VWEAX vs. VWEHX
VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) and VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) are both High Yield Bonds funds from Vanguard. Both are actively managed. Over the past 10 years, VWEAX returned 5.28%/yr vs 5.17%/yr for VWEHX. With a 1.00 correlation, they move nearly in lockstep. VWEAX charges 0.12%/yr vs 0.22%/yr for VWEHX.
Performance
VWEAX vs. VWEHX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VWEAX having a 1.01% return and VWEHX slightly lower at 0.97%. Both investments have delivered pretty close results over the past 10 years, with VWEAX having a 5.28% annualized return and VWEHX not far behind at 5.17%.
VWEAX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.72%
- 1Y
- 6.34%
- 3Y*
- 8.49%
- 5Y*
- 4.12%
- 10Y*
- 5.28%
VWEHX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 0.97%
- 6M
- 1.67%
- 1Y
- 6.24%
- 3Y*
- 8.38%
- 5Y*
- 4.01%
- 10Y*
- 5.17%
VWEAX vs. VWEHX - 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% |
VWEHX Vanguard High-Yield Corporate Fund Investor Shares | 0.97% | 9.38% | 6.33% | 11.66% | -9.04% | 2.97% | 5.30% | 15.81% | -2.93% | 7.05% |
Correlation
The correlation between VWEAX and VWEHX is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 1.00 |
The correlation between VWEAX and VWEHX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VWEAX vs. VWEHX — Risk / Return Rank
VWEAX
VWEHX
VWEAX vs. VWEHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). 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 | VWEHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.48 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.56 | +0.04 |
| Martin ratioReturn relative to average drawdown | 13.17 | 12.93 | +0.24 |
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Drawdowns
VWEAX vs. VWEHX - Drawdown Comparison
The maximum VWEAX drawdown since its inception was -30.05%, roughly equal to the maximum VWEHX drawdown of -30.17%. Use the drawdown chart below to compare losses from any high point for VWEAX and VWEHX.
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Drawdown Indicators
| VWEAX | VWEHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.05% | -30.17% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -2.52% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -3.33% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -13.77% | -13.83% | +0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -19.68% | -19.69% | +0.01% |
Current DrawdownCurrent decline from peak | -0.18% | -0.18% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -4.29% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.50% | 0.00% |
Volatility
VWEAX vs. VWEHX - Volatility Comparison
Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) have volatilities of 0.87% and 0.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWEAX | VWEHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.86% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 2.60% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 3.27% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 4.91% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.27% | 5.26% | +0.01% |
VWEAX vs. VWEHX - Expense Ratio Comparison
VWEAX has a 0.12% expense ratio, which is lower than VWEHX's 0.22% 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
VWEAX vs. VWEHX - Dividend Comparison
VWEAX's dividend yield for the trailing twelve months is around 6.37%, more than VWEHX's 6.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWEHX Vanguard High-Yield Corporate Fund Investor Shares | 6.27% | 6.15% | 6.11% | 5.68% | 5.11% | 3.43% | 4.62% | 5.24% | 5.94% | 5.29% | 5.41% | 6.42% |
Frequently Asked Questions
With a correlation of 1.00, VWEAX and VWEHX 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.
VWEAX has higher volatility (0.87%) compared to VWEHX (0.86%). In terms of maximum drawdown, VWEAX dropped -30.05% vs VWEHX's -30.17%.
VWEAX currently has the higher Sharpe Ratio (2.00 vs 1.98), 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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