VWEAX vs. OSTIX

Last updated Jun 23, 2026

VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) and OSTIX (Osterweis Strategic Income Fund) are both High Yield Bonds funds. Over the past 10 years, VWEAX returned 5.22%/yr vs 5.08%/yr for OSTIX. A 0.52 correlation means they provide meaningful diversification when combined. VWEAX charges 0.12%/yr vs 0.84%/yr for OSTIX.

Performance

VWEAX vs. OSTIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VWEAX achieves a 1.01% return, which is significantly lower than OSTIX's 1.77% return. Both investments have delivered pretty close results over the past 10 years, with VWEAX having a 5.22% annualized return and OSTIX not far behind at 5.08%.

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%

OSTIX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.77%
• 6M: 1.91%
• 1Y: 4.75%
• 3Y*: 6.91%
• 5Y*: 4.27%
• 10Y*: 5.08%

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

VWEAX vs. OSTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
OSTIX Osterweis Strategic Income Fund	1.77%	4.04%	8.03%	12.29%	-5.94%	5.48%	9.01%	5.36%	-0.66%	6.00%

Correlation

The correlation between VWEAX and OSTIX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 4, 2002	0.52

The correlation between VWEAX and OSTIX shifts across timeframes, from 0.52 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VWEAX vs. OSTIX — Risk / Return Rank

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

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

OSTIX

OSTIX Risk / Return Rank: 89
OSTIX Sharpe Ratio Rank: 92
OSTIX Sortino Ratio Rank: 92
OSTIX Omega Ratio Rank: 93
OSTIX Calmar Ratio Rank: 80
OSTIX Martin Ratio Rank: 88

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.

VWEAX vs. OSTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) and Osterweis Strategic Income Fund (OSTIX). 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.

	VWEAX	OSTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.87	-0.81
Sortino ratio: Return per unit of downside risk	3.56	4.25	-0.70
Omega ratio: Gain probability vs. loss probability	1.50	1.68	-0.18
Calmar ratio: Return relative to maximum drawdown	2.68	3.43	-0.75
Martin ratio: Return relative to average drawdown	13.57	15.51	-1.94

VWEAX vs. OSTIX - Sharpe Ratio Comparison

The current VWEAX Sharpe Ratio is 2.06, which is comparable to the OSTIX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of VWEAX and OSTIX, 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

VWEAX vs. OSTIX - Drawdown Comparison

The maximum VWEAX drawdown since its inception was -30.05%, which is greater than OSTIX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for VWEAX and OSTIX.

Drawdown Indicators

	VWEAX	OSTIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-10.06%	-19.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-1.42%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-3.32%	-3.27%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-13.77%	-9.75%	-4.02%
Max Drawdown (10Y) Largest decline over 10 years	-19.68%	-10.06%	-9.62%
Current Drawdown Current decline from peak	-0.18%	-0.09%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.12%	-0.94%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.31%	+0.19%

Volatility

VWEAX vs. OSTIX - Volatility Comparison

Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) has a higher volatility of 0.88% compared to Osterweis Strategic Income Fund (OSTIX) at 0.46%. This indicates that VWEAX's price experiences larger fluctuations and is considered to be riskier than OSTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWEAX	OSTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.46%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	1.36%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	1.70%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	3.01%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	2.96%	+2.31%

VWEAX vs. OSTIX - Expense Ratio Comparison

VWEAX has a 0.12% expense ratio, which is lower than OSTIX's 0.84% expense ratio.

Dividends

VWEAX vs. OSTIX - Dividend Comparison

VWEAX's dividend yield for the trailing twelve months is around 6.37%, more than OSTIX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OSTIX Osterweis Strategic Income Fund	4.74%	3.96%	5.25%	5.72%	4.72%	4.03%	3.85%	4.74%	4.66%	4.58%	5.23%	5.98%
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 VWEAX and OSTIX in my portfolio?

VWEAX and OSTIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWEAX or OSTIX?

VWEAX has higher volatility (0.88%) compared to OSTIX (0.46%). In terms of maximum drawdown, VWEAX dropped -30.05% vs OSTIX's -10.06%.

Which has better risk-adjusted returns?

OSTIX currently has the higher Sharpe Ratio (2.87 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.