VLISX vs. VWEAX

Last updated Jun 23, 2026

VLISX (Vanguard Large-Cap Index Fund Institutional Shares) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both mutual funds - VLISX is a Large Cap Blend Equities fund managed by Vanguard, while VWEAX is a High Yield Bonds fund actively managed by Vanguard. Over the past 10 years, VLISX returned 15.58%/yr vs 5.22%/yr for VWEAX. At a 0.32 correlation, their price movements are largely independent. VLISX charges 0.04%/yr vs 0.12%/yr for VWEAX.

Performance

VLISX vs. VWEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Large-Cap Index Fund Institutional Shares (VLISX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLISX achieves a 9.99% return, which is significantly higher than VWEAX's 1.01% return. Over the past 10 years, VLISX has outperformed VWEAX with an annualized return of 15.58%, while VWEAX has yielded a comparatively lower 5.22% annualized return.

VLISX

• 1D: 1.11%
• 1M: 0.66%
• YTD: 9.99%
• 6M: 9.48%
• 1Y: 26.91%
• 3Y*: 21.20%
• 5Y*: 13.64%
• 10Y*: 15.58%

VWEAX

• 1D: 0.00%
• 1M: 0.72%
• YTD: 1.01%
• 6M: 1.72%
• 1Y: 6.54%
• 3Y*: 8.14%
• 5Y*: 4.12%
• 10Y*: 5.22%

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

VLISX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLISX Vanguard Large-Cap Index Fund Institutional Shares	9.99%	18.11%	25.12%	27.26%	-19.68%	27.04%	21.04%	31.38%	-4.47%	22.04%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	1.01%	9.49%	6.42%	11.79%	-8.95%	3.04%	5.41%	15.92%	-2.80%	7.17%

Correlation

The correlation between VLISX and VWEAX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.32

Over the past year, VLISX and VWEAX have become more correlated (0.53) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

VLISX vs. VWEAX — Risk / Return Rank

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

VLISX

VLISX Risk / Return Rank: 62
VLISX Sharpe Ratio Rank: 62
VLISX Sortino Ratio Rank: 55
VLISX Omega Ratio Rank: 58
VLISX Calmar Ratio Rank: 63
VLISX Martin Ratio Rank: 73

VWEAX

VWEAX Risk / Return Rank: 71
VWEAX Sharpe Ratio Rank: 57
VWEAX Sortino Ratio Rank: 82
VWEAX Omega Ratio Rank: 83
VWEAX Calmar Ratio Rank: 54
VWEAX Martin Ratio Rank: 78

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.

VLISX vs. VWEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap Index Fund Institutional Shares (VLISX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.

	VLISX	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.06	+0.07
Sortino ratio: Return per unit of downside risk	2.87	3.56	-0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.50	-0.12
Calmar ratio: Return relative to maximum drawdown	2.91	2.68	+0.23
Martin ratio: Return relative to average drawdown	12.95	13.57	-0.61

VLISX vs. VWEAX - Sharpe Ratio Comparison

The current VLISX Sharpe Ratio is 2.13, which is comparable to the VWEAX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VLISX and VWEAX, 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

VLISX vs. VWEAX - Drawdown Comparison

The maximum VLISX drawdown since its inception was -54.48%, which is greater than VWEAX's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for VLISX and VWEAX.

Drawdown Indicators

	VLISX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.48%	-30.05%	-24.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-2.52%	-6.67%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-3.32%	-15.69%
Max Drawdown (5Y) Largest decline over 5 years	-25.65%	-13.77%	-11.88%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-19.68%	-14.29%
Current Drawdown Current decline from peak	-1.35%	-0.18%	-1.17%
Average Drawdown Average peak-to-trough decline	-6.73%	-2.12%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.50%	+1.56%

Volatility

VLISX vs. VWEAX - Volatility Comparison

Vanguard Large-Cap Index Fund Institutional Shares (VLISX) has a higher volatility of 4.87% compared to Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) at 0.88%. This indicates that VLISX's price experiences larger fluctuations and is considered to be riskier than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLISX	VWEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	0.88%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	2.62%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	3.29%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	4.92%	+12.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	5.27%	+12.98%

VLISX vs. VWEAX - Expense Ratio Comparison

VLISX has a 0.04% expense ratio, which is lower than VWEAX's 0.12% 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

VLISX vs. VWEAX - Dividend Comparison

VLISX's dividend yield for the trailing twelve months is around 0.98%, less than VWEAX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VLISX Vanguard Large-Cap Index Fund Institutional Shares	0.98%	1.08%	1.24%	1.41%	1.67%	1.19%	1.46%	1.81%	2.09%	1.76%	1.99%	1.97%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.37%	6.25%	6.20%	5.79%	5.21%	3.49%	4.71%	5.33%	6.07%	5.39%	5.51%	6.53%

Frequently Asked Questions

Can I hold both VLISX and VWEAX in my portfolio?

VLISX and VWEAX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLISX or VWEAX?

VLISX has higher volatility (4.87%) compared to VWEAX (0.88%). In terms of maximum drawdown, VLISX dropped -54.48% vs VWEAX's -30.05%.

Which has better risk-adjusted returns?

VLISX currently has the higher Sharpe Ratio (2.13 vs 2.06), 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.