VWUAX vs. VINIX

Last updated Jun 24, 2026

VWUAX (Vanguard U.S. Growth Fund Admiral Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VWUAX is a Large Cap Growth Equities fund actively managed by Vanguard, while VINIX is a S&P 500 fund tracking the S&P 500 Index. VWUAX is actively managed, while VINIX is passively managed. Over the past 10 years, VWUAX returned 16.18%/yr vs 15.85%/yr for VINIX. Their correlation of 0.92 suggests significant overlap in exposure. VWUAX charges 0.25%/yr vs 0.04%/yr for VINIX.

Performance

VWUAX vs. VINIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Growth Fund Admiral Shares (VWUAX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWUAX achieves a -0.28% return, which is significantly lower than VINIX's 9.78% return. Both investments have delivered pretty close results over the past 10 years, with VWUAX having a 16.18% annualized return and VINIX not far behind at 15.85%.

VWUAX

• 1D: -1.74%
• 1M: -1.87%
• YTD: -0.28%
• 6M: -1.58%
• 1Y: 10.68%
• 3Y*: 19.75%
• 5Y*: 4.46%
• 10Y*: 16.18%

VINIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.78%
• 6M: 8.78%
• 1Y: 25.49%
• 3Y*: 21.79%
• 5Y*: 13.73%
• 10Y*: 15.85%

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

VWUAX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWUAX Vanguard U.S. Growth Fund Admiral Shares	-0.28%	15.49%	31.79%	45.32%	-39.58%	2.43%	58.80%	48.42%	0.77%	31.26%
VINIX Vanguard Institutional Index Fund Institutional Shares	9.78%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between VWUAX and VINIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 13, 2001	0.92

The correlation between VWUAX and VINIX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

VWUAX vs. VINIX - Sectors Allocation Comparison

Sectors	VWUAX	VINIX
Technology	45.1%	35.7%
Communication Services	16.2%	11.3%
Consumer Cyclical	12.4%	10.2%
Healthcare	10.3%	8.5%
Industrials	5.6%	8.3%
Financial Services	5.5%	11.6%
Real Estate	1.3%	1.9%
Consumer Defensive	1.2%	4.9%
Utilities	0.5%	2.4%
Basic Materials	0.4%	1.8%
Energy	-	3.5%

Return for Risk

VWUAX vs. VINIX — Risk / Return Rank

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

VWUAX

VWUAX Risk / Return Rank: 8
VWUAX Sharpe Ratio Rank: 9
VWUAX Sortino Ratio Rank: 9
VWUAX Omega Ratio Rank: 9
VWUAX Calmar Ratio Rank: 7
VWUAX Martin Ratio Rank: 7

VINIX

VINIX Risk / Return Rank: 65
VINIX Sharpe Ratio Rank: 64
VINIX Sortino Ratio Rank: 57
VINIX Omega Ratio Rank: 59
VINIX Calmar Ratio Rank: 68
VINIX Martin Ratio Rank: 78

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.

VWUAX vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Growth Fund Admiral Shares (VWUAX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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.

	VWUAX	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	2.15	-1.46
Sortino ratio: Return per unit of downside risk	1.03	2.91	-1.88
Omega ratio: Gain probability vs. loss probability	1.13	1.39	-0.26
Calmar ratio: Return relative to maximum drawdown	0.63	3.01	-2.38
Martin ratio: Return relative to average drawdown	1.85	13.61	-11.76

VWUAX vs. VINIX - Sharpe Ratio Comparison

The current VWUAX Sharpe Ratio is 0.69, which is lower than the VINIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VWUAX and VINIX, 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

VWUAX vs. VINIX - Drawdown Comparison

The maximum VWUAX drawdown since its inception was -50.37%, smaller than the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VWUAX and VINIX.

Drawdown Indicators

	VWUAX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-55.19%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-19.12%	-8.90%	-10.22%
Max Drawdown (3Y) Largest decline over 3 years	-25.01%	-18.75%	-6.26%
Max Drawdown (5Y) Largest decline over 5 years	-50.17%	-24.51%	-25.66%
Max Drawdown (10Y) Largest decline over 10 years	-50.17%	-33.79%	-16.38%
Current Drawdown Current decline from peak	-5.58%	-1.72%	-3.86%
Average Drawdown Average peak-to-trough decline	-12.81%	-8.52%	-4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	1.97%	+4.54%

Volatility

VWUAX vs. VINIX - Volatility Comparison

Vanguard U.S. Growth Fund Admiral Shares (VWUAX) has a higher volatility of 6.71% compared to Vanguard Institutional Index Fund Institutional Shares (VINIX) at 4.67%. This indicates that VWUAX's price experiences larger fluctuations and is considered to be riskier than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWUAX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	4.67%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	9.84%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	12.50%	+5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.04%	16.98%	+8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.78%	18.11%	+5.67%

VWUAX vs. VINIX - Expense Ratio Comparison

VWUAX has a 0.25% expense ratio, which is higher than VINIX'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

VWUAX vs. VINIX - Dividend Comparison

VWUAX's dividend yield for the trailing twelve months is around 9.53%, more than VINIX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VINIX Vanguard Institutional Index Fund Institutional Shares	2.44%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%
VWUAX Vanguard U.S. Growth Fund Admiral Shares	9.53%	9.50%	4.70%	0.37%	0.49%	3.60%	4.00%	13.28%	9.80%	4.63%	1.67%	9.10%

Frequently Asked Questions

Can I hold both VWUAX and VINIX in my portfolio?

VWUAX and VINIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWUAX or VINIX?

VWUAX has higher volatility (6.71%) compared to VINIX (4.67%). In terms of maximum drawdown, VWUAX dropped -50.37% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (2.15 vs 0.69), 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.