- ISIN
- US9220312089
- CUSIP
- 922031208
- Issuer
- Vanguard
- Inception Date
- Dec 27, 1978
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Min. Investment
- $3,000
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $26B
Share Price Chart
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Performance
VWEHX Performance Chart
Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) is up 1.0% since the beginning of the year. VWEHX is currently trading at $5 per share. Investors who bought $1,000 worth of VWEHX shares 5 years ago would now be looking at an investment worth $1,217.
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Returns By Period
Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) has returned 0.97% so far this year and 6.43% over the past 12 months. Over the last ten years, VWEHX has returned 5.12% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Vanguard High-Yield Corporate Fund Investor Shares
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 0.97%
- 6M
- 1.67%
- 1Y
- 6.43%
- 3Y*
- 8.03%
- 5Y*
- 4.01%
- 10Y*
- 5.12%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
VWEHX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1980, VWEHX's average daily return is +0.02%, while the average monthly return is +0.41%. At this rate, an investment would double in approximately 14.1 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 1981 with a return of +12.2%, while the worst month was Oct 2008 at -15.4%. The longest winning streak lasted 23 consecutive months, and the longest losing streak was 8 months.
On a daily basis, VWEHX closed higher 30% of trading days. The best single day was Nov 25, 1981 with a return of +12.2%, while the worst single day was Sep 30, 1981 at -5.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.16% | 0.50% | -1.28% | 1.26% | 0.53% | -0.18% | 0.97% | ||||||
| 2025 | 1.25% | 0.69% | -0.39% | 0.35% | 1.46% | 1.63% | 0.35% | 1.26% | 0.70% | 0.34% | 0.69% | 0.69% | 9.38% |
| 2024 | -0.24% | 0.13% | 0.88% | -0.98% | 1.28% | 1.09% | 1.64% | 1.44% | 1.24% | -0.76% | 1.06% | -0.59% | 6.33% |
| 2023 | 3.38% | -1.62% | 1.45% | 0.67% | -0.84% | 1.28% | 1.08% | 0.12% | -1.41% | -0.64% | 4.46% | 3.36% | 11.66% |
| 2022 | -2.71% | -0.86% | -0.69% | -3.35% | 0.95% | -6.37% | 6.34% | -3.11% | -3.79% | 2.68% | 2.63% | -0.50% | -9.04% |
| 2021 | -0.33% | -0.34% | -0.15% | 1.19% | 0.19% | 1.01% | 0.52% | 0.52% | -0.17% | -0.33% | -0.84% | 1.70% | 2.97% |
Benchmark Metrics
Vanguard High-Yield Corporate Fund Investor Shares has an annualized alpha of 4.18%, beta of 0.06, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since January 02, 1980.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (29.83%) than losses (28.85%) - typical of diversified or defensive assets.
- Beta of 0.06 may look defensive, but with R2 of 0.04 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.04 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.18%
- Beta
- 0.06
- R²
- 0.04
- Upside Capture
- 29.83%
- Downside Capture
- 28.85%
Expense Ratio
VWEHX has an expense ratio of 0.22%, which is considered low.
Return for Risk
Risk / Return Rank
VWEHX ranks 69 for risk / return — better than 69% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) and compare them to S&P 500 Index.
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.
| VWEHX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.37 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.78 | -0.15 |
| Martin ratioReturn relative to average drawdown | 13.33 | 12.44 | +0.89 |
Dividends
Dividend History
Vanguard High-Yield Corporate Fund Investor Shares provided a 6.27% dividend yield over the last twelve months, with an annual payout of $0.34 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.34 | $0.34 | $0.33 | $0.31 | $0.26 | $0.20 | $0.28 | $0.31 | $0.32 | $0.31 | $0.32 | $0.36 |
Dividend yield | 6.27% | 6.15% | 6.11% | 5.68% | 5.11% | 3.43% | 4.62% | 5.24% | 5.94% | 5.29% | 5.41% | 6.42% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard High-Yield Corporate Fund Investor Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.14 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2023 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.31 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
| 2021 | $0.00 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.20 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard High-Yield Corporate Fund Investor Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard High-Yield Corporate Fund Investor Shares was 30.17%, occurring on Nov 24, 2008. Recovery took 202 trading sessions.
The current Vanguard High-Yield Corporate Fund Investor Shares drawdown is 0.18%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -30.17%Nov 2008 | 1y 5mo | 9mo 25d | 2y 3moJun 2007 - Sep 2009 |
1990 bear market1990 | -27.60%Oct 1990 | 10y 8mo | 1y 3mo | 12y 8dJan 1980 - Feb 1992 |
COVID crash2020 | -19.69%Mar 2020 | 1mo 1d | 4mo 15d | 5mo 16dFeb 2020 - Aug 2020 |
Bear market2022 | -13.83%Sep 2022 | 8mo 28d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 |
Dot-com crash2000–2002 | -8.93%Oct 2002 | 1y 7mo | 3mo | 1y 10moMar 2001 - Jan 2003 |
Drawdown Indicators
| VWEHX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.17% | -56.78% | +26.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -9.10% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -18.90% | +15.57% |
Max Drawdown (5Y)Largest decline over 5 years | -13.83% | -25.43% | +11.60% |
Max Drawdown (10Y)Largest decline over 10 years | -19.69% | -33.92% | +14.23% |
Current DrawdownCurrent decline from peak | -0.18% | -1.80% | +1.62% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -10.71% | +6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 2.03% | -1.53% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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