VWINX vs. FFANX

Last updated Aug 4, 2026

VWINX (Vanguard Wellesley Income Fund Investor Shares) and FFANX (Fidelity Asset Manager 40% Fund) are both Diversified Portfolio funds. Both are actively managed. Over the past 10 years, VWINX returned 5.58%/yr vs 6.59%/yr for FFANX. Their correlation of 0.82 means they have usually moved in the same direction. VWINX charges 0.22%/yr vs 0.53%/yr for FFANX.

Performance

VWINX vs. FFANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellesley Income Fund Investor Shares (VWINX) and Fidelity Asset Manager 40% Fund (FFANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWINX achieves a 3.55% return, which is significantly lower than FFANX's 6.50% return. Over the past 10 years, VWINX has underperformed FFANX with an annualized return of 5.58%, while FFANX has yielded a comparatively higher 6.59% annualized return.

VWINX

• 1D: -0.12%
• 1M: -0.19%
• 6M: 2.06%
• YTD: 3.55%
• 1Y: 8.75%
• 3Y*: 8.01%
• 5Y*: 3.82%
• 10Y*: 5.58%
• ALL TIME*: 7.50%

FFANX

• 1D: 0.07%
• 1M: -0.56%
• 6M: 4.27%
• YTD: 6.50%
• 1Y: 13.33%
• 3Y*: 10.31%
• 5Y*: 4.89%
• 10Y*: 6.59%
• ALL TIME*: 5.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFANX Fidelity Asset Manager 40% Fund	$0.00	$0.00	$0.00
VWINX Vanguard Wellesley Income Fund Investor Shares	$0.00	$0.00	$0.00

VWINX vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWINX Vanguard Wellesley Income Fund Investor Shares	3.55%	10.98%	5.86%	6.99%	-9.09%	8.48%	8.44%	16.39%	-2.54%	9.29%
FFANX Fidelity Asset Manager 40% Fund	6.50%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%

Correlation

The correlation between VWINX and FFANX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.82

The correlation between VWINX and FFANX shifts across timeframes, from 0.67 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VWINX vs. FFANX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VWINX

VWINX Risk / Return Rank: 66
VWINX Sharpe Ratio Rank: 72
VWINX Sortino Ratio Rank: 72
VWINX Omega Ratio Rank: 70
VWINX Calmar Ratio Rank: 57
VWINX Martin Ratio Rank: 57

FFANX

FFANX Risk / Return Rank: 75
FFANX Sharpe Ratio Rank: 74
FFANX Sortino Ratio Rank: 73
FFANX Omega Ratio Rank: 74
FFANX Calmar Ratio Rank: 74
FFANX Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VWINX vs. FFANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and Fidelity Asset Manager 40% Fund (FFANX). 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.

	VWINX	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.78	-0.04
Sortino ratio: Return per unit of downside risk	2.52	2.56	-0.04
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.14	2.51	-0.37
Martin ratio: Return relative to average drawdown	8.08	10.39	-2.31

VWINX vs. FFANX - Sharpe Ratio Comparison

The current VWINX Sharpe Ratio is 1.74, which is comparable to the FFANX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of VWINX and FFANX, 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

VWINX vs. FFANX - Drawdown Comparison

The maximum VWINX drawdown since its inception was -21.72%, smaller than the maximum FFANX drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for VWINX and FFANX.

Drawdown Indicators

	VWINX	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-21.72%	-31.69%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-5.20%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.81%	-7.55%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-18.52%	+3.22%
Max Drawdown (10Y) Largest decline over 10 years	-17.43%	-18.52%	+1.09%
Current Drawdown Current decline from peak	-0.73%	-1.08%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.62%	-3.77%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.25%	-0.15%

Volatility

VWINX vs. FFANX - Volatility Comparison

The current volatility for Vanguard Wellesley Income Fund Investor Shares (VWINX) is 1.35%, while Fidelity Asset Manager 40% Fund (FFANX) has a volatility of 2.08%. This indicates that VWINX experiences smaller price fluctuations and is considered to be less risky than FFANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWINX	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	2.08%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	6.28%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	5.13%	7.33%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	7.99%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	7.73%	-0.81%

VWINX vs. FFANX - Expense Ratio Comparison

VWINX has a 0.22% expense ratio, which is lower than FFANX's 0.53% expense ratio.

Dividends

VWINX vs. FFANX - Dividend Comparison

VWINX's dividend yield for the trailing twelve months is around 7.77%, more than FFANX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.66%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
VWINX Vanguard Wellesley Income Fund Investor Shares	7.77%	7.86%	6.61%	4.73%	7.67%	6.03%	4.30%	3.94%	7.56%	3.20%	4.00%	5.60%

Frequently Asked Questions

Can I hold both VWINX and FFANX in my portfolio?

VWINX and FFANX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWINX or FFANX?

FFANX has higher volatility (2.08%) compared to VWINX (1.35%). In terms of maximum drawdown, VWINX dropped -21.72% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

FFANX currently has the higher Sharpe Ratio (1.78 vs 1.74), 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.