VWELX vs. JMSIX

Last updated Jun 13, 2026

VWELX (Vanguard Wellington Fund Investor Shares) and JMSIX (JPMorgan Income Fund) are both mutual funds - VWELX is a Diversified Portfolio fund actively managed by Vanguard, while JMSIX is a Multisector Bonds fund managed by JPMorgan. Over the past 10 years, VWELX returned 10.05%/yr vs 3.97%/yr for JMSIX. At a 0.31 correlation, their price movements are largely independent. VWELX charges 0.24%/yr vs 0.40%/yr for JMSIX.

Performance

VWELX vs. JMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Investor Shares (VWELX) and JPMorgan Income Fund (JMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWELX achieves a 5.07% return, which is significantly higher than JMSIX's 1.23% return. Over the past 10 years, VWELX has outperformed JMSIX with an annualized return of 10.05%, while JMSIX has yielded a comparatively lower 3.97% annualized return.

VWELX

• 1D: 1.32%
• 1M: -0.64%
• YTD: 5.07%
• 6M: 5.82%
• 1Y: 17.27%
• 3Y*: 14.66%
• 5Y*: 8.35%
• 10Y*: 10.05%

JMSIX

• 1D: 0.12%
• 1M: 0.39%
• YTD: 1.23%
• 6M: 1.85%
• 1Y: 5.55%
• 3Y*: 7.12%
• 5Y*: 2.76%
• 10Y*: 3.97%

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

VWELX vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWELX Vanguard Wellington Fund Investor Shares	5.07%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	22.51%	-3.43%	13.98%
JMSIX JPMorgan Income Fund	1.23%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%

Correlation

The correlation between VWELX and JMSIX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.31

Return for Risk

VWELX vs. JMSIX — Risk / Return Rank

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

VWELX

VWELX Risk / Return Rank: 74
VWELX Sharpe Ratio Rank: 74
VWELX Sortino Ratio Rank: 72
VWELX Omega Ratio Rank: 72
VWELX Calmar Ratio Rank: 70
VWELX Martin Ratio Rank: 81

JMSIX

JMSIX Risk / Return Rank: 89
JMSIX Sharpe Ratio Rank: 82
JMSIX Sortino Ratio Rank: 94
JMSIX Omega Ratio Rank: 90
JMSIX Calmar Ratio Rank: 87
JMSIX Martin Ratio Rank: 90

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.

VWELX vs. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Investor Shares (VWELX) and JPMorgan Income Fund (JMSIX). 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.

	VWELX	JMSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.27	-0.25
Sortino ratio: Return per unit of downside risk	2.80	4.50	-1.71
Omega ratio: Gain probability vs. loss probability	1.37	1.60	-0.22
Calmar ratio: Return relative to maximum drawdown	2.62	3.51	-0.89
Martin ratio: Return relative to average drawdown	11.84	14.54	-2.70

VWELX vs. JMSIX - Sharpe Ratio Comparison

The current VWELX Sharpe Ratio is 2.01, which is comparable to the JMSIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of VWELX and JMSIX, 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

VWELX vs. JMSIX - Drawdown Comparison

The maximum VWELX drawdown since its inception was -36.12%, which is greater than JMSIX's maximum drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for VWELX and JMSIX.

Drawdown Indicators

	VWELX	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-18.40%	-17.72%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-1.62%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-2.31%	-9.67%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	-11.39%	-9.49%
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	-18.40%	-6.93%
Current Drawdown Current decline from peak	-1.91%	-0.12%	-1.79%
Average Drawdown Average peak-to-trough decline	-3.92%	-2.56%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.39%	+1.11%

Volatility

VWELX vs. JMSIX - Volatility Comparison

Vanguard Wellington Fund Investor Shares (VWELX) has a higher volatility of 3.49% compared to JPMorgan Income Fund (JMSIX) at 0.79%. This indicates that VWELX's price experiences larger fluctuations and is considered to be riskier than JMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWELX	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	0.79%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	1.89%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.82%	2.52%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	3.73%	+7.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	3.87%	+7.69%

VWELX vs. JMSIX - Expense Ratio Comparison

VWELX has a 0.24% expense ratio, which is lower than JMSIX's 0.40% expense ratio.

Dividends

VWELX vs. JMSIX - Dividend Comparison

VWELX's dividend yield for the trailing twelve months is around 10.97%, more than JMSIX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMSIX JPMorgan Income Fund	6.03%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%	0.00%
VWELX Vanguard Wellington Fund Investor Shares	10.97%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both VWELX and JMSIX in my portfolio?

VWELX and JMSIX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWELX or JMSIX?

VWELX has higher volatility (3.49%) compared to JMSIX (0.79%). In terms of maximum drawdown, VWELX dropped -36.12% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

JMSIX currently has the higher Sharpe Ratio (2.27 vs 2.01), 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.