VBTLX vs. VWINX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VWINX (Vanguard Wellesley Income Fund Investor Shares) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VWINX is a Diversified Portfolio fund actively managed by Vanguard. VBTLX is passively managed, while VWINX is actively managed. Over the past 10 years, VBTLX returned 1.58%/yr vs 5.81%/yr for VWINX. At a 0.28 correlation, their price movements are largely independent. VBTLX charges 0.04%/yr vs 0.22%/yr for VWINX.
Performance
VBTLX vs. VWINX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTLX achieves a 0.42% return, which is significantly lower than VWINX's 3.55% return. Over the past 10 years, VBTLX has underperformed VWINX with an annualized return of 1.58%, while VWINX has yielded a comparatively higher 5.81% annualized return.
VBTLX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.35%
- 1Y
- 5.34%
- 3Y*
- 4.05%
- 5Y*
- 0.21%
- 10Y*
- 1.58%
VWINX
- 1D
- 0.31%
- 1M
- 1.24%
- YTD
- 3.55%
- 6M
- 3.53%
- 1Y
- 11.32%
- 3Y*
- 8.86%
- 5Y*
- 4.14%
- 10Y*
- 5.81%
VBTLX vs. VWINX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.42% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
VWINX Vanguard Wellesley Income Fund Investor Shares | 3.55% | 10.98% | 5.86% | 6.99% | -9.09% | 8.48% | 8.44% | 16.39% | -2.54% | 9.29% |
Correlation
The correlation between VBTLX 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 | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | 0.28 |
Over the past year, VBTLX and VWINX have become more correlated (0.61) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
VBTLX vs. VWINX — Risk / Return Rank
VBTLX
VWINX
VBTLX vs. VWINX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) 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.
| VBTLX | VWINX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.42 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 2.81 | -0.95 |
| Martin ratioReturn relative to average drawdown | 5.58 | 10.57 | -4.99 |
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
| VBTLX | VWINX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 2.29 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.60 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.84 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.08 | -0.32 |
Drawdowns
VBTLX vs. VWINX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, smaller than the maximum VWINX drawdown of -21.72%. Use the drawdown chart below to compare losses from any high point for VBTLX and VWINX.
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Drawdown Indicators
| VBTLX | VWINX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -21.72% | +2.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -4.16% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -6.98% | +0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -15.30% | -2.84% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -17.43% | -1.38% |
Current DrawdownCurrent decline from peak | -2.18% | 0.00% | -2.18% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -2.63% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.10% | -0.14% |
Volatility
VBTLX vs. VWINX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) is 1.38%, while Vanguard Wellesley Income Fund Investor Shares (VWINX) has a volatility of 1.64%. This indicates that VBTLX experiences smaller price fluctuations and is considered to be less risky than VWINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | VWINX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 1.64% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 3.89% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 5.09% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 6.97% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 6.92% | -1.94% |
VBTLX vs. VWINX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than VWINX's 0.22% 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
VBTLX vs. VWINX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.98%, less than VWINX's 7.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VWINX Vanguard Wellesley Income Fund Investor Shares | 7.68% | 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
VBTLX 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.
VWINX has higher volatility (1.64%) compared to VBTLX (1.38%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VWINX's -21.72%.
VWINX currently has the higher Sharpe Ratio (2.29 vs 1.36), 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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