VWENX vs. PNAIX

Last updated Jun 13, 2026

VWENX (Vanguard Wellington Fund Admiral Shares) and PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) are both mutual funds - VWENX is a Diversified Portfolio fund actively managed by Vanguard, while PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index. VWENX is actively managed, while PNAIX is passively managed. Over the past 10 years, VWENX returned 10.13%/yr vs 15.46%/yr for PNAIX. Their correlation of 0.88 suggests significant overlap in exposure. VWENX charges 0.16%/yr vs 0.66%/yr for PNAIX.

Performance

VWENX vs. PNAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Admiral Shares (VWENX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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 PNAIX's -1.66% return. Over the past 10 years, VWENX has underperformed PNAIX with an annualized return of 10.13%, while PNAIX has yielded a comparatively higher 15.46% 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%

PNAIX

• 1D: 2.25%
• 1M: -1.01%
• YTD: -1.66%
• 6M: -1.61%
• 1Y: 10.14%
• 3Y*: 17.41%
• 5Y*: 9.52%
• 10Y*: 15.46%

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

VWENX vs. PNAIX - 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%
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	-1.66%	16.53%	25.43%	29.18%	-21.25%	20.76%	44.92%	35.66%	1.40%	20.15%

Correlation

The correlation between VWENX and PNAIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between VWENX and PNAIX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

VWENX vs. PNAIX — 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

PNAIX

PNAIX Risk / Return Rank: 13
PNAIX Sharpe Ratio Rank: 13
PNAIX Sortino Ratio Rank: 13
PNAIX Omega Ratio Rank: 13
PNAIX Calmar Ratio Rank: 11
PNAIX Martin Ratio Rank: 13

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. PNAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Admiral Shares (VWENX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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	PNAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.75	+1.27
Sortino ratio: Return per unit of downside risk	2.80	1.12	+1.68
Omega ratio: Gain probability vs. loss probability	1.38	1.14	+0.23
Calmar ratio: Return relative to maximum drawdown	2.64	0.75	+1.89
Martin ratio: Return relative to average drawdown	11.92	2.60	+9.32

VWENX vs. PNAIX - Sharpe Ratio Comparison

The current VWENX Sharpe Ratio is 2.02, which is higher than the PNAIX Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of VWENX and PNAIX, 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. PNAIX - Drawdown Comparison

The maximum VWENX drawdown since its inception was -36.02%, which is greater than PNAIX's maximum drawdown of -30.49%. Use the drawdown chart below to compare losses from any high point for VWENX and PNAIX.

Drawdown Indicators

	VWENX	PNAIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.02%	-30.49%	-5.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-14.02%	+7.25%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-19.05%	+7.07%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-29.29%	+8.45%
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	-30.49%	+5.16%
Current Drawdown Current decline from peak	-1.92%	-3.56%	+1.64%
Average Drawdown Average peak-to-trough decline	-4.35%	-5.52%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	4.01%	-2.51%

Volatility

VWENX vs. PNAIX - Volatility Comparison

The current volatility for Vanguard Wellington Fund Admiral Shares (VWENX) is 3.50%, while T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) has a volatility of 5.17%. This indicates that VWENX experiences smaller price fluctuations and is considered to be less risky than PNAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWENX	PNAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	5.17%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	11.38%	-4.17%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	13.90%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	17.69%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	19.20%	-7.64%

VWENX vs. PNAIX - Expense Ratio Comparison

VWENX has a 0.16% expense ratio, which is lower than PNAIX's 0.66% expense ratio.

Dividends

VWENX vs. PNAIX - Dividend Comparison

VWENX's dividend yield for the trailing twelve months is around 11.05%, more than PNAIX's 8.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	8.68%	8.53%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%	0.00%	0.00%
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 PNAIX in my portfolio?

With a correlation of 0.92, VWENX and PNAIX 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, VWENX or PNAIX?

PNAIX has higher volatility (5.17%) compared to VWENX (3.50%). In terms of maximum drawdown, VWENX dropped -36.02% vs PNAIX's -30.49%.

Which has better risk-adjusted returns?

VWENX currently has the higher Sharpe Ratio (2.02 vs 0.75), 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.