VWEHX vs. VGHY

Last updated Jun 5, 2026

VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) and VGHY (Vanguard High-Yield Active ETF) are both High Yield Bonds funds from Vanguard. A 0.68 correlation means they provide meaningful diversification when combined. VWEHX charges 0.23%/yr vs 0.22%/yr for VGHY.

Performance

VWEHX vs. VGHY - Performance Comparison

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

Returns By Period

In the year-to-date period, VWEHX achieves a 0.97% return, which is significantly lower than VGHY's 1.44% return.

VWEHX

• 1D: -0.18%
• 1M: 0.35%
• YTD: 0.97%
• 6M: 1.67%
• 1Y: 6.62%
• 3Y*: 8.10%
• 5Y*: 4.05%
• 10Y*: 5.13%

VGHY

• 1D: 0.06%
• 1M: 0.32%
• YTD: 1.44%
• 6M: 2.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VWEHX vs. VGHY - Yearly Performance Comparison

	2026 (YTD)	2025
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	0.97%	2.07%
VGHY Vanguard High-Yield Active ETF	1.44%	1.80%

Correlation

The correlation between VWEHX and VGHY is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.68

Return for Risk

VWEHX vs. VGHY — Risk / Return Rank

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

VWEHX

VWEHX Risk / Return Rank: 65
VWEHX Sharpe Ratio Rank: 51
VWEHX Sortino Ratio Rank: 74
VWEHX Omega Ratio Rank: 79
VWEHX Calmar Ratio Rank: 50
VWEHX Martin Ratio Rank: 72

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.

VWEHX vs. VGHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) and Vanguard High-Yield Active ETF (VGHY). 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.

	VWEHX	VGHY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	—	—
Sortino ratio: Return per unit of downside risk	3.64	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	2.71	—	—
Martin ratio: Return relative to average drawdown	13.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VWEHX	VGHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.08	-0.21

Drawdowns

VWEHX vs. VGHY - Drawdown Comparison

The maximum VWEHX drawdown since its inception was -30.17%, which is greater than VGHY's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for VWEHX and VGHY.

Drawdown Indicators

	VWEHX	VGHY	Difference
Max Drawdown Largest peak-to-trough decline	-30.17%	-2.66%	-27.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.69%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.24%	+0.06%
Average Drawdown Average peak-to-trough decline	-4.29%	-0.45%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	—	—

Volatility

Volatility by Period

	VWEHX	VGHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	4.28%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	4.28%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	4.28%	+0.99%

VWEHX vs. VGHY - Expense Ratio Comparison

VWEHX has a 0.23% expense ratio, which is higher than VGHY's 0.22% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VWEHX vs. VGHY - Dividend Comparison

VWEHX's dividend yield for the trailing twelve months is around 6.27%, more than VGHY's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGHY Vanguard High-Yield Active ETF	3.98%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both VWEHX and VGHY in my portfolio?

VWEHX and VGHY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.