VOOV vs. VWNAX

Last updated Jun 5, 2026

VOOV (Vanguard S&P 500 Value ETF) and VWNAX (Vanguard Windsor II Fund Admiral Shares) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, VOOV returned 11.86%/yr vs 12.75%/yr for VWNAX. Their correlation of 0.93 suggests significant overlap in exposure. VOOV charges 0.07%/yr vs 0.26%/yr for VWNAX.

Performance

VOOV vs. VWNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value ETF (VOOV) and Vanguard Windsor II Fund Admiral Shares (VWNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOOV achieves a 8.52% return, which is significantly higher than VWNAX's 6.13% return. Over the past 10 years, VOOV has underperformed VWNAX with an annualized return of 11.86%, while VWNAX has yielded a comparatively higher 12.75% annualized return.

VOOV

• 1D: 0.94%
• 1M: 2.41%
• YTD: 8.52%
• 6M: 9.07%
• 1Y: 22.81%
• 3Y*: 16.15%
• 5Y*: 10.85%
• 10Y*: 11.86%

VWNAX

• 1D: -0.92%
• 1M: 0.79%
• YTD: 6.13%
• 6M: 7.25%
• 1Y: 22.57%
• 3Y*: 17.25%
• 5Y*: 10.21%
• 10Y*: 12.75%

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

VOOV vs. VWNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOV Vanguard S&P 500 Value ETF	8.52%	13.10%	12.21%	22.15%	-5.37%	24.87%	1.23%	31.75%	-9.09%	15.26%
VWNAX Vanguard Windsor II Fund Admiral Shares	6.13%	18.64%	13.99%	21.10%	-13.18%	28.95%	14.49%	29.16%	-8.57%	15.67%

Correlation

The correlation between VOOV and VWNAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.93

The correlation between VOOV and VWNAX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

VOOV vs. VWNAX - Sectors Allocation Comparison

Sectors	VOOV	VWNAX
Technology	19.0%	20.5%
Financial Services	15.0%	19.2%
Healthcare	11.6%	12.2%
Consumer Cyclical	11.1%	6.9%
Industrials	11.0%	10.1%
Consumer Defensive	9.5%	4.8%
Energy	7.6%	7.0%
Utilities	4.6%	2.2%
Basic Materials	3.5%	4.7%
Real Estate	3.4%	0.5%
Communication Services	3.3%	8.1%

Return for Risk

VOOV vs. VWNAX — Risk / Return Rank

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

VOOV

VOOV Risk / Return Rank: 73
VOOV Sharpe Ratio Rank: 73
VOOV Sortino Ratio Rank: 72
VOOV Omega Ratio Rank: 70
VOOV Calmar Ratio Rank: 74
VOOV Martin Ratio Rank: 75

VWNAX

VWNAX Risk / Return Rank: 52
VWNAX Sharpe Ratio Rank: 48
VWNAX Sortino Ratio Rank: 47
VWNAX Omega Ratio Rank: 46
VWNAX Calmar Ratio Rank: 57
VWNAX Martin Ratio Rank: 59

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.

VOOV vs. VWNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Value ETF (VOOV) and Vanguard Windsor II Fund Admiral Shares (VWNAX). 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.

	VOOV	VWNAX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.06	+0.27
Sortino ratio: Return per unit of downside risk	3.23	2.90	+0.33
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	3.65	2.90	+0.75
Martin ratio: Return relative to average drawdown	13.95	11.84	+2.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOOV vs. VWNAX - Sharpe Ratio Comparison

The current VOOV Sharpe Ratio is 2.32, which is comparable to the VWNAX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VOOV and VWNAX, 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

	VOOV	VWNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.06	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.60	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.46	+0.29

Drawdowns

VOOV vs. VWNAX - Drawdown Comparison

The maximum VOOV drawdown since its inception was -37.31%, smaller than the maximum VWNAX drawdown of -57.51%. Use the drawdown chart below to compare losses from any high point for VOOV and VWNAX.

Drawdown Indicators

	VOOV	VWNAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.31%	-57.51%	+20.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-7.85%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-21.77%	+4.22%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-22.70%	+4.60%
Max Drawdown (10Y) Largest decline over 10 years	-37.31%	-37.42%	+0.11%
Current Drawdown Current decline from peak	0.00%	-1.06%	+1.06%
Average Drawdown Average peak-to-trough decline	-3.84%	-8.99%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.92%	-0.28%

Volatility

VOOV vs. VWNAX - Volatility Comparison

The current volatility for Vanguard S&P 500 Value ETF (VOOV) is 2.08%, while Vanguard Windsor II Fund Admiral Shares (VWNAX) has a volatility of 2.48%. This indicates that VOOV experiences smaller price fluctuations and is considered to be less risky than VWNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOV	VWNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	2.48%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	8.20%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	11.08%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	17.01%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	18.38%	-1.44%

VOOV vs. VWNAX - Expense Ratio Comparison

VOOV has a 0.07% expense ratio, which is lower than VWNAX's 0.26% 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

VOOV vs. VWNAX - Dividend Comparison

VOOV's dividend yield for the trailing twelve months is around 1.66%, less than VWNAX's 10.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOOV Vanguard S&P 500 Value ETF	1.66%	1.76%	2.10%	1.69%	2.19%	1.87%	2.45%	2.10%	2.65%	2.13%	2.24%	2.36%
VWNAX Vanguard Windsor II Fund Admiral Shares	10.89%	11.55%	10.59%	5.19%	7.36%	7.92%	7.39%	10.15%	11.48%	7.38%	8.17%	8.05%

Frequently Asked Questions

Can I hold both VOOV and VWNAX in my portfolio?

With a correlation of 0.91, VOOV and VWNAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VOOV or VWNAX?

VWNAX has higher volatility (2.48%) compared to VOOV (2.08%). In terms of maximum drawdown, VOOV dropped -37.31% vs VWNAX's -57.51%.

Which has better risk-adjusted returns?

VOOV currently has the higher Sharpe Ratio (2.32 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.