed. Over the past 10 years, VDADX returned 13.01%/yr vs 11.72%/yr for VEIPX. Their correlation of 0.91 means they have usually moved in the same direction. VDADX charges 0.07%/yr vs 0.28%/yr for VEIPX.

Performance

VDADX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Dividend Appreciation Index Fund Admiral Shares (VDADX) 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, VDADX achieves a 10.06% return, which is significantly lower than VEIPX's 11.80% return. Over the past 10 years, VDADX has outperformed VEIPX with an annualized return of 13.01%, while VEIPX has yielded a comparatively lower 11.72% annualized return.

VDADX

• 1D: 0.63%
• 1M: 0.54%
• 6M: 8.00%
• YTD: 10.06%
• 1Y: 19.48%
• 3Y*: 15.03%
• 5Y*: 10.49%
• 10Y*: 13.01%
• ALL TIME*: 11.90%

VEIPX

• 1D: 0.20%
• 1M: 1.91%
• 6M: 8.14%
• YTD: 11.80%
• 1Y: 23.19%
• 3Y*: 15.46%
• 5Y*: 11.63%
• 10Y*: 11.72%
• ALL TIME*: 10.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VDADX Vanguard Dividend Appreciation Index Fund Admiral Shares	$0.00	$0.00	$0.00
VEIPX Vanguard Equity Income Fund Investor Shares	$0.00	$0.00	$0.00

VDADX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDADX Vanguard Dividend Appreciation Index Fund Admiral Shares	10.06%	14.17%	16.99%	14.44%	-9.80%	23.59%	15.47%	29.68%	-2.06%	22.22%
VEIPX Vanguard Equity Income Fund Investor Shares	11.80%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between VDADX and VEIPX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Dec 20, 2013	0.91

The correlation between VDADX and VEIPX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

VDADX vs. VEIPX - Sectors Allocation Comparison

Sectors	VDADX	VEIPX
Technology	26.9%	14.1%
Financial Services	20.3%	19.8%
Healthcare	17.8%	14.8%
Industrials	11.9%	9.4%
Consumer Defensive	9.2%	9.4%
Consumer Cyclical	4.5%	5.8%
Basic Materials	3.4%	3.6%
Utilities	3.0%	7.0%
Energy	3.0%	8.3%
Communication Services	0.5%	2.9%
Real Estate	-	2.5%

Return for Risk

VDADX vs. VEIPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VDADX

VDADX Risk / Return Rank: 74
VDADX Sharpe Ratio Rank: 76
VDADX Sortino Ratio Rank: 75
VDADX Omega Ratio Rank: 73
VDADX Calmar Ratio Rank: 70
VDADX Martin Ratio Rank: 77

VEIPX

VEIPX Risk / Return Rank: 84
VEIPX Sharpe Ratio Rank: 84
VEIPX Sortino Ratio Rank: 83
VEIPX Omega Ratio Rank: 81
VEIPX Calmar Ratio Rank: 85
VEIPX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VDADX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Dividend Appreciation Index Fund Admiral Shares (VDADX) 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.

	VDADX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.01	-0.29
Sortino ratio: Return per unit of downside risk	2.49	2.88	-0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.21	2.89	-0.68
Martin ratio: Return relative to average drawdown	8.99	10.92	-1.93

VDADX vs. VEIPX - Sharpe Ratio Comparison

The current VDADX Sharpe Ratio is 1.72, which is comparable to the VEIPX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of VDADX 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

VDADX vs. VEIPX - Drawdown Comparison

The maximum VDADX drawdown since its inception was -31.70%, smaller than the maximum VEIPX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VDADX and VEIPX.

Drawdown Indicators

	VDADX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-54.12%	+22.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-7.15%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-13.39%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.42%	-15.16%	-5.26%
Max Drawdown (10Y) Largest decline over 10 years	-31.70%	-35.26%	+3.56%
Current Drawdown Current decline from peak	-0.67%	-0.85%	+0.18%
Average Drawdown Average peak-to-trough decline	-3.37%	-5.48%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.90%	+0.05%

Volatility

VDADX vs. VEIPX - Volatility Comparison

Vanguard Dividend Appreciation Index Fund Admiral Shares (VDADX) and Vanguard Equity Income Fund Investor Shares (VEIPX) have volatilities of 2.63% and 2.56%, 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

	VDADX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	2.56%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.64%	7.38%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	10.28%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.25%	13.85%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	16.25%	-0.09%

VDADX vs. VEIPX - Expense Ratio Comparison

VDADX has a 0.07% expense ratio, which is lower than VEIPX's 0.28% expense ratio.

Dividends

VDADX vs. VEIPX - Dividend Comparison

VDADX's dividend yield for the trailing twelve months is around 1.47%, less than VEIPX's 9.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDADX Vanguard Dividend Appreciation Index Fund Admiral Shares	1.47%	1.60%	1.71%	1.86%	1.94%	1.53%	1.61%	1.69%	2.07%	1.88%	2.14%	2.34%
VEIPX Vanguard Equity Income Fund Investor Shares	9.83%	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 VDADX and VEIPX in my portfolio?

VDADX and VEIPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VDADX or VEIPX?

VDADX has higher volatility (2.63%) compared to VEIPX (2.56%). In terms of maximum drawdown, VDADX dropped -31.70% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.01 vs 1.72), 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.