VDIGX vs. VEIPX

Last updated Jun 23, 2026

VDIGX (Vanguard Dividend Growth Fund) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both mutual funds - VDIGX is a Dividend fund actively managed by Vanguard, while VEIPX is a Large Cap Value Equities fund actively managed by Vanguard. Both are actively managed. Over the past 10 years, VDIGX returned 12.33%/yr vs 11.72%/yr for VEIPX. Their correlation of 0.87 suggests significant overlap in exposure. VDIGX charges 0.22%/yr vs 0.28%/yr for VEIPX.

Performance

VDIGX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Dividend Growth Fund (VDIGX) 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, VDIGX achieves a 2.69% return, which is significantly lower than VEIPX's 8.31% return. Both investments have delivered pretty close results over the past 10 years, with VDIGX having a 12.33% annualized return and VEIPX not far behind at 11.72%.

VDIGX

• 1D: 0.51%
• 1M: 0.93%
• YTD: 2.69%
• 6M: 2.42%
• 1Y: 10.98%
• 3Y*: 13.24%
• 5Y*: 10.35%
• 10Y*: 12.33%

VEIPX

• 1D: 0.14%
• 1M: -0.23%
• YTD: 8.31%
• 6M: 7.87%
• 1Y: 21.38%
• 3Y*: 15.95%
• 5Y*: 11.72%
• 10Y*: 11.72%

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

VDIGX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDIGX Vanguard Dividend Growth Fund	2.69%	11.11%	20.84%	8.11%	-4.89%	24.86%	12.04%	30.94%	0.08%	19.32%
VEIPX Vanguard Equity Income Fund Investor Shares	8.31%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between VDIGX and VEIPX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 15, 1992	0.87

The correlation between VDIGX and VEIPX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

VDIGX vs. VEIPX - Sectors Allocation Comparison

Sectors	VDIGX	VEIPX
Technology	23.6%	14.4%
Financial Services	20.1%	20.3%
Healthcare	16.1%	15.2%
Industrials	14.9%	10.5%
Consumer Cyclical	10.7%	6.0%
Consumer Defensive	7.9%	9.6%
Basic Materials	2.6%	2.8%
Communication Services	2.3%	3.0%
Energy	1.1%	8.5%
Utilities	0.5%	7.2%
Real Estate	-	2.6%

Return for Risk

VDIGX vs. VEIPX — Risk / Return Rank

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

VDIGX

VDIGX Risk / Return Rank: 16
VDIGX Sharpe Ratio Rank: 16
VDIGX Sortino Ratio Rank: 17
VDIGX Omega Ratio Rank: 14
VDIGX Calmar Ratio Rank: 13
VDIGX Martin Ratio Rank: 19

VEIPX

VEIPX Risk / Return Rank: 60
VEIPX Sharpe Ratio Rank: 59
VEIPX Sortino Ratio Rank: 60
VEIPX Omega Ratio Rank: 56
VEIPX Calmar Ratio Rank: 67
VEIPX Martin Ratio Rank: 60

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.

VDIGX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Dividend Growth Fund (VDIGX) 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.

	VDIGX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	2.08	-1.03
Sortino ratio: Return per unit of downside risk	1.60	2.96	-1.36
Omega ratio: Gain probability vs. loss probability	1.19	1.38	-0.19
Calmar ratio: Return relative to maximum drawdown	1.18	3.02	-1.84
Martin ratio: Return relative to average drawdown	4.58	11.23	-6.64

VDIGX vs. VEIPX - Sharpe Ratio Comparison

The current VDIGX Sharpe Ratio is 1.05, which is lower than the VEIPX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VDIGX 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

VDIGX vs. VEIPX - Drawdown Comparison

The maximum VDIGX drawdown since its inception was -45.23%, smaller than the maximum VEIPX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VDIGX and VEIPX.

Drawdown Indicators

	VDIGX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-45.23%	-54.12%	+8.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-7.15%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-10.23%	-13.39%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-15.16%	-1.02%
Max Drawdown (10Y) Largest decline over 10 years	-32.98%	-35.26%	+2.28%
Current Drawdown Current decline from peak	-0.63%	-1.26%	+0.63%
Average Drawdown Average peak-to-trough decline	-6.64%	-5.50%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.92%	+0.42%

Volatility

VDIGX vs. VEIPX - Volatility Comparison

Vanguard Dividend Growth Fund (VDIGX) has a higher volatility of 3.11% compared to Vanguard Equity Income Fund Investor Shares (VEIPX) at 2.84%. This indicates that VDIGX's price experiences larger fluctuations and is considered to be riskier than VEIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDIGX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	2.84%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	7.81%	7.59%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	10.37%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	13.91%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	16.31%	-0.60%

VDIGX vs. VEIPX - Expense Ratio Comparison

VDIGX has a 0.22% expense ratio, which is lower than VEIPX's 0.28% expense ratio.

Dividends

VDIGX vs. VEIPX - Dividend Comparison

VDIGX's dividend yield for the trailing twelve months is around 23.91%, more than VEIPX's 10.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDIGX Vanguard Dividend Growth Fund	23.91%	21.90%	21.94%	2.29%	6.06%	5.45%	2.83%	4.70%	8.72%	5.16%	2.86%	5.70%
VEIPX Vanguard Equity Income Fund Investor Shares	10.15%	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 VDIGX and VEIPX in my portfolio?

VDIGX and VEIPX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VDIGX or VEIPX?

VDIGX has higher volatility (3.11%) compared to VEIPX (2.84%). In terms of maximum drawdown, VDIGX dropped -45.23% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.08 vs 1.05), 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.