VHIAX vs. HLIEX

Last updated Jun 3, 2026

VHIAX (JPMorgan Growth Advantage Fund) and HLIEX (JPMorgan Equity Income Fund) are both mutual funds - VHIAX is a Large Cap Growth Equities fund managed by JPMorgan, while HLIEX is a Large Cap Value Equities fund managed by JPMorgan. Over the past 10 years, VHIAX returned 19.24%/yr vs 11.96%/yr for HLIEX. A 0.73 correlation means they provide meaningful diversification when combined. VHIAX charges 1.04%/yr vs 0.70%/yr for HLIEX.

Performance

VHIAX vs. HLIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Growth Advantage Fund (VHIAX) and JPMorgan Equity Income Fund (HLIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHIAX achieves a 7.68% return, which is significantly lower than HLIEX's 9.17% return. Over the past 10 years, VHIAX has outperformed HLIEX with an annualized return of 19.24%, while HLIEX has yielded a comparatively lower 11.96% annualized return.

VHIAX

• 1D: 0.51%
• 1M: 5.67%
• YTD: 7.68%
• 6M: 6.38%
• 1Y: 24.08%
• 3Y*: 25.61%
• 5Y*: 14.14%
• 10Y*: 19.24%

HLIEX

• 1D: -0.30%
• 1M: 1.16%
• YTD: 9.17%
• 6M: 11.03%
• 1Y: 22.19%
• 3Y*: 17.56%
• 5Y*: 10.43%
• 10Y*: 11.96%

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

VHIAX vs. HLIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHIAX JPMorgan Growth Advantage Fund	7.68%	15.50%	39.19%	39.81%	-30.24%	21.60%	53.26%	35.92%	-1.52%	35.19%
HLIEX JPMorgan Equity Income Fund	9.17%	14.67%	19.67%	4.79%	-1.88%	25.10%	3.61%	26.30%	-4.45%	17.55%

Correlation

The correlation between VHIAX and HLIEX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 1, 1999	0.73

Over the past year, the correlation between VHIAX and HLIEX has dropped to 0.46 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

VHIAX vs. HLIEX — Risk / Return Rank

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

VHIAX

VHIAX Risk / Return Rank: 25
VHIAX Sharpe Ratio Rank: 31
VHIAX Sortino Ratio Rank: 28
VHIAX Omega Ratio Rank: 29
VHIAX Calmar Ratio Rank: 18
VHIAX Martin Ratio Rank: 18

HLIEX

HLIEX Risk / Return Rank: 58
HLIEX Sharpe Ratio Rank: 54
HLIEX Sortino Ratio Rank: 54
HLIEX Omega Ratio Rank: 52
HLIEX Calmar Ratio Rank: 69
HLIEX Martin Ratio Rank: 62

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.

VHIAX vs. HLIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Growth Advantage Fund (VHIAX) and JPMorgan Equity Income Fund (HLIEX). 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.

	VHIAX	HLIEX	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.20	-0.57
Sortino ratio Return per unit of downside risk	2.22	3.12	-0.90
Omega ratio Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio Return relative to maximum drawdown	1.60	3.23	-1.63
Martin ratio Return relative to average drawdown	5.10	12.34	-7.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHIAX vs. HLIEX - Sharpe Ratio Comparison

The current VHIAX Sharpe Ratio is 1.62, which is comparable to the HLIEX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of VHIAX and HLIEX, 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

	VHIAX	HLIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.20	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.73	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.71	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.57	-0.20

Drawdowns

VHIAX vs. HLIEX - Drawdown Comparison

The maximum VHIAX drawdown since its inception was -85.49%, which is greater than HLIEX's maximum drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for VHIAX and HLIEX.

Drawdown Indicators

	VHIAX	HLIEX	Difference
Max Drawdown Largest peak-to-trough decline	-85.49%	-50.33%	-35.16%
Max Drawdown (1Y) Largest decline over 1 year	-15.76%	-7.08%	-8.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-14.19%	-10.19%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-14.85%	-20.40%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-36.89%	+1.64%
Current Drawdown Current decline from peak	0.00%	-0.41%	+0.41%
Average Drawdown Average peak-to-trough decline	-40.13%	-6.37%	-33.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	1.85%	+3.10%

Volatility

VHIAX vs. HLIEX - Volatility Comparison

JPMorgan Growth Advantage Fund (VHIAX) has a higher volatility of 3.85% compared to JPMorgan Equity Income Fund (HLIEX) at 2.41%. This indicates that VHIAX's price experiences larger fluctuations and is considered to be riskier than HLIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHIAX	HLIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.41%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	7.77%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	10.29%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	14.29%	+8.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.19%	16.79%	+5.40%

VHIAX vs. HLIEX - Expense Ratio Comparison

VHIAX has a 1.04% expense ratio, which is higher than HLIEX's 0.70% expense ratio.

Dividends

VHIAX vs. HLIEX - Dividend Comparison

VHIAX's dividend yield for the trailing twelve months is around 11.79%, more than HLIEX's 9.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLIEX JPMorgan Equity Income Fund	9.90%	10.81%	14.41%	2.77%	3.67%	3.33%	1.82%	2.78%	5.12%	2.47%	2.45%	2.73%
VHIAX JPMorgan Growth Advantage Fund	11.79%	12.70%	12.63%	0.64%	0.43%	15.55%	10.33%	9.95%	9.93%	4.25%	0.00%	3.55%

Frequently Asked Questions

Can I hold both VHIAX and HLIEX in my portfolio?

VHIAX and HLIEX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHIAX or HLIEX?

VHIAX has higher volatility (3.85%) compared to HLIEX (2.41%). In terms of maximum drawdown, VHIAX dropped -85.49% vs HLIEX's -50.33%.

Which has better risk-adjusted returns?

HLIEX currently has the higher Sharpe Ratio (2.20 vs 1.62), 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.