VVIAX vs. VIG

Last updated Jun 24, 2026

VVIAX (Vanguard Value Index Fund Admiral Shares) and VIG (Vanguard Dividend Appreciation ETF) are both funds - VVIAX is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index, while VIG is a Dividend fund tracking the S&P U.S. Dividend Growers Index. Both are passively managed. Over the past 10 years, VVIAX returned 13.00%/yr vs 13.34%/yr for VIG. Their correlation of 0.93 suggests significant overlap in exposure. VVIAX charges 0.05%/yr vs 0.04%/yr for VIG.

Performance

VVIAX vs. VIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value Index Fund Admiral Shares (VVIAX) and Vanguard Dividend Appreciation ETF (VIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVIAX achieves a 15.10% return, which is significantly higher than VIG's 6.98% return. Both investments have delivered pretty close results over the past 10 years, with VVIAX having a 13.00% annualized return and VIG not far ahead at 13.34%.

VVIAX

• 1D: 0.97%
• 1M: 3.70%
• YTD: 15.10%
• 6M: 14.54%
• 1Y: 27.88%
• 3Y*: 18.86%
• 5Y*: 12.50%
• 10Y*: 13.00%

VIG

• 1D: -0.51%
• 1M: 0.48%
• YTD: 6.98%
• 6M: 6.28%
• 1Y: 18.42%
• 3Y*: 15.85%
• 5Y*: 10.82%
• 10Y*: 13.34%

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

VVIAX vs. VIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVIAX Vanguard Value Index Fund Admiral Shares	15.10%	15.27%	16.00%	9.22%	-2.07%	26.51%	2.29%	25.81%	-5.45%	17.13%
VIG Vanguard Dividend Appreciation ETF	6.98%	14.17%	16.99%	14.51%	-9.80%	23.76%	15.43%	29.62%	-2.08%	22.22%

Correlation

The correlation between VVIAX and VIG is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 27, 2006	0.93

The correlation between VVIAX and VIG has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

VVIAX vs. VIG - Sectors Allocation Comparison

Sectors	VVIAX	VIG
Financial Services	22.3%	19.9%
Healthcare	14.5%	16.6%
Industrials	14.0%	11.3%
Technology	13.4%	29.0%
Consumer Defensive	9.4%	9.3%
Energy	8.1%	3.2%
Utilities	5.2%	2.9%
Consumer Cyclical	4.0%	4.4%
Communication Services	3.3%	0.5%
Basic Materials	3.1%	3.3%
Real Estate	2.8%	-

Return for Risk

VVIAX vs. VIG — Risk / Return Rank

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

VVIAX

VVIAX Risk / Return Rank: 89
VVIAX Sharpe Ratio Rank: 91
VVIAX Sortino Ratio Rank: 88
VVIAX Omega Ratio Rank: 82
VVIAX Calmar Ratio Rank: 91
VVIAX Martin Ratio Rank: 91

VIG

VIG Risk / Return Rank: 54
VIG Sharpe Ratio Rank: 56
VIG Sortino Ratio Rank: 58
VIG Omega Ratio Rank: 54
VIG Calmar Ratio Rank: 49
VIG Martin Ratio Rank: 56

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.

VVIAX vs. VIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Value Index Fund Admiral Shares (VVIAX) and Vanguard Dividend Appreciation ETF (VIG). 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.

	VVIAX	VIG	Difference
Sharpe ratio: Return per unit of total volatility	2.79	1.83	+0.96
Sortino ratio: Return per unit of downside risk	3.95	2.66	+1.29
Omega ratio: Gain probability vs. loss probability	1.50	1.33	+0.17
Calmar ratio: Return relative to maximum drawdown	4.55	2.34	+2.21
Martin ratio: Return relative to average drawdown	17.10	9.44	+7.66

VVIAX vs. VIG - Sharpe Ratio Comparison

The current VVIAX Sharpe Ratio is 2.79, which is higher than the VIG Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VVIAX and VIG, 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

VVIAX vs. VIG - Drawdown Comparison

The maximum VVIAX drawdown since its inception was -59.32%, which is greater than VIG's maximum drawdown of -46.81%. Use the drawdown chart below to compare losses from any high point for VVIAX and VIG.

Drawdown Indicators

	VVIAX	VIG	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-46.81%	-12.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-7.91%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-14.95%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-20.39%	+3.25%
Max Drawdown (10Y) Largest decline over 10 years	-36.80%	-31.72%	-5.08%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-9.60%	-5.50%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.96%	-0.27%

Volatility

VVIAX vs. VIG - Volatility Comparison

Vanguard Value Index Fund Admiral Shares (VVIAX) has a higher volatility of 3.36% compared to Vanguard Dividend Appreciation ETF (VIG) at 2.89%. This indicates that VVIAX's price experiences larger fluctuations and is considered to be riskier than VIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVIAX	VIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.89%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	7.70%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	10.14%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	14.23%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	16.04%	+0.72%

VVIAX vs. VIG - Expense Ratio Comparison

VVIAX has a 0.05% expense ratio, which is higher than VIG's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VVIAX vs. VIG - Dividend Comparison

VVIAX's dividend yield for the trailing twelve months is around 1.81%, more than VIG's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIG Vanguard Dividend Appreciation ETF	1.47%	1.62%	1.73%	1.88%	1.96%	1.55%	1.63%	1.71%	2.08%	1.88%	2.14%	2.34%
VVIAX Vanguard Value Index Fund Admiral Shares	1.81%	2.04%	2.30%	2.45%	2.51%	2.14%	2.55%	2.49%	2.72%	2.29%	2.45%	2.60%

Frequently Asked Questions

Can I hold both VVIAX and VIG in my portfolio?

VVIAX and VIG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VVIAX or VIG?

VVIAX has higher volatility (3.36%) compared to VIG (2.89%). In terms of maximum drawdown, VVIAX dropped -59.32% vs VIG's -46.81%.

Which has better risk-adjusted returns?

VVIAX currently has the higher Sharpe Ratio (2.79 vs 1.83), 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.