VMGRX vs. VEIPX

Last updated Jun 24, 2026

VMGRX (Vanguard Mid-Cap Growth Fund) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both mutual funds - VMGRX is a Mid Cap Growth Equities fund managed by Vanguard, while VEIPX is a Large Cap Value Equities fund actively managed by Vanguard. Over the past 10 years, VMGRX returned 10.76%/yr vs 11.92%/yr for VEIPX. A 0.73 correlation means they provide meaningful diversification when combined. VMGRX charges 0.33%/yr vs 0.28%/yr for VEIPX.

Performance

VMGRX vs. VEIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Growth Fund (VMGRX) 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, VMGRX achieves a 3.94% return, which is significantly lower than VEIPX's 8.13% return. Over the past 10 years, VMGRX has underperformed VEIPX with an annualized return of 10.76%, while VEIPX has yielded a comparatively higher 11.92% annualized return.

VMGRX

• 1D: -0.27%
• 1M: 3.36%
• YTD: 3.94%
• 6M: 2.01%
• 1Y: 9.47%
• 3Y*: 13.67%
• 5Y*: 3.23%
• 10Y*: 10.76%

VEIPX

• 1D: -0.17%
• 1M: -0.40%
• YTD: 8.13%
• 6M: 7.52%
• 1Y: 20.32%
• 3Y*: 16.81%
• 5Y*: 11.37%
• 10Y*: 11.92%

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

VMGRX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMGRX Vanguard Mid-Cap Growth Fund	3.94%	8.80%	17.73%	24.15%	-30.13%	9.21%	33.40%	32.06%	-3.52%	21.60%
VEIPX Vanguard Equity Income Fund Investor Shares	8.13%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between VMGRX and VEIPX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.73

The correlation between VMGRX and VEIPX shifts across timeframes, from 0.59 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

VMGRX vs. VEIPX - Sectors Allocation Comparison

Sectors	VMGRX	VEIPX
Technology	25.5%	14.4%
Consumer Cyclical	22.2%	6.0%
Industrials	17.9%	10.5%
Communication Services	15.3%	3.0%
Healthcare	8.1%	15.2%
Financial Services	4.2%	20.3%
Energy	3.3%	8.5%
Consumer Defensive	3.2%	9.6%
Utilities	2.0%	7.2%
Real Estate	1.6%	2.6%
Basic Materials	1.4%	2.8%

Return for Risk

VMGRX vs. VEIPX — Risk / Return Rank

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

VMGRX

VMGRX Risk / Return Rank: 7
VMGRX Sharpe Ratio Rank: 7
VMGRX Sortino Ratio Rank: 7
VMGRX Omega Ratio Rank: 7
VMGRX Calmar Ratio Rank: 6
VMGRX Martin Ratio Rank: 7

VEIPX

VEIPX Risk / Return Rank: 59
VEIPX Sharpe Ratio Rank: 57
VEIPX Sortino Ratio Rank: 58
VEIPX Omega Ratio Rank: 54
VEIPX Calmar Ratio Rank: 66
VEIPX 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.

VMGRX vs. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Growth Fund (VMGRX) 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.

	VMGRX	VEIPX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.05	-1.52
Sortino ratio: Return per unit of downside risk	0.85	2.92	-2.07
Omega ratio: Gain probability vs. loss probability	1.10	1.37	-0.27
Calmar ratio: Return relative to maximum drawdown	0.55	2.98	-2.42
Martin ratio: Return relative to average drawdown	1.72	11.06	-9.34

VMGRX vs. VEIPX - Sharpe Ratio Comparison

The current VMGRX Sharpe Ratio is 0.53, which is lower than the VEIPX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VMGRX 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

VMGRX vs. VEIPX - Drawdown Comparison

The maximum VMGRX drawdown since its inception was -71.74%, which is greater than VEIPX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VMGRX and VEIPX.

Drawdown Indicators

	VMGRX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-71.74%	-54.12%	-17.62%
Max Drawdown (1Y) Largest decline over 1 year	-19.09%	-7.15%	-11.94%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-13.39%	-13.46%
Max Drawdown (5Y) Largest decline over 5 years	-39.71%	-15.16%	-24.55%
Max Drawdown (10Y) Largest decline over 10 years	-39.71%	-35.26%	-4.45%
Current Drawdown Current decline from peak	-0.27%	-1.43%	+1.16%
Average Drawdown Average peak-to-trough decline	-24.45%	-5.50%	-18.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	1.92%	+4.23%

Volatility

VMGRX vs. VEIPX - Volatility Comparison

Vanguard Mid-Cap Growth Fund (VMGRX) has a higher volatility of 7.75% compared to Vanguard Equity Income Fund Investor Shares (VEIPX) at 2.82%. This indicates that VMGRX'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

	VMGRX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	2.82%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	7.60%	+8.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.11%	10.39%	+9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.43%	13.90%	+9.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	16.31%	+6.10%

VMGRX vs. VEIPX - Expense Ratio Comparison

VMGRX has a 0.33% expense ratio, which is higher than VEIPX's 0.28% expense ratio.

Dividends

VMGRX vs. VEIPX - Dividend Comparison

VMGRX's dividend yield for the trailing twelve months is around 17.07%, more than VEIPX's 10.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIPX Vanguard Equity Income Fund Investor Shares	10.17%	10.94%	9.74%	7.87%	8.69%	7.62%	2.77%	4.36%	10.87%	2.98%	3.78%	6.39%
VMGRX Vanguard Mid-Cap Growth Fund	17.07%	17.74%	1.80%	0.39%	0.26%	34.53%	6.30%	10.43%	14.53%	3.13%	0.67%	8.20%

Frequently Asked Questions

Can I hold both VMGRX and VEIPX in my portfolio?

VMGRX and VEIPX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMGRX or VEIPX?

VMGRX has higher volatility (7.75%) compared to VEIPX (2.82%). In terms of maximum drawdown, VMGRX dropped -71.74% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.05 vs 0.53), 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.