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VTINX vs. VTWNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTINX vs. VTWNX

Last updated Jun 4, 2026

VTINX (Vanguard Target Retirement Income Fund) and VTWNX (Vanguard Target Retirement 2020 Fund) are both mutual funds - VTINX is a Diversified Portfolio fund managed by Vanguard, while VTWNX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, VTINX returned 5.33%/yr vs 6.81%/yr for VTWNX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.08% expense ratio.

Performance

VTINX vs. VTWNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement Income Fund (VTINX) and Vanguard Target Retirement 2020 Fund (VTWNX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VTINX achieves a 4.69% return, which is significantly lower than VTWNX's 5.10% return. Over the past 10 years, VTINX has underperformed VTWNX with an annualized return of 5.33%, while VTWNX has yielded a comparatively higher 6.81% annualized return.

VTINX

1D
0.14%
1M
2.12%
YTD
4.69%
6M
4.90%
1Y
12.16%
3Y*
9.49%
5Y*
4.28%
10Y*
5.33%

VTWNX

1D
0.17%
1M
2.27%
YTD
5.10%
6M
5.39%
1Y
13.27%
3Y*
10.58%
5Y*
4.89%
10Y*
6.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTINX vs. VTWNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTINX
Vanguard Target Retirement Income Fund		4.69%11.31%6.66%10.66%-12.75%5.24%10.02%13.16%-1.98%7.46%
VTWNX
Vanguard Target Retirement 2020 Fund		5.10%12.17%7.57%12.71%-14.17%8.15%12.05%17.64%-4.23%11.83%

Correlation

The correlation between VTINX and VTWNX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2006

0.92

The correlation between VTINX and VTWNX has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

VTINX vs. VTWNX - Sectors Allocation Comparison

Sectors
VTINX
VTWNX

Technology

27.4%
27.4%

Financial Services

16.1%
16.1%

Industrials

12.3%
12.3%

Consumer Cyclical

9.4%
9.4%

Healthcare

8.3%
8.3%

Communication Services

8.0%
8.0%

Consumer Defensive

4.8%
4.8%

Energy

4.3%
4.3%

Basic Materials

4.3%
4.3%

Utilities

2.7%
2.7%

Real Estate

2.5%
2.5%

Technology

VTINX
27.4%
VTWNX
27.4%

Financial Services

VTINX
16.1%
VTWNX
16.1%

Industrials

VTINX
12.3%
VTWNX
12.3%

Consumer Cyclical

VTINX
9.4%
VTWNX
9.4%

Healthcare

VTINX
8.3%
VTWNX
8.3%

Communication Services

VTINX
8.0%
VTWNX
8.0%

Consumer Defensive

VTINX
4.8%
VTWNX
4.8%

Energy

VTINX
4.3%
VTWNX
4.3%

Basic Materials

VTINX
4.3%
VTWNX
4.3%

Utilities

VTINX
2.7%
VTWNX
2.7%

Real Estate

VTINX
2.5%
VTWNX
2.5%

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Vanguard Target Retirement Income Fund

Vanguard Target Retirement 2020 Fund

Often compared with VTINX:
VTINX vs. VWINXVTINX vs. FIKFXVTINX vs. VSCGXVTINX vs. VBTIXVTINX vs. IRTRVTINX vs. SWBRXVTINX vs. VOO
Often compared with VTWNX:
VTWNX vs. VTTVXVTWNX vs. FPIFXVTWNX vs. VOOVTWNX vs. VTIVTWNX vs. FFFDXVTWNX vs. EWLVTWNX vs. LIRAX

Return for Risk

VTINX vs. VTWNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTINX
VTINX Risk / Return Rank: 7272
Overall Rank
VTINX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
VTINX Sortino Ratio Rank: 7878
Sortino Ratio Rank
VTINX Omega Ratio Rank: 7777
Omega Ratio Rank
VTINX Calmar Ratio Rank: 6060
Calmar Ratio Rank
VTINX Martin Ratio Rank: 6868
Martin Ratio Rank
VTWNX
VTWNX Risk / Return Rank: 7272
Overall Rank
VTWNX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
VTWNX Sortino Ratio Rank: 7777
Sortino Ratio Rank
VTWNX Omega Ratio Rank: 7676
Omega Ratio Rank
VTWNX Calmar Ratio Rank: 6262
Calmar Ratio Rank
VTWNX Martin Ratio Rank: 6969
Martin Ratio Rank
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.

VTINX vs. VTWNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement Income Fund (VTINX) and Vanguard Target Retirement 2020 Fund (VTWNX). 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.

VTINXVTWNXDifference
Sharpe ratioReturn per unit of total volatility
2.52
2.53

-0.01

Sortino ratioReturn per unit of downside risk
3.70
3.69

+0.01

Omega ratioGain probability vs. loss probability

1.50

1.50

0.00

Calmar ratioReturn relative to maximum drawdown

2.97

3.04

-0.07

Martin ratioReturn relative to average drawdown

13.09

13.32

-0.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTINX vs. VTWNX - Sharpe Ratio Comparison

The current VTINX Sharpe Ratio is 2.52, which is comparable to the VTWNX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VTINX and VTWNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VTINXVTWNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.52

2.53

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.66

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.93

0.83

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.93

0.55

+0.38

Drawdowns

VTINX vs. VTWNX - Drawdown Comparison

The maximum VTINX drawdown since its inception was -19.96%, smaller than the maximum VTWNX drawdown of -42.16%. Use the drawdown chart below to compare losses from any high point for VTINX and VTWNX.

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Drawdown Indicators

VTINXVTWNXDifference

Max Drawdown

Largest peak-to-trough decline

-19.96%

-42.16%

+22.20%

Max Drawdown (1Y)

Largest decline over 1 year

-4.14%

-4.43%

+0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-5.26%

-6.20%

+0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-17.02%

-19.38%

+2.36%

Max Drawdown (10Y)

Largest decline over 10 years

-17.02%

-19.38%

+2.36%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.20%

-4.80%

+2.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

1.01%

-0.07%

Volatility

VTINX vs. VTWNX - Volatility Comparison

The current volatility for Vanguard Target Retirement Income Fund (VTINX) is 1.77%, while Vanguard Target Retirement 2020 Fund (VTWNX) has a volatility of 1.90%. This indicates that VTINX experiences smaller price fluctuations and is considered to be less risky than VTWNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTINXVTWNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.77%

1.90%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

4.02%

4.36%

-0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

4.88%

5.32%

-0.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.07%

7.40%

-1.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.73%

8.28%

-2.55%

VTINX vs. VTWNX - Expense Ratio Comparison

Both VTINX and VTWNX have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VTINX vs. VTWNX - Dividend Comparison

VTINX's dividend yield for the trailing twelve months is around 4.80%, less than VTWNX's 7.80% yield.

PositionTTM20252024202320222021202020192018201720162015
VTINX
Vanguard Target Retirement Income Fund		4.80%5.02%5.89%4.01%3.08%8.63%3.42%2.62%4.19%1.56%2.27%3.53%
VTWNX
Vanguard Target Retirement 2020 Fund		7.80%8.20%9.35%6.20%4.99%19.57%6.28%3.54%4.94%0.73%2.74%4.15%

Frequently Asked Questions

With a correlation of 0.98, VTINX and VTWNX 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.

VTWNX has higher volatility (1.90%) compared to VTINX (1.77%). In terms of maximum drawdown, VTINX dropped -19.96% vs VTWNX's -42.16%.

VTWNX currently has the higher Sharpe Ratio (2.53 vs 2.52), 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.

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