VWEAX vs. VWEHX

Last updated Jun 4, 2026

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. Over the past 10 years, VWEAX returned 5.26%/yr vs 5.15%/yr for VWEHX. With a 1.00 correlation, they move nearly in lockstep. VWEAX charges 0.13%/yr vs 0.23%/yr for VWEHX.

Performance

VWEAX vs. VWEHX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VWEAX having a 1.20% return and VWEHX slightly lower at 1.16%. Both investments have delivered pretty close results over the past 10 years, with VWEAX having a 5.26% annualized return and VWEHX not far behind at 5.15%.

VWEAX

• 1D: 0.00%
• 1M: 0.54%
• YTD: 1.20%
• 6M: 1.91%
• 1Y: 7.12%
• 3Y*: 8.28%
• 5Y*: 4.19%
• 10Y*: 5.26%

VWEHX

• 1D: 0.00%
• 1M: 0.53%
• YTD: 1.16%
• 6M: 1.86%
• 1Y: 7.01%
• 3Y*: 8.17%
• 5Y*: 4.09%
• 10Y*: 5.15%

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

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	1.20%	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	1.16%	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 13, 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.

VWEAX vs. VWEHX - Sectors Allocation Comparison

Sectors	VWEAX	VWEHX
Financial Services	0.6%	0.6%
Real Estate	0.0%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

VWEAX vs. VWEHX — Risk / Return Rank

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

VWEAX

VWEAX Risk / Return Rank: 70
VWEAX Sharpe Ratio Rank: 56
VWEAX Sortino Ratio Rank: 81
VWEAX Omega Ratio Rank: 83
VWEAX Calmar Ratio Rank: 55
VWEAX Martin Ratio Rank: 77

VWEHX

VWEHX Risk / Return Rank: 69
VWEHX Sharpe Ratio Rank: 54
VWEHX Sortino Ratio Rank: 79
VWEHX Omega Ratio Rank: 82
VWEHX Calmar Ratio Rank: 53
VWEHX Martin Ratio Rank: 75

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. 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.

	VWEAX	VWEHX	Difference
Sharpe ratio Return per unit of total volatility	2.20	2.18	+0.02
Sortino ratio Return per unit of downside risk	3.81	3.75	+0.06
Omega ratio Gain probability vs. loss probability	1.55	1.55	+0.01
Calmar ratio Return relative to maximum drawdown	2.83	2.79	+0.04
Martin ratio Return relative to average drawdown	14.47	14.22	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWEAX vs. VWEHX - Sharpe Ratio Comparison

The current VWEAX Sharpe Ratio is 2.20, which is comparable to the VWEHX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VWEAX and VWEHX, 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

	VWEAX	VWEHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.18	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.84	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.98	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	0.87	+0.36

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.

Drawdown Indicators

	VWEAX	VWEHX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.12%	-4.29%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.49%	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 0.98% and 0.98%, 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.

Volatility by Period

	VWEAX	VWEHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.98%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	2.55%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	3.24%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	4.90%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.28%	5.27%	+0.01%

VWEAX vs. VWEHX - Expense Ratio Comparison

VWEAX has a 0.13% expense ratio, which is lower than VWEHX's 0.23% 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 6.36%, more than VWEHX's 6.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.36%	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	6.26%	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

Can I hold both VWEAX and VWEHX in my portfolio?

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.

Which is riskier, VWEAX or VWEHX?

VWEHX has higher volatility (0.98%) compared to VWEAX (0.98%). In terms of maximum drawdown, VWEAX dropped -30.05% vs VWEHX's -30.17%.

Which has better risk-adjusted returns?

VWEAX currently has the higher Sharpe Ratio (2.20 vs 2.18), 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.