VWEHX vs. VWEAX

Last updated Jun 4, 2026

VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds from Vanguard. Over the past 10 years, VWEHX returned 5.15%/yr vs 5.26%/yr for VWEAX. With a 1.00 correlation, they move nearly in lockstep. VWEHX charges 0.23%/yr vs 0.13%/yr for VWEAX.

Performance

VWEHX vs. VWEAX - 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 Corporate Fund Admiral Shares (VWEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

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%

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

VWEHX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

The correlation between VWEHX and VWEAX 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 VWEHX and VWEAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VWEHX vs. VWEAX - Sectors Allocation Comparison

Sectors	VWEHX	VWEAX
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

VWEHX vs. VWEAX — Risk / Return Rank

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

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

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

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. VWEAX - 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 Corporate Fund Admiral Shares (VWEAX). 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	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.20	-0.02
Sortino ratio: Return per unit of downside risk	3.75	3.81	-0.06
Omega ratio: Gain probability vs. loss probability	1.55	1.55	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	2.83	-0.04
Martin ratio: Return relative to average drawdown	14.22	14.47	-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.

VWEHX vs. VWEAX - Sharpe Ratio Comparison

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

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

Drawdowns

VWEHX vs. VWEAX - Drawdown Comparison

The maximum VWEHX drawdown since its inception was -30.17%, roughly equal to the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for VWEHX and VWEAX.

Drawdown Indicators

	VWEHX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.17%	-30.05%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.52%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	-3.32%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	-13.77%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-19.69%	-19.68%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.29%	-2.12%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.49%	0.00%

Volatility

VWEHX vs. VWEAX - Volatility Comparison

Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) 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

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

VWEHX vs. VWEAX - Expense Ratio Comparison

VWEHX has a 0.23% expense ratio, which is higher than VWEAX's 0.13% 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. VWEAX - Dividend Comparison

VWEHX's dividend yield for the trailing twelve months is around 6.26%, less than VWEAX's 6.36% 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 VWEHX and VWEAX in my portfolio?

With a correlation of 1.00, VWEHX and VWEAX 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, VWEHX or VWEAX?

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

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.