VTMNX vs. VEIRX

Last updated Jul 14, 2026

VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and VEIRX (Vanguard Equity Income Fund Admiral Shares) are both mutual funds - VTMNX is a Foreign Large Cap Equities fund managed by Vanguard, while VEIRX is a Large Cap Value Equities fund actively managed by Vanguard. Over the past 10 years, VTMNX returned 10.23%/yr vs 11.68%/yr for VEIRX. A 0.75 correlation means they provide meaningful diversification when combined. VTMNX charges 0.05%/yr vs 0.19%/yr for VEIRX.

Performance

VTMNX vs. VEIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) 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, VTMNX achieves a 14.33% return, which is significantly higher than VEIRX's 10.68% return. Over the past 10 years, VTMNX has underperformed VEIRX with an annualized return of 10.23%, while VEIRX has yielded a comparatively higher 11.68% annualized return.

VTMNX

• 1D: 0.31%
• 1M: -0.30%
• 6M: 10.06%
• YTD: 14.33%
• 1Y: 28.26%
• 3Y*: 19.30%
• 5Y*: 9.80%
• 10Y*: 10.23%

VEIRX

• 1D: 0.40%
• 1M: 1.17%
• 6M: 8.01%
• YTD: 10.68%
• 1Y: 19.87%
• 3Y*: 16.59%
• 5Y*: 11.53%
• 10Y*: 11.68%

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

VTMNX vs. VEIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	14.33%	35.16%	2.99%	17.82%	-15.36%	11.40%	10.26%	22.13%	-14.51%	26.45%
VEIRX Vanguard Equity Income Fund Admiral Shares	10.68%	17.25%	14.91%	7.76%	-0.08%	25.49%	3.08%	25.34%	-5.68%	17.68%

Correlation

The correlation between VTMNX and VEIRX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 13, 2001	0.75

The correlation between VTMNX and VEIRX shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

VTMNX vs. VEIRX - Sectors Allocation Comparison

Sectors	VTMNX	VEIRX
Financial Services	22.3%	20.5%
Industrials	17.7%	9.7%
Technology	16.7%	13.0%
Healthcare	7.8%	14.8%
Basic Materials	7.6%	4.1%
Consumer Cyclical	7.2%	6.2%
Consumer Defensive	5.3%	9.4%
Energy	4.7%	8.3%
Communication Services	3.1%	2.9%
Utilities	3.1%	7.0%
Real Estate	2.5%	1.9%

Return for Risk

VTMNX vs. VEIRX — Risk / Return Rank

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

VTMNX

VTMNX Risk / Return Rank: 54
VTMNX Sharpe Ratio Rank: 55
VTMNX Sortino Ratio Rank: 50
VTMNX Omega Ratio Rank: 54
VTMNX Calmar Ratio Rank: 57
VTMNX Martin Ratio Rank: 56

VEIRX

VEIRX Risk / Return Rank: 70
VEIRX Sharpe Ratio Rank: 71
VEIRX Sortino Ratio Rank: 71
VEIRX Omega Ratio Rank: 68
VEIRX Calmar Ratio Rank: 74
VEIRX Martin Ratio Rank: 67

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.

VTMNX vs. VEIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) 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.

	VTMNX	VEIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.86	-0.21
Sortino ratio: Return per unit of downside risk	2.27	2.68	-0.41
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.33	2.69	-0.36
Martin ratio: Return relative to average drawdown	8.85	9.97	-1.12

VTMNX vs. VEIRX - Sharpe Ratio Comparison

The current VTMNX Sharpe Ratio is 1.66, which is comparable to the VEIRX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of VTMNX 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

VTMNX vs. VEIRX - Drawdown Comparison

The maximum VTMNX drawdown since its inception was -60.57%, which is greater than VEIRX's maximum drawdown of -54.02%. Use the drawdown chart below to compare losses from any high point for VTMNX and VEIRX.

Drawdown Indicators

	VTMNX	VEIRX	Difference
Max Drawdown Largest peak-to-trough decline	-60.57%	-54.02%	-6.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-7.13%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-13.36%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-15.12%	-14.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-35.26%	-0.34%
Current Drawdown Current decline from peak	-1.93%	0.00%	-1.93%
Average Drawdown Average peak-to-trough decline	-13.17%	-6.48%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	1.93%	+1.15%

Volatility

VTMNX vs. VEIRX - Volatility Comparison

Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 6.47% compared to Vanguard Equity Income Fund Admiral Shares (VEIRX) at 2.56%. This indicates that VTMNX'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

	VTMNX	VEIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	2.56%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	7.50%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	10.31%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	13.86%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.34%	16.24%	+0.10%

VTMNX vs. VEIRX - Expense Ratio Comparison

VTMNX has a 0.05% 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

VTMNX vs. VEIRX - Dividend Comparison

VTMNX's dividend yield for the trailing twelve months is around 2.56%, less than VEIRX's 10.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIRX Vanguard Equity Income Fund Admiral Shares	10.03%	11.03%	9.83%	7.96%	8.79%	7.71%	2.86%	4.45%	10.98%	3.04%	3.87%	6.48%
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	2.56%	3.22%	3.36%	3.15%	2.91%	3.16%	2.04%	3.05%	3.35%	2.77%	3.06%	2.92%

Frequently Asked Questions

Can I hold both VTMNX and VEIRX in my portfolio?

VTMNX and VEIRX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTMNX or VEIRX?

VTMNX has higher volatility (6.47%) compared to VEIRX (2.56%). In terms of maximum drawdown, VTMNX dropped -60.57% vs VEIRX's -54.02%.

Which has better risk-adjusted returns?

VEIRX currently has the higher Sharpe Ratio (1.86 vs 1.66), 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.