VHCIX vs. VENAX

Last updated Jun 4, 2026

VHCIX (Vanguard Health Care Index Fund Admiral Shares) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both mutual funds - VHCIX is a Health & Biotech Equities fund managed by Vanguard, while VENAX is a Energy Equities fund managed by Vanguard. Over the past 10 years, VHCIX returned 9.16%/yr vs 9.50%/yr for VENAX. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.

Performance

VHCIX vs. VENAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VHCIX achieves a -4.82% return, which is significantly lower than VENAX's 30.74% return. Both investments have delivered pretty close results over the past 10 years, with VHCIX having a 9.16% annualized return and VENAX not far ahead at 9.50%.

VHCIX

• 1D: -1.27%
• 1M: 0.60%
• YTD: -4.82%
• 6M: -4.99%
• 1Y: 13.36%
• 3Y*: 5.84%
• 5Y*: 4.43%
• 10Y*: 9.16%

VENAX

• 1D: 1.15%
• 1M: -3.23%
• YTD: 30.74%
• 6M: 27.90%
• 1Y: 43.96%
• 3Y*: 17.52%
• 5Y*: 20.23%
• 10Y*: 9.50%

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

VHCIX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCIX Vanguard Health Care Index Fund Admiral Shares	-4.82%	15.43%	2.64%	2.48%	-5.50%	20.56%	18.22%	21.97%	5.55%	23.35%
VENAX Vanguard Energy Index Fund Admiral Shares	30.74%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between VHCIX and VENAX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Sep 30, 2004	0.42

The correlation between VHCIX and VENAX shifts across timeframes, from -0.02 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

VHCIX vs. VENAX - Sectors Allocation Comparison

Sectors	VHCIX	VENAX
Healthcare	100.0%	-
Financial Services	0.0%	-
Industrials	0.0%	0.1%
Technology	0.0%	-
Basic Materials	-	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	99.5%
Real Estate	-	-
Utilities	-	-

Return for Risk

VHCIX vs. VENAX — Risk / Return Rank

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

VHCIX

VHCIX Risk / Return Rank: 13
VHCIX Sharpe Ratio Rank: 13
VHCIX Sortino Ratio Rank: 14
VHCIX Omega Ratio Rank: 12
VHCIX Calmar Ratio Rank: 14
VHCIX Martin Ratio Rank: 11

VENAX

VENAX Risk / Return Rank: 58
VENAX Sharpe Ratio Rank: 59
VENAX Sortino Ratio Rank: 48
VENAX Omega Ratio Rank: 45
VENAX Calmar Ratio Rank: 84
VENAX Martin Ratio Rank: 57

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.

VHCIX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Health Care Index Fund Admiral Shares (VHCIX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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.

	VHCIX	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.26	-1.30
Sortino ratio: Return per unit of downside risk	1.51	2.90	-1.39
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.33	3.91	-2.58
Martin ratio: Return relative to average drawdown	3.34	11.54	-8.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHCIX vs. VENAX - Sharpe Ratio Comparison

The current VHCIX Sharpe Ratio is 0.96, which is lower than the VENAX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of VHCIX and VENAX, 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

	VHCIX	VENAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	2.26	-1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.77	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.32	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.27	+0.28

Drawdowns

VHCIX vs. VENAX - Drawdown Comparison

The maximum VHCIX drawdown since its inception was -39.12%, smaller than the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for VHCIX and VENAX.

Drawdown Indicators

	VHCIX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.12%	-74.42%	+35.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-11.79%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-21.44%	+4.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-26.59%	+8.82%
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	-69.58%	+41.00%
Current Drawdown Current decline from peak	-7.85%	-7.50%	-0.35%
Average Drawdown Average peak-to-trough decline	-5.97%	-19.98%	+14.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.99%	+0.12%

Volatility

VHCIX vs. VENAX - Volatility Comparison

The current volatility for Vanguard Health Care Index Fund Admiral Shares (VHCIX) is 4.01%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 7.91%. This indicates that VHCIX experiences smaller price fluctuations and is considered to be less risky than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCIX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	7.91%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	16.29%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	20.40%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	26.43%	-11.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	30.24%	-13.31%

VHCIX vs. VENAX - Expense Ratio Comparison

Both VHCIX and VENAX have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VHCIX vs. VENAX - Dividend Comparison

VHCIX's dividend yield for the trailing twelve months is around 1.72%, less than VENAX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VENAX Vanguard Energy Index Fund Admiral Shares	2.40%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%
VHCIX Vanguard Health Care Index Fund Admiral Shares	1.72%	1.61%	1.53%	1.36%	1.33%	1.19%	1.21%	1.89%	1.38%	1.31%	1.45%	1.22%

Frequently Asked Questions

Can I hold both VHCIX and VENAX in my portfolio?

VHCIX and VENAX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCIX or VENAX?

VENAX has higher volatility (7.91%) compared to VHCIX (4.01%). In terms of maximum drawdown, VHCIX dropped -39.12% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

VENAX currently has the higher Sharpe Ratio (2.26 vs 0.96), 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.