VBTIX vs. VWNAX
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and VWNAX (Vanguard Windsor II Fund Admiral Shares) are both mutual funds - VBTIX is a Total Bond Market fund managed by Vanguard, while VWNAX is a Large Cap Value Equities fund managed by Vanguard. Over the past 10 years, VBTIX returned 1.56%/yr vs 12.75%/yr for VWNAX. At a correlation of -0.19, they often move in opposite directions. VBTIX charges 0.04%/yr vs 0.26%/yr for VWNAX.
Performance
VBTIX vs. VWNAX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a 0.22% return, which is significantly lower than VWNAX's 6.13% return. Over the past 10 years, VBTIX has underperformed VWNAX with an annualized return of 1.56%, while VWNAX has yielded a comparatively higher 12.75% annualized return.
VBTIX
- 1D
- -0.21%
- 1M
- 0.14%
- YTD
- 0.22%
- 6M
- 0.35%
- 1Y
- 4.48%
- 3Y*
- 3.99%
- 5Y*
- 0.11%
- 10Y*
- 1.56%
VWNAX
- 1D
- -0.92%
- 1M
- 0.79%
- YTD
- 6.13%
- 6M
- 7.25%
- 1Y
- 22.57%
- 3Y*
- 17.25%
- 5Y*
- 10.21%
- 10Y*
- 12.75%
VBTIX vs. VWNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.22% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
VWNAX Vanguard Windsor II Fund Admiral Shares | 6.13% | 18.64% | 13.99% | 21.10% | -13.18% | 28.95% | 14.49% | 29.16% | -8.57% | 15.67% |
Correlation
The correlation between VBTIX and VWNAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 15, 2001 | -0.19 |
The correlation between VBTIX and VWNAX shifts across timeframes, from -0.19 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VBTIX vs. VWNAX — Risk / Return Rank
VBTIX
VWNAX
VBTIX vs. VWNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) and Vanguard Windsor II Fund Admiral Shares (VWNAX). 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.
| VBTIX | VWNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 2.90 | -1.12 |
| Martin ratioReturn relative to average drawdown | 5.35 | 11.84 | -6.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBTIX | VWNAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 2.06 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.60 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.70 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.46 | +0.48 |
Drawdowns
VBTIX vs. VWNAX - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, smaller than the maximum VWNAX drawdown of -57.51%. Use the drawdown chart below to compare losses from any high point for VBTIX and VWNAX.
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Drawdown Indicators
| VBTIX | VWNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -57.51% | +38.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -7.85% | +4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -21.77% | +15.78% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -22.70% | +4.57% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -37.42% | +18.52% |
Current DrawdownCurrent decline from peak | -2.45% | -1.06% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -8.99% | +6.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.92% | -0.96% |
Volatility
VBTIX vs. VWNAX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.33%, while Vanguard Windsor II Fund Admiral Shares (VWNAX) has a volatility of 2.48%. This indicates that VBTIX experiences smaller price fluctuations and is considered to be less risky than VWNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTIX | VWNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 2.48% | -1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 8.20% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 11.08% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 17.01% | -10.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 18.38% | -13.40% |
VBTIX vs. VWNAX - Expense Ratio Comparison
VBTIX has a 0.04% expense ratio, which is lower than VWNAX's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VBTIX vs. VWNAX - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 4.00%, less than VWNAX's 10.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 4.00% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
VWNAX Vanguard Windsor II Fund Admiral Shares | 10.89% | 11.55% | 10.59% | 5.19% | 7.36% | 7.92% | 7.39% | 10.15% | 11.48% | 7.38% | 8.17% | 8.05% |
Frequently Asked Questions
VBTIX and VWNAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWNAX has higher volatility (2.48%) compared to VBTIX (1.33%). In terms of maximum drawdown, VBTIX dropped -18.90% vs VWNAX's -57.51%.
VWNAX currently has the higher Sharpe Ratio (2.06 vs 1.30), 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.
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