VENAX vs. VDE

Last updated Jun 24, 2026

VENAX (Vanguard Energy Index Fund Admiral Shares) and VDE (Vanguard Energy ETF) are both Energy Equities funds from Vanguard. Over the past 10 years, VENAX returned 8.77%/yr vs 8.90%/yr for VDE. With a 1.00 correlation, they move nearly in lockstep. VENAX charges 0.10%/yr vs 0.09%/yr for VDE.

Performance

VENAX vs. VDE - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VENAX having a 22.81% return and VDE slightly higher at 23.55%. Both investments have delivered pretty close results over the past 10 years, with VENAX having a 8.77% annualized return and VDE not far ahead at 8.90%.

VENAX

• 1D: 1.29%
• 1M: -8.51%
• YTD: 22.81%
• 6M: 23.30%
• 1Y: 30.20%
• 3Y*: 15.91%
• 5Y*: 18.73%
• 10Y*: 8.77%

VDE

• 1D: 0.60%
• 1M: -7.94%
• YTD: 23.55%
• 6M: 24.06%
• 1Y: 31.01%
• 3Y*: 16.13%
• 5Y*: 18.74%
• 10Y*: 8.90%

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

VENAX vs. VDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VENAX Vanguard Energy Index Fund Admiral Shares	22.81%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%
VDE Vanguard Energy ETF	23.55%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%

Correlation

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

VENAX vs. VDE - Sectors Allocation Comparison

Sectors	VENAX	VDE
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

VENAX vs. VDE — Risk / Return Rank

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

VENAX

VENAX Risk / Return Rank: 24
VENAX Sharpe Ratio Rank: 24
VENAX Sortino Ratio Rank: 21
VENAX Omega Ratio Rank: 20
VENAX Calmar Ratio Rank: 29
VENAX Martin Ratio Rank: 27

VDE

VDE Risk / Return Rank: 43
VDE Sharpe Ratio Rank: 45
VDE Sortino Ratio Rank: 41
VDE Omega Ratio Rank: 40
VDE Calmar Ratio Rank: 45
VDE Martin Ratio Rank: 43

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.

VENAX vs. VDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy Index Fund Admiral Shares (VENAX) and Vanguard Energy ETF (VDE). 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	VDE	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.51	-0.22
Sortino ratio: Return per unit of downside risk	1.78	2.04	-0.26
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.89	2.19	-0.30
Martin ratio: Return relative to average drawdown	5.92	6.75	-0.84

VENAX vs. VDE - Sharpe Ratio Comparison

The current VENAX Sharpe Ratio is 1.29, which is comparable to the VDE Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of VENAX and VDE, 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. VDE - Drawdown Comparison

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

Drawdown Indicators

	VENAX	VDE	Difference
Max Drawdown Largest peak-to-trough decline	-74.42%	-74.20%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.22%	-14.20%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-21.41%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-26.59%	-26.58%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-69.58%	-69.29%	-0.29%
Current Drawdown Current decline from peak	-13.11%	-12.59%	-0.52%
Average Drawdown Average peak-to-trough decline	-19.96%	-19.94%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	4.61%	-0.03%

Volatility

VENAX vs. VDE - Volatility Comparison

Vanguard Energy Index Fund Admiral Shares (VENAX) and Vanguard Energy ETF (VDE) have volatilities of 7.05% and 7.06%, 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

	VENAX	VDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	7.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	16.66%	16.61%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.86%	20.80%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.40%	26.37%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.26%	29.94%	+0.32%

VENAX vs. VDE - Expense Ratio Comparison

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

Dividends

VENAX vs. VDE - Dividend Comparison

VENAX's dividend yield for the trailing twelve months is around 2.56%, which matches VDE's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDE Vanguard Energy ETF	2.54%	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	2.56%	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 VDE in my portfolio?

With a correlation of 1.00, VENAX and VDE 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, VENAX or VDE?

VDE has higher volatility (7.06%) compared to VENAX (7.05%). In terms of maximum drawdown, VENAX dropped -74.42% vs VDE's -74.20%.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (1.51 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.