VRNIX vs. VRGWX

Last updated Jun 23, 2026

VRNIX (Vanguard Russell 1000 Index Fund Institutional Shares) and VRGWX (Vanguard Russell 1000 Growth Index Fund Institutional Shares) are both mutual funds - VRNIX is a Large Cap Blend Equities fund managed by Vanguard, while VRGWX is a Large Cap Growth Equities fund managed by Vanguard. Over the past 10 years, VRNIX returned 15.44%/yr vs 18.90%/yr for VRGWX. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.

Performance

VRNIX vs. VRGWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRNIX achieves a 9.96% return, which is significantly higher than VRGWX's 4.50% return. Over the past 10 years, VRNIX has underperformed VRGWX with an annualized return of 15.44%, while VRGWX has yielded a comparatively higher 18.90% annualized return.

VRNIX

• 1D: 1.08%
• 1M: 0.67%
• YTD: 9.96%
• 6M: 9.31%
• 1Y: 26.40%
• 3Y*: 20.55%
• 5Y*: 13.56%
• 10Y*: 15.44%

VRGWX

• 1D: 1.39%
• 1M: -1.23%
• YTD: 4.50%
• 6M: 3.80%
• 1Y: 22.79%
• 3Y*: 22.59%
• 5Y*: 15.10%
• 10Y*: 18.90%

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

VRNIX vs. VRGWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares	9.96%	16.94%	24.44%	26.49%	-19.19%	28.64%	20.90%	31.36%	-4.84%	21.58%
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares	4.50%	18.32%	33.25%	42.65%	-29.18%	32.42%	38.38%	36.30%	-1.59%	30.11%

Correlation

The correlation between VRNIX and VRGWX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.95

The correlation between VRNIX and VRGWX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

VRNIX vs. VRGWX — Risk / Return Rank

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

VRNIX

VRNIX Risk / Return Rank: 62
VRNIX Sharpe Ratio Rank: 59
VRNIX Sortino Ratio Rank: 54
VRNIX Omega Ratio Rank: 55
VRNIX Calmar Ratio Rank: 65
VRNIX Martin Ratio Rank: 76

VRGWX

VRGWX Risk / Return Rank: 22
VRGWX Sharpe Ratio Rank: 26
VRGWX Sortino Ratio Rank: 24
VRGWX Omega Ratio Rank: 25
VRGWX Calmar Ratio Rank: 17
VRGWX Martin Ratio Rank: 19

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.

VRNIX vs. VRGWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) and Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX). 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.

	VRNIX	VRGWX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.38	+0.71
Sortino ratio: Return per unit of downside risk	2.83	1.90	+0.93
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	2.96	1.37	+1.59
Martin ratio: Return relative to average drawdown	13.30	4.51	+8.79

VRNIX vs. VRGWX - Sharpe Ratio Comparison

The current VRNIX Sharpe Ratio is 2.09, which is higher than the VRGWX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VRNIX and VRGWX, 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

VRNIX vs. VRGWX - Drawdown Comparison

The maximum VRNIX drawdown since its inception was -34.57%, which is greater than VRGWX's maximum drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for VRNIX and VRGWX.

Drawdown Indicators

	VRNIX	VRGWX	Difference
Max Drawdown Largest peak-to-trough decline	-34.57%	-32.70%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-16.19%	+7.34%
Max Drawdown (3Y) Largest decline over 3 years	-19.40%	-23.44%	+4.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.14%	-32.70%	+7.56%
Max Drawdown (10Y) Largest decline over 10 years	-34.57%	-32.70%	-1.87%
Current Drawdown Current decline from peak	-1.27%	-4.12%	+2.85%
Average Drawdown Average peak-to-trough decline	-3.89%	-4.87%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	4.92%	-2.95%

Volatility

VRNIX vs. VRGWX - Volatility Comparison

The current volatility for Vanguard Russell 1000 Index Fund Institutional Shares (VRNIX) is 4.78%, while Vanguard Russell 1000 Growth Index Fund Institutional Shares (VRGWX) has a volatility of 5.98%. This indicates that VRNIX experiences smaller price fluctuations and is considered to be less risky than VRGWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRNIX	VRGWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	5.98%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	12.71%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	16.14%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	21.73%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	21.22%	-2.90%

VRNIX vs. VRGWX - Expense Ratio Comparison

Both VRNIX and VRGWX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VRNIX vs. VRGWX - Dividend Comparison

VRNIX's dividend yield for the trailing twelve months is around 1.03%, more than VRGWX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VRGWX Vanguard Russell 1000 Growth Index Fund Institutional Shares	0.47%	0.35%	0.56%	0.71%	0.99%	4.18%	0.77%	1.03%	1.22%	1.22%	1.52%	1.51%
VRNIX Vanguard Russell 1000 Index Fund Institutional Shares	1.03%	0.82%	1.21%	1.41%	1.59%	2.86%	1.46%	1.65%	2.00%	1.73%	1.93%	1.92%

Frequently Asked Questions

Can I hold both VRNIX and VRGWX in my portfolio?

With a correlation of 0.92, VRNIX and VRGWX 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, VRNIX or VRGWX?

VRGWX has higher volatility (5.98%) compared to VRNIX (4.78%). In terms of maximum drawdown, VRNIX dropped -34.57% vs VRGWX's -32.70%.

Which has better risk-adjusted returns?

VRNIX currently has the higher Sharpe Ratio (2.09 vs 1.38), 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.