VWESX vs. VLCIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Long-Term Investment-Grade Fund Investor Shares (VWESX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX).

VWESX is managed by Vanguard. It was launched on Jul 9, 1973. VLCIX is managed by Vanguard. It was launched on Nov 19, 2009.

Performance

VWESX vs. VLCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Investment-Grade Fund Investor Shares (VWESX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). The values are adjusted to include any dividend payments, if applicable.

VWESX vs. VLCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWESX Vanguard Long-Term Investment-Grade Fund Investor Shares	-1.67%	7.20%	-2.75%	9.30%	-25.62%	-3.14%	15.39%	20.44%	-6.26%	11.96%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	-1.44%	7.27%	-1.43%	11.06%	-25.75%	-1.24%	13.74%	23.18%	-6.86%	12.42%

Returns By Period

In the year-to-date period, VWESX achieves a -1.67% return, which is significantly lower than VLCIX's -1.44% return. Over the past 10 years, VWESX has underperformed VLCIX with an annualized return of 1.71%, while VLCIX has yielded a comparatively higher 2.53% annualized return.

VWESX

• 1D: 1.08%
• 1M: -4.10%
• YTD: -1.67%
• 6M: -1.86%
• 1Y: 2.62%
• 3Y*: 1.97%
• 5Y*: -2.09%
• 10Y*: 1.71%

VLCIX

• 1D: 1.02%
• 1M: -3.68%
• YTD: -1.44%
• 6M: -1.91%
• 1Y: 3.21%
• 3Y*: 3.04%
• 5Y*: -1.43%
• 10Y*: 2.53%

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

VWESX vs. VLCIX - Expense Ratio Comparison

VWESX has a 0.22% expense ratio, which is higher than VLCIX'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%.

VWESX

Vanguard Long-Term Investment-Grade Fund Investor Shares

VLCIX

Vanguard Long-Term Corporate Bond Index Fund Institutional Shares

Return for Risk

VWESX vs. VLCIX — Risk / Return Rank

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

VWESX

VWESX Risk / Return Rank: 18
VWESX Sharpe Ratio Rank: 15
VWESX Sortino Ratio Rank: 13
VWESX Omega Ratio Rank: 12
VWESX Calmar Ratio Rank: 29
VWESX Martin Ratio Rank: 19

VLCIX

VLCIX Risk / Return Rank: 18
VLCIX Sharpe Ratio Rank: 16
VLCIX Sortino Ratio Rank: 14
VLCIX Omega Ratio Rank: 13
VLCIX Calmar Ratio Rank: 31
VLCIX Martin Ratio Rank: 19

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.

VWESX vs. VLCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Investment-Grade Fund Investor Shares (VWESX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). 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.

	VWESX	VLCIX	Difference
Sharpe ratio Return per unit of total volatility	0.39	0.42	-0.03
Sortino ratio Return per unit of downside risk	0.58	0.62	-0.03
Omega ratio Gain probability vs. loss probability	1.07	1.08	-0.01
Calmar ratio Return relative to maximum drawdown	0.81	0.86	-0.05
Martin ratio Return relative to average drawdown	1.97	2.01	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWESX vs. VLCIX - Sharpe Ratio Comparison

The current VWESX Sharpe Ratio is 0.39, which is comparable to the VLCIX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of VWESX and VLCIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VWESX	VLCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	0.42	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.12	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.24	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.43	+0.12

Correlation

The correlation between VWESX and VLCIX is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VWESX vs. VLCIX - Dividend Comparison

VWESX's dividend yield for the trailing twelve months is around 4.67%, less than VLCIX's 5.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VWESX Vanguard Long-Term Investment-Grade Fund Investor Shares	4.67%	4.95%	5.06%	4.55%	4.43%	4.51%	6.89%	5.01%	4.31%	5.50%	6.14%	7.38%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	5.17%	5.50%	5.60%	4.67%	4.43%	2.95%	3.17%	3.83%	4.58%	4.03%	4.39%	4.73%

Drawdowns

VWESX vs. VLCIX - Drawdown Comparison

The maximum VWESX drawdown since its inception was -36.34%, which is greater than VLCIX's maximum drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for VWESX and VLCIX.

Drawdown Indicators

	VWESX	VLCIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.34%	-34.56%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-5.26%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-34.56%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-36.34%	-34.56%	-1.78%
Current Drawdown Current decline from peak	-20.83%	-16.02%	-4.81%
Average Drawdown Average peak-to-trough decline	-6.69%	-7.96%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.25%	-0.01%

Volatility

VWESX vs. VLCIX - Volatility Comparison

Vanguard Long-Term Investment-Grade Fund Investor Shares (VWESX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) have volatilities of 3.42% and 3.46%, 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

	VWESX	VLCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.46%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.31%	5.26%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.98%	8.93%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.09%	11.88%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.85%	10.60%	+0.25%