VWINX vs. NEA

Last updated Jun 20, 2026

VWINX (Vanguard Wellesley Income Fund Investor Shares) is Diversified Portfolio fund actively managed by Vanguard, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, VWINX returned 5.77%/yr vs 3.01%/yr for NEA. At a 0.24 correlation, their price movements are largely independent. VWINX charges 0.22%/yr vs 1.41%/yr for NEA.

Performance

VWINX vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellesley Income Fund Investor Shares (VWINX) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWINX achieves a 3.39% return, which is significantly higher than NEA's 3.22% return. Over the past 10 years, VWINX has outperformed NEA with an annualized return of 5.77%, while NEA has yielded a comparatively lower 3.01% annualized return.

VWINX

• 1D: 0.26%
• 1M: 1.12%
• YTD: 3.39%
• 6M: 3.55%
• 1Y: 10.49%
• 3Y*: 8.40%
• 5Y*: 4.24%
• 10Y*: 5.77%

NEA

• 1D: 0.61%
• 1M: 3.54%
• YTD: 3.22%
• 6M: 3.85%
• 1Y: 15.57%
• 3Y*: 9.20%
• 5Y*: -0.07%
• 10Y*: 3.01%

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

VWINX vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWINX Vanguard Wellesley Income Fund Investor Shares	3.39%	10.98%	5.86%	6.99%	-9.09%	8.48%	8.44%	16.39%	-2.54%	9.29%
NEA Nuveen AMT-Free Quality Municipal Income Fund	3.22%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between VWINX and NEA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Nov 22, 2002	0.24

The correlation between VWINX and NEA shifts across timeframes, from 0.24 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VWINX vs. NEA — Risk / Return Rank

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

VWINX

VWINX Risk / Return Rank: 56
VWINX Sharpe Ratio Rank: 60
VWINX Sortino Ratio Rank: 63
VWINX Omega Ratio Rank: 58
VWINX Calmar Ratio Rank: 51
VWINX Martin Ratio Rank: 51

NEA

NEA Risk / Return Rank: 81
NEA Sharpe Ratio Rank: 82
NEA Sortino Ratio Rank: 79
NEA Omega Ratio Rank: 79
NEA Calmar Ratio Rank: 77
NEA Martin Ratio Rank: 85

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.

VWINX vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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	NEA	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.46	+0.57
Sortino ratio: Return per unit of downside risk	2.92	2.18	+0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.53	2.15	+0.38
Martin ratio: Return relative to average drawdown	9.52	8.57	+0.94

VWINX vs. NEA - Sharpe Ratio Comparison

The current VWINX Sharpe Ratio is 2.03, which is higher than the NEA Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VWINX and NEA, 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. NEA - Drawdown Comparison

The maximum VWINX drawdown since its inception was -21.72%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for VWINX and NEA.

Drawdown Indicators

	VWINX	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-21.72%	-43.83%	+22.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-7.27%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-15.16%	+8.18%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-36.57%	+21.27%
Max Drawdown (10Y) Largest decline over 10 years	-17.43%	-36.57%	+19.14%
Current Drawdown Current decline from peak	-0.35%	-4.02%	+3.67%
Average Drawdown Average peak-to-trough decline	-2.63%	-8.00%	+5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.82%	-0.72%

Volatility

VWINX vs. NEA - Volatility Comparison

The current volatility for Vanguard Wellesley Income Fund Investor Shares (VWINX) is 1.63%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 2.67%. This indicates that VWINX experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWINX	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	2.67%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	8.67%	-4.75%
Volatility (1Y) Calculated over the trailing 1-year period	5.20%	10.72%	-5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	11.52%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	11.82%	-4.89%

VWINX vs. NEA - Expense Ratio Comparison

VWINX has a 0.22% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

VWINX vs. NEA - Dividend Comparison

VWINX's dividend yield for the trailing twelve months is around 8.64%, more than NEA's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.13%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%
VWINX Vanguard Wellesley Income Fund Investor Shares	8.64%	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 NEA in my portfolio?

VWINX and NEA have a correlation of 0.33, 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 NEA?

NEA has higher volatility (2.67%) compared to VWINX (1.63%). In terms of maximum drawdown, VWINX dropped -21.72% vs NEA's -43.83%.

Which has better risk-adjusted returns?

VWINX currently has the higher Sharpe Ratio (2.03 vs 1.46), 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.