VENAX Vanguard Energy Index Fund Admiral Shares

Also available as an ETF (starting at the price of $1).

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Equity Energy

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.

Expense ratio

0.10%

as of 12/20/2024

as of 12/31/2024

Investment minimum

$100,000

as of 01/21/2025

NAV price

$65.94

as of 01/21/2025

Overview

Key facts

CUSIP

92204A843

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Equity Energy

Inception date

10/07/2004

Fund Number

5480

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$100,000

NAV Price

$65.94

as of 01/21/2025

NAV change

decreased-$0.40 (-0.60%)

as of 01/21/2025

Expense Ratio

0.10%

as of 12/20/2024

Performance

YTD returns

8.97%

as of 01/21/2025

Product summary

This low-cost index fund offers exposure to the energy sector of the U.S. equity market, which includes stocks of companies involved in the exploration and production of energy products such as oil, and natural gas. The fund’s main risk is its narrow scope—it invests solely in energy stocks. An investor should expect high volatility from the fund, which should be considered only as a small portion of an already well-diversified portfolio.

Fund management

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 12/31/2024

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

10/07/2004

VENAX

-8.97%-0.35%6.57%6.57%20.21%12.69%4.40%6.86%

Benchmark

-8.96%-0.32%6.67%6.67%20.33%12.76%4.51%6.85%

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

202413.10%-2.29%-3.23%-0.35%6.57% 6.67%
2023-4.87%-0.40%13.06%-6.62%0.03% 0.13%
202239.06%-6.18%3.28%20.95%62.97% 63.13%
202132.17%12.80%-1.49%6.30%56.13% 56.26%
2020-52.40%33.35%-18.88%30.12%-33.00% -33.03%
201916.77%-4.06%-7.55%5.58%9.34% 9.42%
2018-5.97%14.30%0.73%-26.02%-19.91% -19.80%
2017-6.92%-7.83%6.90%6.43%-2.39% -2.33%
20164.02%11.48%3.35%7.59%28.94% 29.56%
2015-2.21%-2.05%-18.95%-1.10%-23.22% -23.20%
20141.52%12.15%-8.96%-13.06%-9.88% -9.79%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20243.26% 3.31%6.57%6.67%
2023-3.30% 3.33%0.03%0.13%
202256.35% 6.62%62.97%63.13%
202149.48% 6.65%56.13%56.26%
2020-36.35% 3.35%-33.00%-33.03%
20195.74% 3.60%9.34%9.42%
2018-22.04% 2.13%-19.91%-19.80%
2017-5.36% 2.97%-2.39%-2.33%
201625.71% 3.23%28.94%29.56%
2015-25.53% 2.31%-23.22%-23.20%
2014-11.68% 1.81%-9.88%-9.79%
201323.58% 2.20%25.78%25.93%
20121.53% 1.96%3.49%3.48%
20111.12% 1.67%2.79%2.99%
201019.58% 1.53%21.10%21.24%
200923.13% 1.72%24.85%19.44%

as of 12/31/2024

1-yr3-yr5-yr10-yr

Since inception

10/07/2004

VENAX6.57% 73.72%81.72% 53.79% 283.16%

Benchmark

6.67%74.23%82.33%55.49%

Expense ratio

VENAX

0.10%

Average expense ratio of similar funds2

0.95%

Historical volatility measures
as of 12/31/2024
BenchmarkR-Squared3Beta3
Spliced U.S. Investable Market Energy 25/50 Index11.001.00
Dow Jones U.S. Total Stock Market Index0.200.69
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 01/21/2025

NAV

$65.94

NAV change

decreased-$0.40 (-0.60%)

52-week High

$68.32

as of 11/22/2024

52-week Low

$56.21

as of 01/22/2024

52-week Difference

$12.11 (21.54%)

30 day SEC yield

2.98%

 

B SEC yield footnote code

 

as of 12/31/2024

Historical prices
Chart/Table Toggle
NameDateNAV
VENAX 01/21/2025
$65.94

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 12/31/2024

FundamentalVENAX
Benchmark
Number of stocks 112 112
Median market cap $60.9 B $60.9 B
Earnings growth rate 30.9% 30.8%
Short-term reserves
P/E ratio 13.4x 13.4x
P/B ratio 1.9x 1.9x
Turnover rate (Fiscal Year-end 08/31/2024) 8.3%
Return on equity 11.5% 11.5%
Foreign holdings 0.0%
Fund total net assets as of 12/31/2024 $9.2 B
Share class total net assets $1.7 B
Weighted exposures

as of 12/31/2024

Sectors4VENAX Benchmark Benchmark+/- Weight Coal & Consumable Fuels0.70%0.60%0.10%Integrated Oil & Gas36.70%36.80%-0.10%Oil & Gas Drilling1.10%1.00%0.10%Oil & Gas Equipment & Services9.90%9.90%0.00%Oil & Gas Exploration & Production26.90%26.80%0.10%Oil & Gas Refining & Marketing8.50%8.50%0.00%Oil & Gas Storage & Transportation16.20%16.30%-0.10%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 12/31/2024

Ticker Holdings Shares Market value
XOM Exxon Mobil Corp. 18,621,386 $2,003,102,492
CVX Chevron Corp. 8,356,303 $1,210,326,927
COP ConocoPhillips 6,461,230 $640,760,179
EOG EOG Resources Inc. 2,827,939 $346,648,763
WMB Williams Cos. Inc. 5,959,691 $322,538,477
OKE ONEOK Inc. 2,704,593 $271,541,137
KMI Kinder Morgan Inc./DE 9,798,471 $268,478,105
SLB Schlumberger Ltd. 6,975,591 $267,444,159
LNG Cheniere Energy Inc. 1,148,615 $246,802,905
PSX Phillips 66 2,120,946 $241,639,378
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30231G102
166764100
20825C104
26875P101
969457100
682680103
49456B101
806857108
16411R208
718546104
Ticker Description Shares
XOM
CVX
COP
EOG
WMB
OKE
KMI
SLB
LNG
PSX
Ticker Holdings Shares Market value
XOM Exxon Mobil Corp. 18,621,386 $2,003,102,492
CVX Chevron Corp. 8,356,303 $1,210,326,927
COP ConocoPhillips 6,461,230 $640,760,179
EOG EOG Resources Inc. 2,827,939 $346,648,763
WMB Williams Cos. Inc. 5,959,691 $322,538,477
OKE ONEOK Inc. 2,704,593 $271,541,137
KMI Kinder Morgan Inc./DE 9,798,471 $268,478,105
SLB Schlumberger Ltd. 6,975,591 $267,444,159
LNG Cheniere Energy Inc. 1,148,615 $246,802,905
PSX Phillips 66 2,120,946 $241,639,378
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30231G102
166764100
20825C104
26875P101
969457100
682680103
49456B101
806857108
16411R208
718546104
Ticker Description Shares
XOM
CVX
COP
EOG
WMB
OKE
KMI
SLB
LNG
PSX
Ticker Holdings Shares Market value
XOM Exxon Mobil Corp. 18,621,386 $2,003,102,492
CVX Chevron Corp. 8,356,303 $1,210,326,927
COP ConocoPhillips 6,461,230 $640,760,179
EOG EOG Resources Inc. 2,827,939 $346,648,763
WMB Williams Cos. Inc. 5,959,691 $322,538,477
OKE ONEOK Inc. 2,704,593 $271,541,137
KMI Kinder Morgan Inc./DE 9,798,471 $268,478,105
SLB Schlumberger Ltd. 6,975,591 $267,444,159
LNG Cheniere Energy Inc. 1,148,615 $246,802,905
PSX Phillips 66 2,120,946 $241,639,378
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
30231G102
166764100
20825C104
26875P101
969457100
682680103
49456B101
806857108
16411R208
718546104
Ticker Description Shares
XOM
CVX
COP
EOG
WMB
OKE
KMI
SLB
LNG
PSX

Distributions

Realized/Unrealized gains

as of 12/31/2024

Realized gain

-$10.25

% of NAV

decreased-16.95%

Unrealized gains of NAV

$4.76

% of NAV

increased7.86%

Fiscal year end

08/31/2025

Distribution schedule

Quarterly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$0.48260012/19/202412/17/202412/18/2024$58.82
Dividend$0.52590009/30/202409/26/202409/27/2024$60.80
Dividend$0.47370007/01/202406/27/202406/28/2024$63.81
Dividend$0.47730003/25/202403/21/202403/22/2024$64.38
Dividend$0.52940012/19/202312/15/202312/18/2023$58.82
Dividend$0.43240009/28/202309/26/202309/27/2023$64.54

Fund management

Vanguard Energy Index Fund seeks to track the investment performance of the MSCI US Investable Market Energy 25/50 Index, a benchmark of large-, mid-, and small-cap U.S. stocks in the energy sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment, and other energy-related service and equipment (such as seismic data collection); or companies engaged in the exploration, production, marketing, refining, and/or transportation of oil and gas products. Whenever possible, the fund attempts to fully replicate the target index, holding each stock in approximately the same proportion as its weighting in the index. However, the fund will use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the index. Vanguard’s Equity Index Group uses proprietary software to implement trading decisions that accommodate cash flows and maintain close correlation with index characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Vanguard Equity Index Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Energy Index Fund since 2004.

Investment Manager Biography

Nick Birkett
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2005. BSc, University of Bath.

Performance & fees

1
MSCI US Investable Market Energy Index through February 26, 2010; MSCI US Investable Market Energy 25/50 Index thereafter.
2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Sector risk: The chance that significant problems will affect a particular sector, or that returns from that sector will trail returns from the overall stock market. Daily fluctuations in specific market sectors are often more extreme or volatile than fluctuations in the overall market. Because the fund invests all, or substantially all, of its assets in the energy sector, the fund’s performance largely depends—for better or for worse—on the general condition of that sector. Companies in the energy sector could be affected by, among other things, geopolitical events, government regulation, economic cycles, and fuel prices. Sector risk is expected to be high for the fund.
  • Nondiversification risk: The chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks or even a single stock. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the securities of a small number of issuers as compared with other mutual funds. Because the fund tends to invest a relatively high percentage of its assets in its ten largest holdings, fluctuations in the market value of a single fund holding could cause significant changes to the fund’s share price. Nondiversification risk is expected to be high for the fund.
  • Investment style risk: The chance that returns from the types of stocks in which the fund invests will trail returns from the overall stock market. Small-, mid-, and large-cap stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, small- and mid-cap stocks have been more volatile in price than large-cap stocks. Small and mid-size companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
  • Index replicating risk, which is the chance that the fund may be prevented from holding one or more securities in the same proportion as in its target index.
  • Index-related risks: The fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the fund's use of an indexing strategy will negatively impact the fund's performance. Because the fund seeks to track the performance of its target index regardless of how that index is performing, the fund's performance may be lower than it would be if the fund were actively managed. Tracking error risk is the chance that the fund's performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund and, as a result, the fund's shareholders.