VWENX vs. FBND

Last updated Jun 13, 2026

VWENX (Vanguard Wellington Fund Admiral Shares) and FBND (Fidelity Total Bond ETF) are both funds - VWENX is a Diversified Portfolio fund actively managed by Vanguard, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, VWENX returned 10.13%/yr vs 2.54%/yr for FBND. At a 0.23 correlation, their price movements are largely independent. VWENX charges 0.16%/yr vs 0.36%/yr for FBND.

Performance

VWENX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Admiral Shares (VWENX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWENX achieves a 5.10% return, which is significantly higher than FBND's 0.70% return. Over the past 10 years, VWENX has outperformed FBND with an annualized return of 10.13%, while FBND has yielded a comparatively lower 2.54% annualized return.

VWENX

• 1D: 1.32%
• 1M: -0.63%
• YTD: 5.10%
• 6M: 5.87%
• 1Y: 17.34%
• 3Y*: 14.75%
• 5Y*: 8.43%
• 10Y*: 10.13%

FBND

• 1D: -0.13%
• 1M: 0.43%
• YTD: 0.70%
• 6M: 1.04%
• 1Y: 4.85%
• 3Y*: 4.89%
• 5Y*: 0.76%
• 10Y*: 2.54%

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

VWENX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWENX Vanguard Wellington Fund Admiral Shares	5.10%	16.63%	14.82%	14.40%	-14.31%	19.09%	10.66%	22.61%	-3.35%	14.05%
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between VWENX and FBND is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.23

The correlation between VWENX and FBND shifts across timeframes, from 0.23 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.

VWENX vs. FBND - Sectors Allocation Comparison

Sectors	VWENX	FBND
Technology	31.8%	-
Communication Services	12.3%	-
Consumer Cyclical	10.9%	-
Financial Services	10.6%	0.2%
Healthcare	9.8%	-
Industrials	8.5%	71.4%
Consumer Defensive	4.4%	-
Energy	4.4%	1.1%
Real Estate	2.6%	-
Utilities	2.5%	27.5%
Basic Materials	2.1%	-

Return for Risk

VWENX vs. FBND — Risk / Return Rank

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

VWENX

VWENX Risk / Return Rank: 74
VWENX Sharpe Ratio Rank: 74
VWENX Sortino Ratio Rank: 72
VWENX Omega Ratio Rank: 73
VWENX Calmar Ratio Rank: 70
VWENX Martin Ratio Rank: 81

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 41
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 38
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 38

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.

VWENX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Admiral Shares (VWENX) and Fidelity Total Bond ETF (FBND). 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.

	VWENX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.27	+0.75
Sortino ratio: Return per unit of downside risk	2.80	1.90	+0.90
Omega ratio: Gain probability vs. loss probability	1.38	1.22	+0.15
Calmar ratio: Return relative to maximum drawdown	2.64	1.83	+0.81
Martin ratio: Return relative to average drawdown	11.92	5.32	+6.60

VWENX vs. FBND - Sharpe Ratio Comparison

The current VWENX Sharpe Ratio is 2.02, which is higher than the FBND Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of VWENX and FBND, 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

VWENX vs. FBND - Drawdown Comparison

The maximum VWENX drawdown since its inception was -36.02%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for VWENX and FBND.

Drawdown Indicators

	VWENX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-36.02%	-17.25%	-18.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-2.66%	-4.11%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-5.94%	-6.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-17.25%	-3.59%
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	-17.25%	-8.08%
Current Drawdown Current decline from peak	-1.92%	-1.23%	-0.69%
Average Drawdown Average peak-to-trough decline	-4.35%	-3.34%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.91%	+0.59%

Volatility

VWENX vs. FBND - Volatility Comparison

Vanguard Wellington Fund Admiral Shares (VWENX) has a higher volatility of 3.50% compared to Fidelity Total Bond ETF (FBND) at 1.35%. This indicates that VWENX's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWENX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	1.35%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	2.81%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	3.83%	+5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	5.92%	+5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	6.10%	+5.46%

VWENX vs. FBND - Expense Ratio Comparison

VWENX has a 0.16% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

VWENX vs. FBND - Dividend Comparison

VWENX's dividend yield for the trailing twelve months is around 11.05%, more than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
VWENX Vanguard Wellington Fund Admiral Shares	11.05%	11.55%	10.85%	6.08%	8.28%	8.72%	7.85%	4.74%	9.58%	5.88%	4.53%	6.58%

Frequently Asked Questions

Can I hold both VWENX and FBND in my portfolio?

VWENX and FBND have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWENX or FBND?

VWENX has higher volatility (3.50%) compared to FBND (1.35%). In terms of maximum drawdown, VWENX dropped -36.02% vs FBND's -17.25%.

Which has better risk-adjusted returns?

VWENX currently has the higher Sharpe Ratio (2.02 vs 1.27), 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.