NCOIX vs. VWEAX

Last updated Jun 5, 2026

NCOIX (Nuveen High Yield Income Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 10 years, NCOIX returned 6.46%/yr vs 5.24%/yr for VWEAX. A 0.78 correlation means they provide meaningful diversification when combined. NCOIX charges 0.74%/yr vs 0.13%/yr for VWEAX.

Performance

NCOIX vs. VWEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Income Fund (NCOIX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCOIX achieves a 2.43% return, which is significantly higher than VWEAX's 1.01% return. Over the past 10 years, NCOIX has outperformed VWEAX with an annualized return of 6.46%, while VWEAX has yielded a comparatively lower 5.24% annualized return.

NCOIX

• 1D: -0.17%
• 1M: 0.58%
• YTD: 2.43%
• 6M: 3.77%
• 1Y: 9.30%
• 3Y*: 11.37%
• 5Y*: 5.99%
• 10Y*: 6.46%

VWEAX

• 1D: -0.18%
• 1M: 0.36%
• YTD: 1.01%
• 6M: 1.72%
• 1Y: 6.73%
• 3Y*: 8.21%
• 5Y*: 4.15%
• 10Y*: 5.24%

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

NCOIX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCOIX Nuveen High Yield Income Fund	2.43%	9.61%	9.44%	17.36%	-9.98%	6.64%	2.08%	12.79%	-0.60%	6.17%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	1.01%	9.49%	6.42%	11.79%	-8.95%	3.04%	5.41%	15.92%	-2.80%	7.17%

Correlation

The correlation between NCOIX and VWEAX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 29, 2010	0.78

The correlation between NCOIX and VWEAX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

NCOIX vs. VWEAX — Risk / Return Rank

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

NCOIX

NCOIX Risk / Return Rank: 91
NCOIX Sharpe Ratio Rank: 86
NCOIX Sortino Ratio Rank: 96
NCOIX Omega Ratio Rank: 92
NCOIX Calmar Ratio Rank: 87
NCOIX Martin Ratio Rank: 95

VWEAX

VWEAX Risk / Return Rank: 67
VWEAX Sharpe Ratio Rank: 52
VWEAX Sortino Ratio Rank: 76
VWEAX Omega Ratio Rank: 80
VWEAX Calmar Ratio Rank: 52
VWEAX Martin Ratio Rank: 74

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.

NCOIX vs. VWEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Income Fund (NCOIX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.

	NCOIX	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.13	+0.63
Sortino ratio: Return per unit of downside risk	5.34	3.69	+1.65
Omega ratio: Gain probability vs. loss probability	1.70	1.53	+0.17
Calmar ratio: Return relative to maximum drawdown	4.20	2.76	+1.44
Martin ratio: Return relative to average drawdown	21.96	14.07	+7.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCOIX vs. VWEAX - Sharpe Ratio Comparison

The current NCOIX Sharpe Ratio is 2.77, which is comparable to the VWEAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of NCOIX and VWEAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NCOIX	VWEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.13	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.18	0.85	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.15	1.00	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.23	-0.07

Drawdowns

NCOIX vs. VWEAX - Drawdown Comparison

The maximum NCOIX drawdown since its inception was -23.02%, smaller than the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for NCOIX and VWEAX.

Drawdown Indicators

	NCOIX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-30.05%	+7.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.52%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-3.32%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-14.41%	-13.77%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	-19.68%	-3.34%
Current Drawdown Current decline from peak	-0.17%	-0.18%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.31%	-2.12%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.49%	-0.05%

Volatility

NCOIX vs. VWEAX - Volatility Comparison

Nuveen High Yield Income Fund (NCOIX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) have volatilities of 0.97% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCOIX	VWEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.98%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	2.56%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	3.26%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	4.91%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	5.28%	+0.35%

NCOIX vs. VWEAX - Expense Ratio Comparison

NCOIX has a 0.74% expense ratio, which is higher than VWEAX's 0.13% expense ratio.

Dividends

NCOIX vs. VWEAX - Dividend Comparison

NCOIX's dividend yield for the trailing twelve months is around 8.15%, more than VWEAX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCOIX Nuveen High Yield Income Fund	8.15%	9.10%	7.41%	10.49%	5.79%	5.12%	5.51%	5.38%	6.28%	6.88%	7.29%	7.59%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.37%	6.25%	6.20%	5.79%	5.21%	3.49%	4.71%	5.33%	6.07%	5.39%	5.51%	6.53%

Frequently Asked Questions

Can I hold both NCOIX and VWEAX in my portfolio?

NCOIX and VWEAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCOIX or VWEAX?

VWEAX has higher volatility (0.98%) compared to NCOIX (0.97%). In terms of maximum drawdown, NCOIX dropped -23.02% vs VWEAX's -30.05%.

Which has better risk-adjusted returns?

NCOIX currently has the higher Sharpe Ratio (2.77 vs 2.13), 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.