VENAX vs. FMGIX

Last updated Aug 2, 2026

VENAX (Vanguard Energy Index Fund Admiral Shares) and FMGIX (Frontier MFG Core Infrastructure Fund) are both mutual funds - VENAX is a Energy Equities fund managed by Vanguard, while FMGIX is a Infrastructure Equities fund managed by Frontier. Over the past 10 years, VENAX returned 10.01%/yr vs 9.69%/yr for FMGIX. Their 0.36 correlation means their historical movements had little consistent relationship. VENAX charges 0.10%/yr vs 0.50%/yr for FMGIX.

Performance

VENAX vs. FMGIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VENAX achieves a 33.62% return, which is significantly higher than FMGIX's 8.65% return. Both investments have delivered pretty close results over the past 10 years, with VENAX having a 10.01% annualized return and FMGIX not far behind at 9.69%.

VENAX

• 1D: 0.72%
• 1M: 10.41%
• 6M: 17.04%
• YTD: 33.62%
• 1Y: 42.35%
• 3Y*: 14.21%
• 5Y*: 23.30%
• 10Y*: 10.01%
• ALL TIME*: 8.26%

FMGIX

• 1D: 0.29%
• 1M: -1.35%
• 6M: 4.62%
• YTD: 8.65%
• 1Y: 12.99%
• 3Y*: 21.68%
• 5Y*: 12.12%
• 10Y*: 9.69%
• 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)
FMGIX Frontier MFG Core Infrastructure Fund	$0.00	$0.00	$0.00
VENAX Vanguard Energy Index Fund Admiral Shares	$0.00	$0.00	$0.00

VENAX vs. FMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VENAX Vanguard Energy Index Fund Admiral Shares	33.62%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%
FMGIX Frontier MFG Core Infrastructure Fund	8.65%	22.67%	34.26%	4.86%	-9.46%	13.84%	-1.36%	28.00%	-6.62%	20.25%

Correlation

The correlation between VENAX and FMGIX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (10Y) Provides a long-term view across more market conditions.	0.27
Correlation (All Time) Calculated using the full available price history since Jan 18, 2012	0.36

Over the past year, the correlation between VENAX and FMGIX has dropped to 0.06 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

VENAX vs. FMGIX — Risk / Return Rank

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

VENAX

VENAX Risk / Return Rank: 72
VENAX Sharpe Ratio Rank: 80
VENAX Sortino Ratio Rank: 73
VENAX Omega Ratio Rank: 71
VENAX Calmar Ratio Rank: 80
VENAX Martin Ratio Rank: 53

FMGIX

FMGIX Risk / Return Rank: 45
FMGIX Sharpe Ratio Rank: 47
FMGIX Sortino Ratio Rank: 42
FMGIX Omega Ratio Rank: 44
FMGIX Calmar Ratio Rank: 54
FMGIX Martin Ratio Rank: 36

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.

VENAX vs. FMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy Index Fund Admiral Shares (VENAX) and Frontier MFG Core Infrastructure Fund (FMGIX). 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.

	VENAX	FMGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.29	+0.57
Sortino ratio: Return per unit of downside risk	2.43	1.78	+0.66
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	2.60	1.92	+0.67
Martin ratio: Return relative to average drawdown	6.99	5.33	+1.66

VENAX vs. FMGIX - Sharpe Ratio Comparison

The current VENAX Sharpe Ratio is 1.87, which is higher than the FMGIX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of VENAX and FMGIX, 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

VENAX vs. FMGIX - Drawdown Comparison

The maximum VENAX drawdown since its inception was -74.42%, which is greater than FMGIX's maximum drawdown of -57.57%. Use the drawdown chart below to compare losses from any high point for VENAX and FMGIX.

Drawdown Indicators

	VENAX	FMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-74.42%	-57.57%	-16.85%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-7.11%	-7.94%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-20.56%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.59%	-26.61%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-69.58%	-57.57%	-12.01%
Current Drawdown Current decline from peak	-5.47%	-3.53%	-1.94%
Average Drawdown Average peak-to-trough decline	-19.91%	-5.32%	-14.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	2.56%	+3.04%

Volatility

VENAX vs. FMGIX - Volatility Comparison

Vanguard Energy Index Fund Admiral Shares (VENAX) has a higher volatility of 6.12% compared to Frontier MFG Core Infrastructure Fund (FMGIX) at 3.18%. This indicates that VENAX's price experiences larger fluctuations and is considered to be riskier than FMGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VENAX	FMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	3.18%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	16.67%	9.02%	+7.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.99%	10.58%	+10.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.17%	28.53%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.22%	52.56%	-22.34%

VENAX vs. FMGIX - Expense Ratio Comparison

VENAX has a 0.10% expense ratio, which is lower than FMGIX's 0.50% expense ratio.

Dividends

VENAX vs. FMGIX - Dividend Comparison

VENAX's dividend yield for the trailing twelve months is around 2.42%, less than FMGIX's 30.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGIX Frontier MFG Core Infrastructure Fund	30.68%	33.65%	48.77%	4.79%	3.98%	2.63%	2.38%	2.63%	3.09%	3.15%	2.83%	2.79%
VENAX Vanguard Energy Index Fund Admiral Shares	2.42%	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 VENAX and FMGIX in my portfolio?

VENAX and FMGIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VENAX or FMGIX?

VENAX has higher volatility (6.12%) compared to FMGIX (3.18%). In terms of maximum drawdown, VENAX dropped -74.42% vs FMGIX's -57.57%.

Which has better risk-adjusted returns?

VENAX currently has the higher Sharpe Ratio (1.87 vs 1.29), 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.