KBWY vs. VWINX

Last updated Jun 20, 2026

KBWY (Invesco KBW Premium Yield Equity REIT ETF) and VWINX (Vanguard Wellesley Income Fund Investor Shares) are both funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while VWINX is a Diversified Portfolio fund actively managed by Vanguard. KBWY is passively managed, while VWINX is actively managed. Over the past 10 years, KBWY returned 1.32%/yr vs 5.77%/yr for VWINX. A 0.60 correlation means they provide meaningful diversification when combined. KBWY charges 0.35%/yr vs 0.22%/yr for VWINX.

Performance

KBWY vs. VWINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Vanguard Wellesley Income Fund Investor Shares (VWINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWY achieves a 20.98% return, which is significantly higher than VWINX's 3.39% return. Over the past 10 years, KBWY has underperformed VWINX with an annualized return of 1.32%, while VWINX has yielded a comparatively higher 5.77% annualized return.

KBWY

• 1D: 1.08%
• 1M: 4.24%
• YTD: 20.98%
• 6M: 21.39%
• 1Y: 25.16%
• 3Y*: 8.41%
• 5Y*: 3.26%
• 10Y*: 1.32%

VWINX

• 1D: 0.26%
• 1M: 1.12%
• YTD: 3.39%
• 6M: 3.55%
• 1Y: 10.49%
• 3Y*: 8.40%
• 5Y*: 4.24%
• 10Y*: 5.77%

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

KBWY vs. VWINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWY Invesco KBW Premium Yield Equity REIT ETF	20.98%	-5.30%	-3.49%	12.88%	-19.00%	31.22%	-25.83%	23.36%	-18.20%	0.81%
VWINX Vanguard Wellesley Income Fund Investor Shares	3.39%	10.98%	5.86%	6.99%	-9.09%	8.48%	8.44%	16.39%	-2.54%	9.29%

Correlation

The correlation between KBWY and VWINX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.60

The correlation between KBWY and VWINX has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

KBWY vs. VWINX — Risk / Return Rank

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

KBWY

KBWY Risk / Return Rank: 46
KBWY Sharpe Ratio Rank: 45
KBWY Sortino Ratio Rank: 45
KBWY Omega Ratio Rank: 40
KBWY Calmar Ratio Rank: 58
KBWY Martin Ratio Rank: 42

VWINX

VWINX Risk / Return Rank: 56
VWINX Sharpe Ratio Rank: 60
VWINX Sortino Ratio Rank: 63
VWINX Omega Ratio Rank: 58
VWINX Calmar Ratio Rank: 51
VWINX Martin Ratio Rank: 51

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.

KBWY vs. VWINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Vanguard Wellesley Income Fund Investor Shares (VWINX). 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.

	KBWY	VWINX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.03	-0.52
Sortino ratio: Return per unit of downside risk	2.17	2.92	-0.75
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.73	2.53	+0.20
Martin ratio: Return relative to average drawdown	6.50	9.52	-3.02

KBWY vs. VWINX - Sharpe Ratio Comparison

The current KBWY Sharpe Ratio is 1.51, which is comparable to the VWINX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of KBWY and VWINX, 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

KBWY vs. VWINX - Drawdown Comparison

The maximum KBWY drawdown since its inception was -57.68%, which is greater than VWINX's maximum drawdown of -21.72%. Use the drawdown chart below to compare losses from any high point for KBWY and VWINX.

Drawdown Indicators

	KBWY	VWINX	Difference
Max Drawdown Largest peak-to-trough decline	-57.68%	-21.72%	-35.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-4.16%	-5.08%
Max Drawdown (3Y) Largest decline over 3 years	-29.93%	-6.98%	-22.95%
Max Drawdown (5Y) Largest decline over 5 years	-32.29%	-15.30%	-16.99%
Max Drawdown (10Y) Largest decline over 10 years	-57.68%	-17.43%	-40.25%
Current Drawdown Current decline from peak	-7.84%	-0.35%	-7.49%
Average Drawdown Average peak-to-trough decline	-14.16%	-2.63%	-11.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.10%	+2.78%

Volatility

KBWY vs. VWINX - Volatility Comparison

Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a higher volatility of 5.12% compared to Vanguard Wellesley Income Fund Investor Shares (VWINX) at 1.63%. This indicates that KBWY's price experiences larger fluctuations and is considered to be riskier than VWINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWY	VWINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	1.63%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	3.92%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	5.20%	+11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	6.99%	+14.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	6.93%	+20.13%

KBWY vs. VWINX - Expense Ratio Comparison

KBWY has a 0.35% expense ratio, which is higher than VWINX's 0.22% expense ratio.

Dividends

KBWY vs. VWINX - Dividend Comparison

KBWY's dividend yield for the trailing twelve months is around 8.37%, less than VWINX's 8.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWY Invesco KBW Premium Yield Equity REIT ETF	8.37%	9.79%	8.74%	7.90%	7.41%	5.05%	10.35%	6.19%	8.64%	7.25%	6.55%	5.72%
VWINX Vanguard Wellesley Income Fund Investor Shares	8.64%	7.86%	6.61%	4.73%	7.67%	6.03%	4.30%	3.94%	7.56%	3.20%	4.00%	5.60%

Frequently Asked Questions

Can I hold both KBWY and VWINX in my portfolio?

KBWY and VWINX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWY or VWINX?

KBWY has higher volatility (5.12%) compared to VWINX (1.63%). In terms of maximum drawdown, KBWY dropped -57.68% vs VWINX's -21.72%.

Which has better risk-adjusted returns?

VWINX currently has the higher Sharpe Ratio (2.03 vs 1.51), 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.