VEIRX vs. VWNFX

Last updated Jun 23, 2026

VEIRX (Vanguard Equity Income Fund Admiral Shares) and VWNFX (Vanguard Windsor II Fund Investor Shares) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, VEIRX returned 11.82%/yr vs 12.76%/yr for VWNFX. With a 0.95 correlation, they move nearly in lockstep. VEIRX charges 0.19%/yr vs 0.34%/yr for VWNFX.

Performance

VEIRX vs. VWNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Equity Income Fund Admiral Shares (VEIRX) and Vanguard Windsor II Fund Investor Shares (VWNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIRX achieves a 8.36% return, which is significantly higher than VWNFX's 5.75% return. Over the past 10 years, VEIRX has underperformed VWNFX with an annualized return of 11.82%, while VWNFX has yielded a comparatively higher 12.76% annualized return.

VEIRX

• 1D: 0.15%
• 1M: -0.23%
• YTD: 8.36%
• 6M: 7.92%
• 1Y: 21.49%
• 3Y*: 16.06%
• 5Y*: 11.82%
• 10Y*: 11.82%

VWNFX

• 1D: 0.15%
• 1M: -0.26%
• YTD: 5.75%
• 6M: 5.28%
• 1Y: 21.99%
• 3Y*: 16.10%
• 5Y*: 10.86%
• 10Y*: 12.76%

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

VEIRX vs. VWNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIRX Vanguard Equity Income Fund Admiral Shares	8.36%	17.25%	14.91%	7.76%	-0.08%	25.49%	3.08%	25.34%	-5.68%	17.68%
VWNFX Vanguard Windsor II Fund Investor Shares	5.75%	18.51%	13.91%	21.01%	-13.26%	28.84%	14.41%	29.02%	-8.62%	15.61%

Correlation

The correlation between VEIRX and VWNFX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 13, 2001	0.95

The correlation between VEIRX and VWNFX has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

VEIRX vs. VWNFX - Sectors Allocation Comparison

Sectors	VEIRX	VWNFX
Financial Services	20.5%	19.2%
Healthcare	14.8%	12.2%
Technology	13.0%	20.5%
Industrials	10.6%	10.1%
Consumer Defensive	9.4%	4.8%
Energy	8.3%	7.0%
Utilities	7.0%	2.2%
Consumer Cyclical	6.0%	6.9%
Basic Materials	3.4%	4.7%
Communication Services	2.9%	8.1%
Real Estate	1.9%	0.5%

Return for Risk

VEIRX vs. VWNFX — Risk / Return Rank

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

VEIRX

VEIRX Risk / Return Rank: 61
VEIRX Sharpe Ratio Rank: 59
VEIRX Sortino Ratio Rank: 61
VEIRX Omega Ratio Rank: 56
VEIRX Calmar Ratio Rank: 68
VEIRX Martin Ratio Rank: 60

VWNFX

VWNFX Risk / Return Rank: 52
VWNFX Sharpe Ratio Rank: 50
VWNFX Sortino Ratio Rank: 47
VWNFX Omega Ratio Rank: 47
VWNFX Calmar Ratio Rank: 57
VWNFX Martin Ratio Rank: 60

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.

VEIRX vs. VWNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Equity Income Fund Admiral Shares (VEIRX) and Vanguard Windsor II Fund Investor Shares (VWNFX). 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.

	VEIRX	VWNFX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.92	+0.17
Sortino ratio: Return per unit of downside risk	2.97	2.69	+0.29
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.04	2.77	+0.27
Martin ratio: Return relative to average drawdown	11.30	11.22	+0.08

VEIRX vs. VWNFX - Sharpe Ratio Comparison

The current VEIRX Sharpe Ratio is 2.09, which is comparable to the VWNFX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of VEIRX and VWNFX, 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

VEIRX vs. VWNFX - Drawdown Comparison

The maximum VEIRX drawdown since its inception was -54.02%, smaller than the maximum VWNFX drawdown of -57.57%. Use the drawdown chart below to compare losses from any high point for VEIRX and VWNFX.

Drawdown Indicators

	VEIRX	VWNFX	Difference
Max Drawdown Largest peak-to-trough decline	-54.02%	-57.57%	+3.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-7.86%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-21.76%	+8.40%
Max Drawdown (5Y) Largest decline over 5 years	-15.12%	-22.72%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	-35.26%	-37.44%	+2.18%
Current Drawdown Current decline from peak	-1.25%	-1.58%	+0.33%
Average Drawdown Average peak-to-trough decline	-6.49%	-7.47%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.93%	-0.01%

Volatility

VEIRX vs. VWNFX - Volatility Comparison

The current volatility for Vanguard Equity Income Fund Admiral Shares (VEIRX) is 2.84%, while Vanguard Windsor II Fund Investor Shares (VWNFX) has a volatility of 3.64%. This indicates that VEIRX experiences smaller price fluctuations and is considered to be less risky than VWNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIRX	VWNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	3.64%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	7.60%	8.56%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	11.33%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	17.03%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	18.62%	-2.31%

VEIRX vs. VWNFX - Expense Ratio Comparison

VEIRX has a 0.19% expense ratio, which is lower than VWNFX's 0.34% expense ratio.

Dividends

VEIRX vs. VWNFX - Dividend Comparison

VEIRX's dividend yield for the trailing twelve months is around 10.24%, less than VWNFX's 10.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIRX Vanguard Equity Income Fund Admiral Shares	10.24%	11.03%	9.83%	7.96%	8.79%	7.71%	2.86%	4.45%	10.98%	3.04%	3.87%	6.48%
VWNFX Vanguard Windsor II Fund Investor Shares	10.83%	11.46%	10.50%	5.11%	7.26%	7.83%	7.31%	10.06%	11.38%	7.34%	8.08%	7.96%

Frequently Asked Questions

Can I hold both VEIRX and VWNFX in my portfolio?

VEIRX and VWNFX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEIRX or VWNFX?

VWNFX has higher volatility (3.64%) compared to VEIRX (2.84%). In terms of maximum drawdown, VEIRX dropped -54.02% vs VWNFX's -57.57%.

Which has better risk-adjusted returns?

VEIRX currently has the higher Sharpe Ratio (2.09 vs 1.92), 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.