ACAAX vs. VWIAX

Last updated Jun 24, 2026

ACAAX (Alger Capital Appreciation Fund) and VWIAX (Vanguard Wellesley Income Fund Admiral Shares) are both mutual funds - ACAAX is a Large Cap Growth Equities fund managed by Alger, while VWIAX is a Diversified Portfolio fund actively managed by Vanguard. Over the past 10 years, ACAAX returned 19.97%/yr vs 5.88%/yr for VWIAX. A 0.61 correlation means they provide meaningful diversification when combined. ACAAX charges 1.15%/yr vs 0.16%/yr for VWIAX.

Performance

ACAAX vs. VWIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Fund (ACAAX) and Vanguard Wellesley Income Fund Admiral Shares (VWIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACAAX achieves a 13.30% return, which is significantly higher than VWIAX's 3.19% return. Over the past 10 years, ACAAX has outperformed VWIAX with an annualized return of 19.97%, while VWIAX has yielded a comparatively lower 5.88% annualized return.

ACAAX

• 1D: -1.80%
• 1M: 2.81%
• YTD: 13.30%
• 6M: 11.32%
• 1Y: 37.37%
• 3Y*: 35.62%
• 5Y*: 16.34%
• 10Y*: 19.97%

VWIAX

• 1D: -0.22%
• 1M: 0.24%
• YTD: 3.19%
• 6M: 3.02%
• 1Y: 9.79%
• 3Y*: 8.73%
• 5Y*: 4.22%
• 10Y*: 5.88%

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

ACAAX vs. VWIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAAX Alger Capital Appreciation Fund	13.30%	30.80%	49.55%	42.99%	-36.90%	18.17%	41.78%	33.14%	-0.95%	31.31%
VWIAX Vanguard Wellesley Income Fund Admiral Shares	3.19%	11.08%	5.92%	7.07%	-9.04%	8.55%	8.52%	16.47%	-2.49%	9.37%

Correlation

The correlation between ACAAX and VWIAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.61

Over the past year, the correlation between ACAAX and VWIAX has dropped to 0.34 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

ACAAX vs. VWIAX — Risk / Return Rank

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

ACAAX

ACAAX Risk / Return Rank: 35
ACAAX Sharpe Ratio Rank: 41
ACAAX Sortino Ratio Rank: 35
ACAAX Omega Ratio Rank: 35
ACAAX Calmar Ratio Rank: 33
ACAAX Martin Ratio Rank: 30

VWIAX

VWIAX Risk / Return Rank: 49
VWIAX Sharpe Ratio Rank: 52
VWIAX Sortino Ratio Rank: 54
VWIAX Omega Ratio Rank: 50
VWIAX Calmar Ratio Rank: 46
VWIAX Martin Ratio Rank: 47

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.

ACAAX vs. VWIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Fund (ACAAX) and Vanguard Wellesley Income Fund Admiral Shares (VWIAX). 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.

	ACAAX	VWIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.96	-0.23
Sortino ratio: Return per unit of downside risk	2.30	2.83	-0.53
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.04	2.47	-0.43
Martin ratio: Return relative to average drawdown	6.45	9.28	-2.82

ACAAX vs. VWIAX - Sharpe Ratio Comparison

The current ACAAX Sharpe Ratio is 1.73, which is comparable to the VWIAX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of ACAAX and VWIAX, 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

ACAAX vs. VWIAX - Drawdown Comparison

The maximum ACAAX drawdown since its inception was -70.29%, which is greater than VWIAX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for ACAAX and VWIAX.

Drawdown Indicators

	ACAAX	VWIAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.29%	-21.64%	-48.65%
Max Drawdown (1Y) Largest decline over 1 year	-19.11%	-4.15%	-14.96%
Max Drawdown (3Y) Largest decline over 3 years	-27.79%	-6.96%	-20.83%
Max Drawdown (5Y) Largest decline over 5 years	-48.73%	-15.26%	-33.47%
Max Drawdown (10Y) Largest decline over 10 years	-48.73%	-17.41%	-31.32%
Current Drawdown Current decline from peak	-2.33%	-0.57%	-1.76%
Average Drawdown Average peak-to-trough decline	-22.93%	-2.21%	-20.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.02%	1.10%	+4.92%

Volatility

ACAAX vs. VWIAX - Volatility Comparison

Alger Capital Appreciation Fund (ACAAX) has a higher volatility of 9.24% compared to Vanguard Wellesley Income Fund Admiral Shares (VWIAX) at 1.61%. This indicates that ACAAX's price experiences larger fluctuations and is considered to be riskier than VWIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACAAX	VWIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.24%	1.61%	+7.63%
Volatility (6M) Calculated over the trailing 6-month period	17.51%	3.95%	+13.56%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	5.24%	+17.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.13%	6.99%	+22.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.54%	6.94%	+18.60%

ACAAX vs. VWIAX - Expense Ratio Comparison

ACAAX has a 1.15% expense ratio, which is higher than VWIAX's 0.16% expense ratio.

Dividends

ACAAX vs. VWIAX - Dividend Comparison

ACAAX's dividend yield for the trailing twelve months is around 8.65%, more than VWIAX's 7.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAAX Alger Capital Appreciation Fund	8.65%	9.80%	12.93%	7.19%	4.42%	23.67%	15.64%	8.17%	11.59%	6.76%	0.84%	8.28%
VWIAX Vanguard Wellesley Income Fund Admiral Shares	7.87%	7.93%	6.69%	4.80%	7.75%	6.11%	4.37%	4.00%	7.64%	3.25%	4.07%	5.66%

Frequently Asked Questions

Can I hold both ACAAX and VWIAX in my portfolio?

ACAAX and VWIAX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACAAX or VWIAX?

ACAAX has higher volatility (9.24%) compared to VWIAX (1.61%). In terms of maximum drawdown, ACAAX dropped -70.29% vs VWIAX's -21.64%.

Which has better risk-adjusted returns?

VWIAX currently has the higher Sharpe Ratio (1.96 vs 1.73), 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.