VMVFX vs. VWELX

Last updated Jun 4, 2026

VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) and VWELX (Vanguard Wellington Fund Investor Shares) are both mutual funds - VMVFX is a Global Equities fund managed by Vanguard, while VWELX is a Diversified Portfolio fund actively managed by Vanguard. Over the past 10 years, VMVFX returned 9.51%/yr vs 10.20%/yr for VWELX. Their correlation of 0.81 suggests significant overlap in exposure. VMVFX charges 0.21%/yr vs 0.24%/yr for VWELX.

Performance

VMVFX vs. VWELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and Vanguard Wellington Fund Investor Shares (VWELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVFX achieves a 8.43% return, which is significantly higher than VWELX's 7.11% return. Over the past 10 years, VMVFX has underperformed VWELX with an annualized return of 9.51%, while VWELX has yielded a comparatively higher 10.20% annualized return.

VMVFX

• 1D: 0.06%
• 1M: 2.52%
• YTD: 8.43%
• 6M: 8.94%
• 1Y: 13.14%
• 3Y*: 13.60%
• 5Y*: 10.78%
• 10Y*: 9.51%

VWELX

• 1D: 0.06%
• 1M: 3.86%
• YTD: 7.11%
• 6M: 7.36%
• 1Y: 21.02%
• 3Y*: 15.61%
• 5Y*: 8.97%
• 10Y*: 10.20%

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

VMVFX vs. VWELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	8.43%	12.74%	13.38%	7.82%	-4.48%	23.74%	-3.99%	23.28%	-1.79%	15.93%
VWELX Vanguard Wellington Fund Investor Shares	7.11%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	22.51%	-3.43%	13.98%

Correlation

The correlation between VMVFX and VWELX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013	0.81

Over the past year, the correlation between VMVFX and VWELX has dropped to 0.52 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

VMVFX vs. VWELX - Sectors Allocation Comparison

Sectors	VMVFX	VWELX
Technology	20.9%	31.8%
Financial Services	12.8%	10.6%
Healthcare	12.8%	9.8%
Industrials	11.4%	8.5%
Consumer Defensive	10.1%	4.4%
Communication Services	9.8%	12.3%
Consumer Cyclical	7.9%	10.9%
Utilities	7.1%	2.5%
Energy	4.3%	4.4%
Real Estate	2.8%	2.6%
Basic Materials	0.2%	2.1%

Return for Risk

VMVFX vs. VWELX — Risk / Return Rank

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

VMVFX

VMVFX Risk / Return Rank: 39
VMVFX Sharpe Ratio Rank: 43
VMVFX Sortino Ratio Rank: 43
VMVFX Omega Ratio Rank: 42
VMVFX Calmar Ratio Rank: 31
VMVFX Martin Ratio Rank: 37

VWELX

VWELX Risk / Return Rank: 74
VWELX Sharpe Ratio Rank: 78
VWELX Sortino Ratio Rank: 75
VWELX Omega Ratio Rank: 73
VWELX Calmar Ratio Rank: 68
VWELX 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.

VMVFX vs. VWELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and Vanguard Wellington Fund Investor Shares (VWELX). 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.

	VMVFX	VWELX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.56	-0.64
Sortino ratio: Return per unit of downside risk	2.74	3.60	-0.87
Omega ratio: Gain probability vs. loss probability	1.34	1.48	-0.14
Calmar ratio: Return relative to maximum drawdown	2.08	3.17	-1.09
Martin ratio: Return relative to average drawdown	8.13	14.69	-6.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMVFX vs. VWELX - Sharpe Ratio Comparison

The current VMVFX Sharpe Ratio is 1.92, which is comparable to the VWELX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of VMVFX and VWELX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMVFX	VWELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.56	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.81	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.89	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.84	-0.02

Drawdowns

VMVFX vs. VWELX - Drawdown Comparison

The maximum VMVFX drawdown since its inception was -33.09%, smaller than the maximum VWELX drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for VMVFX and VWELX.

Drawdown Indicators

	VMVFX	VWELX	Difference
Max Drawdown Largest peak-to-trough decline	-33.09%	-36.12%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.78%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-11.98%	+4.02%
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	-20.88%	+7.86%
Max Drawdown (10Y) Largest decline over 10 years	-33.09%	-25.33%	-7.76%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.83%	-3.92%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.46%	+0.14%

Volatility

VMVFX vs. VWELX - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) is 1.94%, while Vanguard Wellington Fund Investor Shares (VWELX) has a volatility of 2.52%. This indicates that VMVFX experiences smaller price fluctuations and is considered to be less risky than VWELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVFX	VWELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	2.52%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	5.17%	6.67%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	8.38%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	11.13%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	11.53%	+0.95%

VMVFX vs. VWELX - Expense Ratio Comparison

VMVFX has a 0.21% expense ratio, which is lower than VWELX's 0.24% 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

VMVFX vs. VWELX - Dividend Comparison

VMVFX's dividend yield for the trailing twelve months is around 9.20%, less than VWELX's 10.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	9.20%	9.98%	3.77%	3.05%	4.96%	12.73%	2.02%	5.12%	7.27%	2.30%	2.71%	3.22%
VWELX Vanguard Wellington Fund Investor Shares	10.76%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both VMVFX and VWELX in my portfolio?

VMVFX and VWELX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVFX or VWELX?

VWELX has higher volatility (2.52%) compared to VMVFX (1.94%). In terms of maximum drawdown, VMVFX dropped -33.09% vs VWELX's -36.12%.

Which has better risk-adjusted returns?

VWELX currently has the higher Sharpe Ratio (2.56 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.