VDE vs. VENAX

Last updated Jun 26, 2026

VDE (Vanguard Energy ETF) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds from Vanguard. Over the past 10 years, VDE returned 9.17%/yr vs 8.63%/yr for VENAX. With a 1.00 correlation, they move nearly in lockstep. VDE charges 0.09%/yr vs 0.10%/yr for VENAX.

Performance

VDE vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Energy ETF (VDE) and Vanguard Energy Index Fund Admiral Shares (VENAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VDE achieves a 22.66% return, which is significantly higher than VENAX's 21.27% return. Over the past 10 years, VDE has outperformed VENAX with an annualized return of 9.17%, while VENAX has yielded a comparatively lower 8.63% annualized return.

VDE

• 1D: 1.10%
• 1M: -6.20%
• YTD: 22.66%
• 6M: 23.59%
• 1Y: 32.24%
• 3Y*: 15.22%
• 5Y*: 18.47%
• 10Y*: 9.17%

VENAX

• 1D: -1.80%
• 1M: -7.23%
• YTD: 21.27%
• 6M: 22.22%
• 1Y: 30.91%
• 3Y*: 15.43%
• 5Y*: 18.10%
• 10Y*: 8.63%

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

VDE vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDE Vanguard Energy ETF	22.66%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%
VENAX Vanguard Energy Index Fund Admiral Shares	21.27%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between VDE and VENAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	1.00

The correlation between VDE and VENAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VDE vs. VENAX - Sectors Allocation Comparison

Sectors	VDE	VENAX
Energy	99.5%	99.5%
Basic Materials	0.4%	0.4%
Industrials	0.1%	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

VDE vs. VENAX — Risk / Return Rank

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

VDE

VDE Risk / Return Rank: 49
VDE Sharpe Ratio Rank: 52
VDE Sortino Ratio Rank: 48
VDE Omega Ratio Rank: 45
VDE Calmar Ratio Rank: 53
VDE Martin Ratio Rank: 46

VENAX

VENAX Risk / Return Rank: 34
VENAX Sharpe Ratio Rank: 36
VENAX Sortino Ratio Rank: 32
VENAX Omega Ratio Rank: 30
VENAX Calmar Ratio Rank: 40
VENAX Martin Ratio Rank: 33

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.

VDE vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy ETF (VDE) 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.

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.

	VDE	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.46	+0.11
Sortino ratio: Return per unit of downside risk	2.09	1.98	+0.12
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.28	2.13	+0.16
Martin ratio: Return relative to average drawdown	6.79	6.42	+0.36

VDE vs. VENAX - Sharpe Ratio Comparison

The current VDE Sharpe Ratio is 1.57, which is comparable to the VENAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VDE 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.

Drawdowns

VDE vs. VENAX - Drawdown Comparison

The maximum VDE drawdown since its inception was -74.20%, roughly equal to the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for VDE and VENAX.

Drawdown Indicators

	VDE	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.20%	-74.42%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-14.22%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-21.41%	-21.44%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-26.59%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-69.29%	-69.58%	+0.29%
Current Drawdown Current decline from peak	-13.22%	-14.20%	+0.98%
Average Drawdown Average peak-to-trough decline	-19.94%	-19.95%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	4.70%	+0.06%

Volatility

VDE vs. VENAX - Volatility Comparison

Vanguard Energy ETF (VDE) and Vanguard Energy Index Fund Admiral Shares (VENAX) have volatilities of 6.96% and 7.17%, 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

	VDE	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	7.17%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	16.74%	16.70%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	20.73%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.38%	26.41%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.93%	30.24%	-0.31%

VDE vs. VENAX - Expense Ratio Comparison

VDE has a 0.09% expense ratio, which is lower than VENAX's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VDE vs. VENAX - Dividend Comparison

VDE's dividend yield for the trailing twelve months is around 3.25%, less than VENAX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDE Vanguard Energy ETF	3.25%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%
VENAX Vanguard Energy Index Fund Admiral Shares	3.29%	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 VDE and VENAX in my portfolio?

With a correlation of 1.00, VDE and VENAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VDE or VENAX?

VENAX has higher volatility (7.17%) compared to VDE (6.96%). In terms of maximum drawdown, VDE dropped -74.20% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (1.57 vs 1.46), 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.