VEIPX vs. VMGRX

Last updated Aug 4, 2026

VEIPX (Vanguard Equity Income Fund Investor Shares) and VMGRX (Vanguard Mid-Cap Growth Fund) are both mutual funds - VEIPX is a Dividend fund actively managed by Vanguard, while VMGRX is a Mid Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VEIPX returned 11.77%/yr vs 9.56%/yr for VMGRX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. VEIPX charges 0.28%/yr vs 0.33%/yr for VMGRX.

Performance

VEIPX vs. VMGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Equity Income Fund Investor Shares (VEIPX) and Vanguard Mid-Cap Growth Fund (VMGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIPX achieves a 11.80% return, which is significantly higher than VMGRX's -2.94% return. Over the past 10 years, VEIPX has outperformed VMGRX with an annualized return of 11.77%, while VMGRX has yielded a comparatively lower 9.56% annualized return.

VEIPX

• 1D: 0.00%
• 1M: 1.91%
• 6M: 7.72%
• YTD: 11.80%
• 1Y: 23.19%
• 3Y*: 15.55%
• 5Y*: 11.63%
• 10Y*: 11.77%
• ALL TIME*: 10.38%

VMGRX

• 1D: -0.54%
• 1M: -6.80%
• 6M: 0.00%
• YTD: -2.94%
• 1Y: -0.29%
• 3Y*: 8.59%
• 5Y*: 1.18%
• 10Y*: 9.56%
• ALL TIME*: 8.37%

*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)
VEIPX Vanguard Equity Income Fund Investor Shares	$0.00	$0.00	$0.00
VMGRX Vanguard Mid-Cap Growth Fund	$0.00	$0.00	$0.00

VEIPX vs. VMGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VMGRX Vanguard Mid-Cap Growth Fund	-2.94%	8.80%	17.73%	24.15%	-30.13%	9.21%	33.40%	32.06%	-3.52%	21.60%

Correlation

The correlation between VEIPX and VMGRX is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.73

Over the past year, the correlation between VEIPX and VMGRX has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

VEIPX vs. VMGRX - Sectors Allocation Comparison

Sectors	VEIPX	VMGRX
Financial Services	19.8%	4.2%
Healthcare	14.8%	8.1%
Technology	14.1%	25.5%
Industrials	9.4%	17.9%
Consumer Defensive	9.4%	3.2%
Energy	8.3%	3.3%
Utilities	7.0%	2.0%
Consumer Cyclical	5.8%	22.2%
Basic Materials	3.6%	1.4%
Communication Services	2.9%	15.3%
Real Estate	2.5%	1.6%

Return for Risk

VEIPX vs. VMGRX — Risk / Return Rank

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

VEIPX

VEIPX Risk / Return Rank: 86
VEIPX Sharpe Ratio Rank: 87
VEIPX Sortino Ratio Rank: 85
VEIPX Omega Ratio Rank: 82
VEIPX Calmar Ratio Rank: 86
VEIPX Martin Ratio Rank: 87

VMGRX

VMGRX Risk / Return Rank: 3
VMGRX Sharpe Ratio Rank: 3
VMGRX Sortino Ratio Rank: 4
VMGRX Omega Ratio Rank: 4
VMGRX Calmar Ratio Rank: 3
VMGRX Martin Ratio Rank: 3

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.

VEIPX vs. VMGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Equity Income Fund Investor Shares (VEIPX) and Vanguard Mid-Cap Growth Fund (VMGRX). 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.

	VEIPX	VMGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	-0.08	+2.26
Sortino ratio: Return per unit of downside risk	3.12	0.03	+3.08
Omega ratio: Gain probability vs. loss probability	1.40	1.00	+0.40
Calmar ratio: Return relative to maximum drawdown	3.10	-0.09	+3.19
Martin ratio: Return relative to average drawdown	11.71	-0.27	+11.98

VEIPX vs. VMGRX - Sharpe Ratio Comparison

The current VEIPX Sharpe Ratio is 2.18, which is higher than the VMGRX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of VEIPX and VMGRX, 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

VEIPX vs. VMGRX - Drawdown Comparison

The maximum VEIPX drawdown since its inception was -54.12%, smaller than the maximum VMGRX drawdown of -71.74%. Use the drawdown chart below to compare losses from any high point for VEIPX and VMGRX.

Drawdown Indicators

	VEIPX	VMGRX	Difference
Max Drawdown Largest peak-to-trough decline	-54.12%	-71.74%	+17.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-19.09%	+11.94%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-26.85%	+13.46%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-39.71%	+24.55%
Max Drawdown (10Y) Largest decline over 10 years	-35.26%	-39.71%	+4.45%
Current Drawdown Current decline from peak	-0.85%	-8.71%	+7.86%
Average Drawdown Average peak-to-trough decline	-5.48%	-24.38%	+18.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	6.39%	-4.50%

Volatility

VEIPX vs. VMGRX - Volatility Comparison

The current volatility for Vanguard Equity Income Fund Investor Shares (VEIPX) is 2.57%, while Vanguard Mid-Cap Growth Fund (VMGRX) has a volatility of 7.34%. This indicates that VEIPX experiences smaller price fluctuations and is considered to be less risky than VMGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIPX	VMGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	7.34%	-4.77%
Volatility (6M) Calculated over the trailing 6-month period	7.36%	17.69%	-10.33%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	21.23%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	23.60%	-9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	22.42%	-6.17%

VEIPX vs. VMGRX - Expense Ratio Comparison

VEIPX has a 0.28% expense ratio, which is lower than VMGRX's 0.33% expense ratio.

Dividends

VEIPX vs. VMGRX - Dividend Comparison

VEIPX's dividend yield for the trailing twelve months is around 9.83%, less than VMGRX's 18.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VMGRX Vanguard Mid-Cap Growth Fund	18.28%	17.74%	1.80%	0.39%	0.26%	34.53%	6.30%	10.43%	14.53%	3.13%	0.67%	8.20%

Frequently Asked Questions

Can I hold both VEIPX and VMGRX in my portfolio?

VEIPX and VMGRX have a correlation of 0.50, 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 VMGRX?

VMGRX has higher volatility (7.34%) compared to VEIPX (2.57%). In terms of maximum drawdown, VEIPX dropped -54.12% vs VMGRX's -71.74%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.18 vs -0.08), 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.