VIVAX vs. VEIPX

Last updated Aug 4, 2026

VIVAX (Vanguard Value Index Fund Investor Shares) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both mutual funds - VIVAX is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index, while VEIPX is a Dividend fund actively managed by Vanguard. VIVAX is passively managed, while VEIPX is actively managed. Over the past 10 years, VIVAX returned 12.36%/yr vs 11.77%/yr for VEIPX. Their 0.96 correlation means they have historically moved very closely together. VIVAX charges 0.17%/yr vs 0.28%/yr for VEIPX.

Performance

VIVAX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value Index Fund Investor Shares (VIVAX) 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, VIVAX achieves a 16.25% return, which is significantly higher than VEIPX's 11.80% return. Both investments have delivered pretty close results over the past 10 years, with VIVAX having a 12.36% annualized return and VEIPX not far behind at 11.77%.

VIVAX

• 1D: -0.29%
• 1M: 0.29%
• 6M: 10.23%
• YTD: 16.25%
• 1Y: 27.70%
• 3Y*: 16.73%
• 5Y*: 12.01%
• 10Y*: 12.36%
• ALL TIME*: 10.12%

VEIPX

• 1D: 0.00%
• 1M: 1.91%
• 6M: 7.72%
• YTD: 11.80%
• 1Y: 23.19%
• 3Y*: 15.55%
• 5Y*: 11.63%
• 10Y*: 11.77%
• ALL TIME*: 10.38%

*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)
VEIPX Vanguard Equity Income Fund Investor Shares	$0.00	$0.00	$0.00
VIVAX Vanguard Value Index Fund Investor Shares	$0.00	$0.00	$0.00

VIVAX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIVAX Vanguard Value Index Fund Investor Shares	16.25%	14.50%	15.85%	9.08%	-2.18%	26.32%	2.18%	25.66%	-5.56%	16.98%
VEIPX Vanguard Equity Income Fund Investor Shares	11.80%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between VIVAX and VEIPX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Oct 30, 1992	0.96

The correlation between VIVAX and VEIPX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

VIVAX vs. VEIPX — Risk / Return Rank

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

VIVAX

VIVAX Risk / Return Rank: 93
VIVAX Sharpe Ratio Rank: 95
VIVAX Sortino Ratio Rank: 93
VIVAX Omega Ratio Rank: 89
VIVAX Calmar Ratio Rank: 95
VIVAX Martin Ratio Rank: 95

VEIPX

VEIPX Risk / Return Rank: 86
VEIPX Sharpe Ratio Rank: 87
VEIPX Sortino Ratio Rank: 85
VEIPX Omega Ratio Rank: 82
VEIPX Calmar Ratio Rank: 86
VEIPX Martin Ratio Rank: 87

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.

VIVAX vs. VEIPX - Risk-Adjusted Trends Comparison

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

	VIVAX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.18	+0.41
Sortino ratio: Return per unit of downside risk	3.70	3.12	+0.58
Omega ratio: Gain probability vs. loss probability	1.47	1.40	+0.07
Calmar ratio: Return relative to maximum drawdown	4.20	3.10	+1.10
Martin ratio: Return relative to average drawdown	16.18	11.71	+4.47

VIVAX vs. VEIPX - Sharpe Ratio Comparison

The current VIVAX Sharpe Ratio is 2.59, which is comparable to the VEIPX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VIVAX 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

VIVAX vs. VEIPX - Drawdown Comparison

The maximum VIVAX drawdown since its inception was -59.38%, which is greater than VEIPX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VIVAX and VEIPX.

Drawdown Indicators

	VIVAX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-54.12%	-5.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-7.15%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-13.39%	-1.51%
Max Drawdown (5Y) Largest decline over 5 years	-17.17%	-15.16%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.81%	-35.26%	-1.55%
Current Drawdown Current decline from peak	-1.36%	-0.85%	-0.51%
Average Drawdown Average peak-to-trough decline	-8.04%	-5.48%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	1.89%	-0.24%

Volatility

VIVAX vs. VEIPX - Volatility Comparison

Vanguard Value Index Fund Investor Shares (VIVAX) and Vanguard Equity Income Fund Investor Shares (VEIPX) have volatilities of 2.64% and 2.57%, 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

	VIVAX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.57%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	7.36%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	10.26%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.87%	13.84%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	16.25%	+0.44%

VIVAX vs. VEIPX - Expense Ratio Comparison

VIVAX has a 0.17% expense ratio, which is lower than VEIPX's 0.28% expense ratio.

Dividends

VIVAX vs. VEIPX - Dividend Comparison

VIVAX's dividend yield for the trailing twelve months is around 1.74%, less than VEIPX's 9.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIPX Vanguard Equity Income Fund Investor Shares	9.83%	10.94%	9.74%	7.87%	8.69%	7.62%	2.77%	4.36%	10.87%	2.98%	3.78%	6.39%
VIVAX Vanguard Value Index Fund Investor Shares	1.74%	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 VIVAX and VEIPX in my portfolio?

With a correlation of 0.90, VIVAX 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, VIVAX or VEIPX?

VIVAX has higher volatility (2.64%) compared to VEIPX (2.57%). In terms of maximum drawdown, VIVAX dropped -59.38% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VIVAX currently has the higher Sharpe Ratio (2.59 vs 2.18), 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.