VWELX vs. VOE

Last updated Jun 13, 2026

VWELX (Vanguard Wellington Fund Investor Shares) and VOE (Vanguard Mid-Cap Value ETF) are both funds - VWELX is a Diversified Portfolio fund actively managed by Vanguard, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. VWELX is actively managed, while VOE is passively managed. Over the past 10 years, VWELX returned 10.05%/yr vs 10.92%/yr for VOE. Their correlation of 0.85 suggests significant overlap in exposure. VWELX charges 0.24%/yr vs 0.05%/yr for VOE.

Performance

VWELX vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Investor Shares (VWELX) and Vanguard Mid-Cap Value ETF (VOE). 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 lower than VOE's 12.81% return. Over the past 10 years, VWELX has underperformed VOE with an annualized return of 10.05%, while VOE has yielded a comparatively higher 10.92% 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%

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

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

VWELX vs. VOE - 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%
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between VWELX and VOE is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.85

Over the past year, the correlation between VWELX and VOE has dropped to 0.57 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

VWELX vs. VOE - Sectors Allocation Comparison

Sectors	VWELX	VOE
Technology	31.8%	10.9%
Communication Services	12.3%	2.2%
Consumer Cyclical	10.9%	5.7%
Financial Services	10.6%	16.5%
Healthcare	9.8%	6.3%
Industrials	8.5%	14.0%
Consumer Defensive	4.4%	7.9%
Energy	4.4%	12.8%
Real Estate	2.6%	6.0%
Utilities	2.5%	12.1%
Basic Materials	2.1%	5.8%

Return for Risk

VWELX vs. VOE — 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

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

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. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Investor Shares (VWELX) and Vanguard Mid-Cap Value ETF (VOE). 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	VOE	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.10	-0.08
Sortino ratio: Return per unit of downside risk	2.80	3.01	-0.22
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	2.62	3.52	-0.89
Martin ratio: Return relative to average drawdown	11.84	13.34	-1.50

VWELX vs. VOE - Sharpe Ratio Comparison

The current VWELX Sharpe Ratio is 2.01, which is comparable to the VOE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of VWELX and VOE, 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. VOE - Drawdown Comparison

The maximum VWELX drawdown since its inception was -36.12%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VWELX and VOE.

Drawdown Indicators

	VWELX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-61.50%	+25.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-6.93%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-18.45%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	-19.70%	-1.18%
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	-43.18%	+17.85%
Current Drawdown Current decline from peak	-1.91%	0.00%	-1.91%
Average Drawdown Average peak-to-trough decline	-3.92%	-8.34%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	1.83%	-0.33%

Volatility

VWELX vs. VOE - Volatility Comparison

Vanguard Wellington Fund Investor Shares (VWELX) has a higher volatility of 3.49% compared to Vanguard Mid-Cap Value ETF (VOE) at 3.19%. This indicates that VWELX's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWELX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.19%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	8.30%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	8.82%	11.63%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	16.06%	-4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	18.83%	-7.27%

VWELX vs. VOE - Expense Ratio Comparison

VWELX has a 0.24% expense ratio, which is higher than VOE's 0.05% 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

VWELX vs. VOE - Dividend Comparison

VWELX's dividend yield for the trailing twelve months is around 10.97%, more than VOE's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOE Vanguard Mid-Cap Value ETF	1.84%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%
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 VOE in my portfolio?

VWELX and VOE have a correlation of 0.57, 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 VOE?

VWELX has higher volatility (3.49%) compared to VOE (3.19%). In terms of maximum drawdown, VWELX dropped -36.12% vs VOE's -61.50%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.10 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.