VMIAX vs. VENAX

Last updated Jun 4, 2026

VMIAX (Vanguard Materials Index Fund Admiral Shares) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both mutual funds - VMIAX is a Materials fund managed by Vanguard, while VENAX is a Energy Equities fund managed by Vanguard. Over the past 10 years, VMIAX returned 10.36%/yr vs 9.50%/yr for VENAX. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.10% expense ratio.

Performance

VMIAX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Materials Index Fund Admiral Shares (VMIAX) and Vanguard Energy Index Fund Admiral Shares (VENAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMIAX achieves a 13.48% return, which is significantly lower than VENAX's 30.74% return. Over the past 10 years, VMIAX has outperformed VENAX with an annualized return of 10.36%, while VENAX has yielded a comparatively lower 9.50% annualized return.

VMIAX

• 1D: 1.31%
• 1M: 2.84%
• YTD: 13.48%
• 6M: 16.50%
• 1Y: 23.03%
• 3Y*: 12.54%
• 5Y*: 5.88%
• 10Y*: 10.36%

VENAX

• 1D: 1.15%
• 1M: -3.23%
• YTD: 30.74%
• 6M: 27.90%
• 1Y: 43.96%
• 3Y*: 17.52%
• 5Y*: 20.23%
• 10Y*: 9.50%

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

VMIAX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMIAX Vanguard Materials Index Fund Admiral Shares	13.48%	12.26%	0.45%	13.69%	-11.77%	27.15%	19.37%	23.59%	-17.38%	23.68%
VENAX Vanguard Energy Index Fund Admiral Shares	30.74%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between VMIAX and VENAX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 30, 2004	0.68

Over the past year, the correlation between VMIAX and VENAX has dropped to 0.11 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

VMIAX vs. VENAX - Sectors Allocation Comparison

Sectors	VMIAX	VENAX
Basic Materials	90.2%	0.4%
Consumer Cyclical	8.3%	-
Industrials	1.0%	0.1%
Energy	0.5%	99.5%
Healthcare	0.5%	-
Technology	0.1%	-
Consumer Defensive	0.0%	-
Communication Services	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

VMIAX vs. VENAX — Risk / Return Rank

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

VMIAX

VMIAX Risk / Return Rank: 23
VMIAX Sharpe Ratio Rank: 23
VMIAX Sortino Ratio Rank: 23
VMIAX Omega Ratio Rank: 21
VMIAX Calmar Ratio Rank: 24
VMIAX Martin Ratio Rank: 24

VENAX

VENAX Risk / Return Rank: 58
VENAX Sharpe Ratio Rank: 59
VENAX Sortino Ratio Rank: 48
VENAX Omega Ratio Rank: 45
VENAX Calmar Ratio Rank: 84
VENAX Martin Ratio Rank: 57

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.

VMIAX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials Index Fund Admiral Shares (VMIAX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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.

	VMIAX	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.26	-0.88
Sortino ratio: Return per unit of downside risk	1.98	2.90	-0.91
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.83	3.91	-2.09
Martin ratio: Return relative to average drawdown	5.98	11.54	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMIAX vs. VENAX - Sharpe Ratio Comparison

The current VMIAX Sharpe Ratio is 1.39, which is lower than the VENAX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of VMIAX and VENAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMIAX	VENAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.26	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.77	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.32	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.27	+0.11

Drawdowns

VMIAX vs. VENAX - Drawdown Comparison

The maximum VMIAX drawdown since its inception was -62.17%, smaller than the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for VMIAX and VENAX.

Drawdown Indicators

	VMIAX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-74.42%	+12.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-11.79%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-21.44%	-1.77%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-26.59%	+1.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.02%	-69.58%	+28.56%
Current Drawdown Current decline from peak	-3.53%	-7.50%	+3.97%
Average Drawdown Average peak-to-trough decline	-9.63%	-19.98%	+10.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.99%	+0.09%

Volatility

VMIAX vs. VENAX - Volatility Comparison

The current volatility for Vanguard Materials Index Fund Admiral Shares (VMIAX) is 6.36%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 7.91%. This indicates that VMIAX experiences smaller price fluctuations and is considered to be less risky than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMIAX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	7.91%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	16.29%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	20.40%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	26.43%	-6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	30.24%	-9.01%

VMIAX vs. VENAX - Expense Ratio Comparison

Both VMIAX and VENAX have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VMIAX vs. VENAX - Dividend Comparison

VMIAX's dividend yield for the trailing twelve months is around 1.36%, less than VENAX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VENAX Vanguard Energy Index Fund Admiral Shares	2.40%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%
VMIAX Vanguard Materials Index Fund Admiral Shares	1.36%	1.55%	1.70%	1.72%	1.98%	1.33%	1.67%	1.94%	2.02%	1.63%	1.73%	2.31%

Frequently Asked Questions

Can I hold both VMIAX and VENAX in my portfolio?

VMIAX and VENAX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMIAX or VENAX?

VENAX has higher volatility (7.91%) compared to VMIAX (6.36%). In terms of maximum drawdown, VMIAX dropped -62.17% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

VENAX currently has the higher Sharpe Ratio (2.26 vs 1.39), 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.