PEQIX vs. VWIAX

Last updated Jun 23, 2026

PEQIX (Pioneer Equity Income Fund) and VWIAX (Vanguard Wellesley Income Fund Admiral Shares) are both mutual funds - PEQIX is a Large Cap Value Equities fund managed by Amundi, while VWIAX is a Diversified Portfolio fund actively managed by Vanguard. Over the past 10 years, PEQIX returned 9.19%/yr vs 5.85%/yr for VWIAX. A 0.78 correlation means they provide meaningful diversification when combined. PEQIX charges 1.02%/yr vs 0.16%/yr for VWIAX.

Performance

PEQIX vs. VWIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Equity Income Fund (PEQIX) 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, PEQIX achieves a 8.67% return, which is significantly higher than VWIAX's 3.42% return. Over the past 10 years, PEQIX has outperformed VWIAX with an annualized return of 9.19%, while VWIAX has yielded a comparatively lower 5.85% annualized return.

PEQIX

• 1D: -0.41%
• 1M: -0.63%
• YTD: 8.67%
• 6M: 8.09%
• 1Y: 18.54%
• 3Y*: 11.90%
• 5Y*: 8.11%
• 10Y*: 9.19%

VWIAX

• 1D: 0.26%
• 1M: 0.47%
• YTD: 3.42%
• 6M: 3.35%
• 1Y: 10.46%
• 3Y*: 8.48%
• 5Y*: 4.31%
• 10Y*: 5.85%

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

PEQIX vs. VWIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEQIX Pioneer Equity Income Fund	8.67%	11.30%	11.18%	6.84%	-8.08%	25.28%	-0.20%	25.46%	-8.93%	15.00%
VWIAX Vanguard Wellesley Income Fund Admiral Shares	3.42%	11.08%	5.92%	7.07%	-9.04%	8.55%	8.52%	16.47%	-2.49%	9.37%

Correlation

The correlation between PEQIX and VWIAX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.78

The correlation between PEQIX and VWIAX has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

PEQIX vs. VWIAX — Risk / Return Rank

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

PEQIX

PEQIX Risk / Return Rank: 38
PEQIX Sharpe Ratio Rank: 38
PEQIX Sortino Ratio Rank: 37
PEQIX Omega Ratio Rank: 35
PEQIX Calmar Ratio Rank: 43
PEQIX Martin Ratio Rank: 36

VWIAX

VWIAX Risk / Return Rank: 53
VWIAX Sharpe Ratio Rank: 56
VWIAX Sortino Ratio Rank: 58
VWIAX Omega Ratio Rank: 53
VWIAX Calmar Ratio Rank: 49
VWIAX Martin Ratio Rank: 49

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.

PEQIX vs. VWIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Equity Income Fund (PEQIX) 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.

	PEQIX	VWIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.03	-0.37
Sortino ratio: Return per unit of downside risk	2.38	2.93	-0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.39	2.56	-0.16
Martin ratio: Return relative to average drawdown	7.59	9.61	-2.02

PEQIX vs. VWIAX - Sharpe Ratio Comparison

The current PEQIX Sharpe Ratio is 1.67, which is comparable to the VWIAX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PEQIX 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

PEQIX vs. VWIAX - Drawdown Comparison

The maximum PEQIX drawdown since its inception was -54.08%, which is greater than VWIAX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for PEQIX and VWIAX.

Drawdown Indicators

	PEQIX	VWIAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.08%	-21.64%	-32.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.01%	-4.15%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-16.84%	-6.96%	-9.88%
Max Drawdown (5Y) Largest decline over 5 years	-20.24%	-15.26%	-4.98%
Max Drawdown (10Y) Largest decline over 10 years	-37.93%	-17.41%	-20.52%
Current Drawdown Current decline from peak	-2.24%	-0.34%	-1.90%
Average Drawdown Average peak-to-trough decline	-6.57%	-2.21%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	1.10%	+1.42%

Volatility

PEQIX vs. VWIAX - Volatility Comparison

Pioneer Equity Income Fund (PEQIX) has a higher volatility of 3.46% compared to Vanguard Wellesley Income Fund Admiral Shares (VWIAX) at 1.63%. This indicates that PEQIX'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

	PEQIX	VWIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	1.63%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	3.94%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	5.23%	+6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.28%	6.99%	+8.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	6.93%	+10.26%

PEQIX vs. VWIAX - Expense Ratio Comparison

PEQIX has a 1.02% expense ratio, which is higher than VWIAX's 0.16% expense ratio.

Dividends

PEQIX vs. VWIAX - Dividend Comparison

PEQIX's dividend yield for the trailing twelve months is around 8.41%, more than VWIAX's 7.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEQIX Pioneer Equity Income Fund	8.41%	9.08%	40.97%	17.42%	12.72%	9.34%	1.59%	4.00%	7.75%	5.31%	13.11%	10.13%
VWIAX Vanguard Wellesley Income Fund Admiral Shares	7.85%	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 PEQIX and VWIAX in my portfolio?

PEQIX and VWIAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEQIX or VWIAX?

PEQIX has higher volatility (3.46%) compared to VWIAX (1.63%). In terms of maximum drawdown, PEQIX dropped -54.08% vs VWIAX's -21.64%.

Which has better risk-adjusted returns?

VWIAX currently has the higher Sharpe Ratio (2.03 vs 1.67), 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.