VSPVX vs. VWELX

Last updated Jun 26, 2026

VSPVX (Vanguard S&P 500 Value Index Fund Institutional Shares) and VWELX (Vanguard Wellington Fund Investor Shares) are both mutual funds - VSPVX is a Large Cap Value Equities fund managed by Vanguard, while VWELX is a Diversified Portfolio fund actively managed by Vanguard. Over the past 10 years, VSPVX returned 12.09%/yr vs 10.22%/yr for VWELX. Their correlation of 0.86 suggests significant overlap in exposure. VSPVX charges 0.08%/yr vs 0.24%/yr for VWELX.

Performance

VSPVX vs. VWELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) 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, VSPVX achieves a 7.60% return, which is significantly higher than VWELX's 5.15% return. Over the past 10 years, VSPVX has outperformed VWELX with an annualized return of 12.09%, while VWELX has yielded a comparatively lower 10.22% annualized return.

VSPVX

• 1D: 0.09%
• 1M: -0.27%
• YTD: 7.60%
• 6M: 6.50%
• 1Y: 19.70%
• 3Y*: 15.02%
• 5Y*: 10.93%
• 10Y*: 12.09%

VWELX

• 1D: 0.06%
• 1M: -1.07%
• YTD: 5.15%
• 6M: 4.28%
• 1Y: 16.42%
• 3Y*: 14.72%
• 5Y*: 8.34%
• 10Y*: 10.22%

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

VSPVX vs. VWELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	7.60%	12.62%	11.99%	22.39%	-5.33%	24.80%	1.23%	31.84%	-9.02%	15.28%
VWELX Vanguard Wellington Fund Investor Shares	5.15%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	22.51%	-3.43%	13.98%

Correlation

The correlation between VSPVX and VWELX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 28, 2014	0.86

The correlation between VSPVX and VWELX shifts across timeframes, from 0.71 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VSPVX vs. VWELX — Risk / Return Rank

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

VSPVX

VSPVX Risk / Return Rank: 68
VSPVX Sharpe Ratio Rank: 65
VSPVX Sortino Ratio Rank: 63
VSPVX Omega Ratio Rank: 59
VSPVX Calmar Ratio Rank: 78
VSPVX Martin Ratio Rank: 74

VWELX

VWELX Risk / Return Rank: 57
VWELX Sharpe Ratio Rank: 56
VWELX Sortino Ratio Rank: 55
VWELX Omega Ratio Rank: 56
VWELX Calmar Ratio Rank: 52
VWELX Martin Ratio Rank: 66

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.

VSPVX vs. VWELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) 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.

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.

	VSPVX	VWELX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.85	+0.10
Sortino ratio: Return per unit of downside risk	2.73	2.59	+0.14
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.10	2.44	+0.66
Martin ratio: Return relative to average drawdown	11.77	10.94	+0.83

VSPVX vs. VWELX - Sharpe Ratio Comparison

The current VSPVX Sharpe Ratio is 1.95, which is comparable to the VWELX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of VSPVX 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.

Drawdowns

VSPVX vs. VWELX - Drawdown Comparison

The maximum VSPVX drawdown since its inception was -37.05%, roughly equal to the maximum VWELX drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for VSPVX and VWELX.

Drawdown Indicators

	VSPVX	VWELX	Difference
Max Drawdown Largest peak-to-trough decline	-37.05%	-36.12%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-6.78%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-11.98%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-20.88%	+2.88%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-25.33%	-11.72%
Current Drawdown Current decline from peak	-1.14%	-1.83%	+0.69%
Average Drawdown Average peak-to-trough decline	-4.05%	-3.92%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.51%	+0.13%

Volatility

VSPVX vs. VWELX - Volatility Comparison

The current volatility for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) is 2.87%, while Vanguard Wellington Fund Investor Shares (VWELX) has a volatility of 3.69%. This indicates that VSPVX 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

	VSPVX	VWELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.69%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	7.35%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.94%	8.99%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	11.22%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	11.54%	+5.49%

VSPVX vs. VWELX - Expense Ratio Comparison

VSPVX has a 0.08% 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

VSPVX vs. VWELX - Dividend Comparison

VSPVX's dividend yield for the trailing twelve months is around 2.12%, less than VWELX's 11.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	2.12%	1.35%	2.12%	1.70%	2.21%	1.88%	2.46%	2.12%	2.73%	2.18%	2.30%	2.47%
VWELX Vanguard Wellington Fund Investor Shares	11.00%	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 VSPVX and VWELX in my portfolio?

VSPVX and VWELX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSPVX or VWELX?

VWELX has higher volatility (3.69%) compared to VSPVX (2.87%). In terms of maximum drawdown, VSPVX dropped -37.05% vs VWELX's -36.12%.

Which has better risk-adjusted returns?

VSPVX currently has the higher Sharpe Ratio (1.95 vs 1.85), 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.