VIGRX vs. VIVAX

Last updated Aug 1, 2026

VIGRX (Vanguard Growth Index Fund Investor Shares) and VIVAX (Vanguard Value Index Fund Investor Shares) are both mutual funds - VIGRX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index, while VIVAX is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index. Both are passively managed. Over the past 10 years, VIGRX returned 16.99%/yr vs 12.33%/yr for VIVAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.17% expense ratio.

Performance

VIGRX vs. VIVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth Index Fund Investor Shares (VIGRX) and Vanguard Value Index Fund Investor Shares (VIVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIGRX achieves a 3.73% return, which is significantly lower than VIVAX's 16.58% return. Over the past 10 years, VIGRX has outperformed VIVAX with an annualized return of 16.99%, while VIVAX has yielded a comparatively lower 12.33% annualized return.

VIGRX

• 1D: 2.71%
• 1M: -1.63%
• 6M: 5.13%
• YTD: 3.73%
• 1Y: 13.90%
• 3Y*: 20.41%
• 5Y*: 11.74%
• 10Y*: 16.99%
• ALL TIME*: 11.38%

VIVAX

• 1D: 0.33%
• 1M: 0.58%
• 6M: 11.47%
• YTD: 16.58%
• 1Y: 28.07%
• 3Y*: 16.76%
• 5Y*: 12.07%
• 10Y*: 12.33%
• ALL TIME*: 10.13%

*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)
VIGRX Vanguard Growth Index Fund Investor Shares	$0.00	$0.00	$0.00
VIVAX Vanguard Value Index Fund Investor Shares	$0.00	$0.00	$0.00

VIGRX vs. VIVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIGRX Vanguard Growth Index Fund Investor Shares	3.73%	19.18%	32.51%	46.59%	-33.22%	27.10%	40.01%	37.08%	-3.47%	27.64%
VIVAX Vanguard Value Index Fund Investor Shares	16.58%	14.50%	15.85%	9.08%	-2.18%	26.32%	2.18%	25.66%	-5.56%	16.98%

Correlation

The correlation between VIGRX and VIVAX is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Oct 30, 1992	0.79

Over the past year, the correlation between VIGRX and VIVAX has dropped to 0.36 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

VIGRX vs. VIVAX — Risk / Return Rank

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

VIGRX

VIGRX Risk / Return Rank: 17
VIGRX Sharpe Ratio Rank: 18
VIGRX Sortino Ratio Rank: 18
VIGRX Omega Ratio Rank: 18
VIGRX Calmar Ratio Rank: 15
VIGRX Martin Ratio Rank: 17

VIVAX

VIVAX Risk / Return Rank: 93
VIVAX Sharpe Ratio Rank: 94
VIVAX Sortino Ratio Rank: 92
VIVAX Omega Ratio Rank: 88
VIVAX Calmar Ratio Rank: 95
VIVAX Martin Ratio Rank: 95

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.

VIGRX vs. VIVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth Index Fund Investor Shares (VIGRX) and Vanguard Value Index Fund Investor Shares (VIVAX). 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.

	VIGRX	VIVAX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.51	-1.86
Sortino ratio: Return per unit of downside risk	1.00	3.58	-2.57
Omega ratio: Gain probability vs. loss probability	1.12	1.45	-0.33
Calmar ratio: Return relative to maximum drawdown	0.70	4.08	-3.38
Martin ratio: Return relative to average drawdown	2.22	15.73	-13.51

VIGRX vs. VIVAX - Sharpe Ratio Comparison

The current VIGRX Sharpe Ratio is 0.65, which is lower than the VIVAX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VIGRX and VIVAX, 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

VIGRX vs. VIVAX - Drawdown Comparison

The maximum VIGRX drawdown since its inception was -57.47%, roughly equal to the maximum VIVAX drawdown of -59.38%. Use the drawdown chart below to compare losses from any high point for VIGRX and VIVAX.

Drawdown Indicators

	VIGRX	VIVAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.47%	-59.38%	+1.91%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-6.37%	-10.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.13%	-14.90%	-8.23%
Max Drawdown (5Y) Largest decline over 5 years	-35.70%	-17.17%	-18.53%
Max Drawdown (10Y) Largest decline over 10 years	-35.70%	-36.81%	+1.11%
Current Drawdown Current decline from peak	-6.62%	-1.07%	-5.55%
Average Drawdown Average peak-to-trough decline	-14.16%	-8.04%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	1.66%	+3.52%

Volatility

VIGRX vs. VIVAX - Volatility Comparison

Vanguard Growth Index Fund Investor Shares (VIGRX) has a higher volatility of 5.40% compared to Vanguard Value Index Fund Investor Shares (VIVAX) at 2.64%. This indicates that VIGRX's price experiences larger fluctuations and is considered to be riskier than VIVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIGRX	VIVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	2.64%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	14.24%	7.79%	+6.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	10.38%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.62%	13.87%	+8.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	16.69%	+5.00%

VIGRX vs. VIVAX - Expense Ratio Comparison

Both VIGRX and VIVAX have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VIGRX vs. VIVAX - Dividend Comparison

VIGRX's dividend yield for the trailing twelve months is around 0.27%, less than VIVAX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIGRX Vanguard Growth Index Fund Investor Shares	0.27%	0.22%	0.35%	0.47%	0.54%	0.36%	0.56%	0.83%	1.18%	1.03%	1.27%	1.16%
VIVAX Vanguard Value Index Fund Investor Shares	1.73%	1.42%	2.19%	2.33%	2.39%	2.02%	2.43%	2.39%	2.59%	2.18%	2.33%	2.46%

Frequently Asked Questions

Can I hold both VIGRX and VIVAX in my portfolio?

VIGRX and VIVAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIGRX or VIVAX?

VIGRX has higher volatility (5.40%) compared to VIVAX (2.64%). In terms of maximum drawdown, VIGRX dropped -57.47% vs VIVAX's -59.38%.

Which has better risk-adjusted returns?

VIVAX currently has the higher Sharpe Ratio (2.51 vs 0.65), 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.