VMGMX vs. VEIRX

Last updated Jun 24, 2026

VMGMX (Vanguard Mid-Cap Growth Index Fund Admiral Shares) and VEIRX (Vanguard Equity Income Fund Admiral Shares) are both mutual funds - VMGMX is a Mid Cap Growth Equities fund tracking the CRSP US Mid Cap Growth Index, while VEIRX is a Large Cap Value Equities fund actively managed by Vanguard. VMGMX is passively managed, while VEIRX is actively managed. Over the past 10 years, VMGMX returned 12.73%/yr vs 12.02%/yr for VEIRX. A 0.77 correlation means they provide meaningful diversification when combined. VMGMX charges 0.07%/yr vs 0.19%/yr for VEIRX.

Performance

VMGMX vs. VEIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) and Vanguard Equity Income Fund Admiral Shares (VEIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMGMX achieves a 10.13% return, which is significantly higher than VEIRX's 8.18% return. Over the past 10 years, VMGMX has outperformed VEIRX with an annualized return of 12.73%, while VEIRX has yielded a comparatively lower 12.02% annualized return.

VMGMX

• 1D: 0.24%
• 1M: 5.32%
• YTD: 10.13%
• 6M: 8.21%
• 1Y: 12.36%
• 3Y*: 16.49%
• 5Y*: 6.34%
• 10Y*: 12.73%

VEIRX

• 1D: -0.17%
• 1M: -0.40%
• YTD: 8.18%
• 6M: 7.57%
• 1Y: 20.43%
• 3Y*: 16.91%
• 5Y*: 11.47%
• 10Y*: 12.02%

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

VMGMX vs. VEIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	10.13%	10.69%	15.65%	23.93%	-28.84%	20.48%	34.45%	33.85%	-5.61%	21.83%
VEIRX Vanguard Equity Income Fund Admiral Shares	8.18%	17.25%	14.91%	7.76%	-0.08%	25.49%	3.08%	25.34%	-5.68%	17.68%

Correlation

The correlation between VMGMX and VEIRX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.77

The correlation between VMGMX and VEIRX shifts across timeframes, from 0.65 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

VMGMX vs. VEIRX - Sectors Allocation Comparison

Sectors	VMGMX	VEIRX
Technology	32.5%	13.0%
Industrials	23.2%	10.6%
Consumer Cyclical	12.8%	6.0%
Healthcare	8.9%	14.8%
Financial Services	6.9%	20.5%
Real Estate	4.5%	1.9%
Communication Services	3.6%	2.9%
Utilities	3.2%	7.0%
Energy	1.9%	8.3%
Basic Materials	1.6%	3.4%
Consumer Defensive	0.8%	9.4%

Return for Risk

VMGMX vs. VEIRX — Risk / Return Rank

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

VMGMX

VMGMX Risk / Return Rank: 10
VMGMX Sharpe Ratio Rank: 10
VMGMX Sortino Ratio Rank: 10
VMGMX Omega Ratio Rank: 10
VMGMX Calmar Ratio Rank: 9
VMGMX Martin Ratio Rank: 9

VEIRX

VEIRX Risk / Return Rank: 59
VEIRX Sharpe Ratio Rank: 57
VEIRX Sortino Ratio Rank: 58
VEIRX Omega Ratio Rank: 54
VEIRX Calmar Ratio Rank: 67
VEIRX Martin Ratio Rank: 59

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.

VMGMX vs. VEIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) and Vanguard Equity Income Fund Admiral Shares (VEIRX). 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.

	VMGMX	VEIRX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.06	-1.27
Sortino ratio: Return per unit of downside risk	1.19	2.93	-1.74
Omega ratio: Gain probability vs. loss probability	1.14	1.37	-0.23
Calmar ratio: Return relative to maximum drawdown	0.84	3.00	-2.16
Martin ratio: Return relative to average drawdown	2.50	11.12	-8.62

VMGMX vs. VEIRX - Sharpe Ratio Comparison

The current VMGMX Sharpe Ratio is 0.79, which is lower than the VEIRX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VMGMX and VEIRX, 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

VMGMX vs. VEIRX - Drawdown Comparison

The maximum VMGMX drawdown since its inception was -37.17%, smaller than the maximum VEIRX drawdown of -54.02%. Use the drawdown chart below to compare losses from any high point for VMGMX and VEIRX.

Drawdown Indicators

	VMGMX	VEIRX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-54.02%	+16.85%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-7.13%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.65%	-13.36%	-8.29%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-15.12%	-22.05%
Max Drawdown (10Y) Largest decline over 10 years	-37.17%	-35.26%	-1.91%
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-7.00%	-6.49%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	1.92%	+3.42%

Volatility

VMGMX vs. VEIRX - Volatility Comparison

Vanguard Mid-Cap Growth Index Fund Admiral Shares (VMGMX) has a higher volatility of 6.71% compared to Vanguard Equity Income Fund Admiral Shares (VEIRX) at 2.82%. This indicates that VMGMX's price experiences larger fluctuations and is considered to be riskier than VEIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMGMX	VEIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	2.82%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	7.60%	+6.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	10.40%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	13.89%	+7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	16.31%	+4.76%

VMGMX vs. VEIRX - Expense Ratio Comparison

VMGMX has a 0.07% expense ratio, which is lower than VEIRX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMGMX vs. VEIRX - Dividend Comparison

VMGMX's dividend yield for the trailing twelve months is around 0.60%, less than VEIRX's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIRX Vanguard Equity Income Fund Admiral Shares	10.26%	11.03%	9.83%	7.96%	8.79%	7.71%	2.86%	4.45%	10.98%	3.04%	3.87%	6.48%
VMGMX Vanguard Mid-Cap Growth Index Fund Admiral Shares	0.60%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.82%

Frequently Asked Questions

Can I hold both VMGMX and VEIRX in my portfolio?

VMGMX and VEIRX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMGMX or VEIRX?

VMGMX has higher volatility (6.71%) compared to VEIRX (2.82%). In terms of maximum drawdown, VMGMX dropped -37.17% vs VEIRX's -54.02%.

Which has better risk-adjusted returns?

VEIRX currently has the higher Sharpe Ratio (2.06 vs 0.79), 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.