VEIPX vs. FNYTX

Last updated Jun 5, 2026

VEIPX (Vanguard Equity Income Fund Investor Shares) and FNYTX (Franklin New York Tax Free Income Fund) are both mutual funds - VEIPX is a Large Cap Value Equities fund actively managed by Vanguard, while FNYTX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, VEIPX returned 11.80%/yr vs 1.77%/yr for FNYTX. At a correlation of -0.01, they often move in opposite directions. VEIPX charges 0.28%/yr vs 0.66%/yr for FNYTX.

Performance

VEIPX vs. FNYTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Equity Income Fund Investor Shares (VEIPX) and Franklin New York Tax Free Income Fund (FNYTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIPX achieves a 9.15% return, which is significantly higher than FNYTX's 2.02% return. Over the past 10 years, VEIPX has outperformed FNYTX with an annualized return of 11.80%, while FNYTX has yielded a comparatively lower 1.77% annualized return.

VEIPX

• 1D: -0.50%
• 1M: 1.89%
• YTD: 9.15%
• 6M: 9.34%
• 1Y: 23.16%
• 3Y*: 17.33%
• 5Y*: 10.81%
• 10Y*: 11.80%

FNYTX

• 1D: 0.00%
• 1M: 0.81%
• YTD: 2.02%
• 6M: 2.44%
• 1Y: 7.99%
• 3Y*: 4.08%
• 5Y*: 0.55%
• 10Y*: 1.77%

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

VEIPX vs. FNYTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIPX Vanguard Equity Income Fund Investor Shares	9.15%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%
FNYTX Franklin New York Tax Free Income Fund	2.02%	3.90%	2.47%	6.93%	-12.00%	1.85%	4.75%	7.56%	0.43%	2.45%

Correlation

The correlation between VEIPX and FNYTX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Mar 22, 1988	-0.01

The correlation between VEIPX and FNYTX shifts across timeframes, from -0.02 (10 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEIPX vs. FNYTX — Risk / Return Rank

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

VEIPX

VEIPX Risk / Return Rank: 59
VEIPX Sharpe Ratio Rank: 57
VEIPX Sortino Ratio Rank: 57
VEIPX Omega Ratio Rank: 53
VEIPX Calmar Ratio Rank: 69
VEIPX Martin Ratio Rank: 60

FNYTX

FNYTX Risk / Return Rank: 69
FNYTX Sharpe Ratio Rank: 77
FNYTX Sortino Ratio Rank: 82
FNYTX Omega Ratio Rank: 86
FNYTX Calmar Ratio Rank: 52
FNYTX Martin Ratio Rank: 46

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.

VEIPX vs. FNYTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Equity Income Fund Investor Shares (VEIPX) and Franklin New York Tax Free Income Fund (FNYTX). 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.

	VEIPX	FNYTX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.53	-0.29
Sortino ratio: Return per unit of downside risk	3.19	3.89	-0.70
Omega ratio: Gain probability vs. loss probability	1.41	1.60	-0.19
Calmar ratio: Return relative to maximum drawdown	3.21	2.70	+0.50
Martin ratio: Return relative to average drawdown	11.99	9.35	+2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEIPX vs. FNYTX - Sharpe Ratio Comparison

The current VEIPX Sharpe Ratio is 2.24, which is comparable to the FNYTX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VEIPX and FNYTX, 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

	VEIPX	FNYTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.53	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.12	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.40	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.00	-0.35

Drawdowns

VEIPX vs. FNYTX - Drawdown Comparison

The maximum VEIPX drawdown since its inception was -54.12%, which is greater than FNYTX's maximum drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for VEIPX and FNYTX.

Drawdown Indicators

	VEIPX	FNYTX	Difference
Max Drawdown Largest peak-to-trough decline	-54.12%	-18.90%	-35.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-3.10%	-4.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-7.29%	-6.10%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-17.45%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-35.26%	-17.45%	-17.81%
Current Drawdown Current decline from peak	-0.50%	-0.17%	-0.33%
Average Drawdown Average peak-to-trough decline	-5.50%	-2.53%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.89%	+1.02%

Volatility

VEIPX vs. FNYTX - Volatility Comparison

Vanguard Equity Income Fund Investor Shares (VEIPX) has a higher volatility of 2.70% compared to Franklin New York Tax Free Income Fund (FNYTX) at 1.29%. This indicates that VEIPX's price experiences larger fluctuations and is considered to be riskier than FNYTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIPX	FNYTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.29%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	2.44%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	3.31%	+6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	4.65%	+9.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	4.41%	+11.89%

VEIPX vs. FNYTX - Expense Ratio Comparison

VEIPX has a 0.28% expense ratio, which is lower than FNYTX's 0.66% expense ratio.

Dividends

VEIPX vs. FNYTX - Dividend Comparison

VEIPX's dividend yield for the trailing twelve months is around 10.08%, more than FNYTX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNYTX Franklin New York Tax Free Income Fund	3.51%	4.57%	3.85%	2.78%	2.84%	2.45%	2.64%	3.41%	3.38%	3.43%	3.63%	3.60%
VEIPX Vanguard Equity Income Fund Investor Shares	10.08%	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 VEIPX and FNYTX in my portfolio?

VEIPX and FNYTX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEIPX or FNYTX?

VEIPX has higher volatility (2.70%) compared to FNYTX (1.29%). In terms of maximum drawdown, VEIPX dropped -54.12% vs FNYTX's -18.90%.

Which has better risk-adjusted returns?

FNYTX currently has the higher Sharpe Ratio (2.53 vs 2.24), 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.