VHYAX vs. VEIPX

Last updated Jun 23, 2026

VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both Large Cap Value Equities funds from Vanguard. VHYAX is passively managed, while VEIPX is actively managed. Over the past 5 years, VHYAX returned 12.39%/yr vs 11.72%/yr for VEIPX. With a 0.99 correlation, they move nearly in lockstep. VHYAX charges 0.08%/yr vs 0.28%/yr for VEIPX.

Performance

VHYAX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) and Vanguard Equity Income Fund Investor Shares (VEIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHYAX achieves a 11.58% return, which is significantly higher than VEIPX's 8.31% return.

VHYAX

• 1D: 0.06%
• 1M: 0.34%
• YTD: 11.58%
• 6M: 10.99%
• 1Y: 25.03%
• 3Y*: 17.41%
• 5Y*: 12.39%
• 10Y*: —

VEIPX

• 1D: 0.14%
• 1M: -0.23%
• YTD: 8.31%
• 6M: 7.87%
• 1Y: 21.38%
• 3Y*: 15.95%
• 5Y*: 11.72%
• 10Y*: 11.72%

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

VHYAX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	11.58%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%
VEIPX Vanguard Equity Income Fund Investor Shares	8.31%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	16.95%

Correlation

The correlation between VHYAX and VEIPX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.99

The correlation between VHYAX and VEIPX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

VHYAX vs. VEIPX - Sectors Allocation Comparison

Sectors	VHYAX	VEIPX
Technology	20.3%	14.4%
Financial Services	19.9%	20.3%
Healthcare	12.2%	15.2%
Industrials	11.8%	10.5%
Energy	9.1%	8.5%
Consumer Defensive	8.0%	9.6%
Consumer Cyclical	6.6%	6.0%
Utilities	5.4%	7.2%
Basic Materials	3.4%	2.8%
Communication Services	3.4%	3.0%
Real Estate	0.0%	2.6%

Return for Risk

VHYAX vs. VEIPX — Risk / Return Rank

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

VHYAX

VHYAX Risk / Return Rank: 80
VHYAX Sharpe Ratio Rank: 80
VHYAX Sortino Ratio Rank: 79
VHYAX Omega Ratio Rank: 74
VHYAX Calmar Ratio Rank: 84
VHYAX Martin Ratio Rank: 82

VEIPX

VEIPX Risk / Return Rank: 60
VEIPX Sharpe Ratio Rank: 59
VEIPX Sortino Ratio Rank: 60
VEIPX Omega Ratio Rank: 56
VEIPX Calmar Ratio Rank: 67
VEIPX Martin Ratio Rank: 60

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.

VHYAX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) and Vanguard Equity Income Fund Investor Shares (VEIPX). 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.

	VHYAX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.08	+0.34
Sortino ratio: Return per unit of downside risk	3.45	2.96	+0.49
Omega ratio: Gain probability vs. loss probability	1.44	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	3.76	3.02	+0.74
Martin ratio: Return relative to average drawdown	14.10	11.23	+2.87

VHYAX vs. VEIPX - Sharpe Ratio Comparison

The current VHYAX Sharpe Ratio is 2.42, which is comparable to the VEIPX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VHYAX and VEIPX, 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

VHYAX vs. VEIPX - Drawdown Comparison

The maximum VHYAX drawdown since its inception was -35.14%, smaller than the maximum VEIPX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VHYAX and VEIPX.

Drawdown Indicators

	VHYAX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.14%	-54.12%	+18.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-7.15%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-13.39%	-1.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-15.16%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.26%	—
Current Drawdown Current decline from peak	-1.19%	-1.26%	+0.07%
Average Drawdown Average peak-to-trough decline	-3.76%	-5.50%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.92%	-0.13%

Volatility

VHYAX vs. VEIPX - Volatility Comparison

Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) has a higher volatility of 3.09% compared to Vanguard Equity Income Fund Investor Shares (VEIPX) at 2.84%. This indicates that VHYAX's price experiences larger fluctuations and is considered to be riskier than VEIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHYAX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	2.84%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	7.59%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	10.37%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	13.91%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	16.31%	+1.62%

VHYAX vs. VEIPX - Expense Ratio Comparison

VHYAX has a 0.08% expense ratio, which is lower than VEIPX's 0.28% expense ratio.

Dividends

VHYAX vs. VEIPX - Dividend Comparison

VHYAX's dividend yield for the trailing twelve months is around 2.27%, less than VEIPX's 10.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIPX Vanguard Equity Income Fund Investor Shares	10.15%	10.94%	9.74%	7.87%	8.69%	7.62%	2.77%	4.36%	10.87%	2.98%	3.78%	6.39%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.27%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHYAX and VEIPX in my portfolio?

With a correlation of 0.97, VHYAX and VEIPX 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, VHYAX or VEIPX?

VHYAX has higher volatility (3.09%) compared to VEIPX (2.84%). In terms of maximum drawdown, VHYAX dropped -35.14% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.42 vs 2.08), 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.