VGHY vs. VWEHX

Last updated Jun 26, 2026

VGHY (Vanguard High-Yield Active ETF) and VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) are both High Yield Bonds funds from Vanguard. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.22% expense ratio.

Performance

VGHY vs. VWEHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Active ETF (VGHY) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGHY achieves a 1.65% return, which is significantly higher than VWEHX's 0.79% return.

VGHY

• 1D: -0.03%
• 1M: 0.34%
• YTD: 1.65%
• 6M: 1.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VWEHX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 0.79%
• 6M: 1.49%
• 1Y: 5.66%
• 3Y*: 8.31%
• 5Y*: 3.94%
• 10Y*: 5.15%

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

VGHY vs. VWEHX - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	1.65%	1.77%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	0.79%	2.07%

Correlation

The correlation between VGHY and VWEHX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.66

Return for Risk

VGHY vs. VWEHX — Risk / Return Rank

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

VGHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VWEHX

VWEHX Risk / Return Rank: 66
VWEHX Sharpe Ratio Rank: 53
VWEHX Sortino Ratio Rank: 76
VWEHX Omega Ratio Rank: 79
VWEHX Calmar Ratio Rank: 48
VWEHX Martin Ratio Rank: 73

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.

VGHY vs. VWEHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). 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.

	VGHY	VWEHX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.80	—
Sortino ratio: Return per unit of downside risk	—	3.09	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	2.33	—
Martin ratio: Return relative to average drawdown	—	11.74	—

Drawdowns

VGHY vs. VWEHX - Drawdown Comparison

The maximum VGHY drawdown since its inception was -2.66%, smaller than the maximum VWEHX drawdown of -30.17%. Use the drawdown chart below to compare losses from any high point for VGHY and VWEHX.

Drawdown Indicators

	VGHY	VWEHX	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-30.17%	+27.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.52%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.69%	—
Current Drawdown Current decline from peak	-0.15%	-0.36%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.43%	-4.28%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.50%	—

Volatility

Volatility by Period

	VGHY	VWEHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	3.27%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.23%	4.91%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	5.25%	-1.02%

VGHY vs. VWEHX - Expense Ratio Comparison

Both VGHY and VWEHX have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VGHY vs. VWEHX - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.97%, less than VWEHX's 6.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGHY Vanguard High-Yield Active ETF	3.97%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	6.28%	6.15%	6.11%	5.68%	5.11%	3.43%	4.62%	5.24%	5.94%	5.29%	5.41%	6.42%

Frequently Asked Questions

Can I hold both VGHY and VWEHX in my portfolio?

VGHY and VWEHX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.