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VWINX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWINX vs. SPAXX

Last updated Jun 30, 2026
See Documentation

VWINX (Vanguard Wellesley Income Fund Investor Shares) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - VWINX is a Diversified Portfolio fund actively managed by Vanguard, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, VWINX returned 4.18%/yr vs 1.45%/yr for SPAXX. At a 0.04 correlation, their price movements are largely independent. VWINX charges 0.22%/yr vs 0.42%/yr for SPAXX.

Performance

VWINX vs. SPAXX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VWINX achieves a 3.75% return, which is significantly higher than SPAXX's 1.37% return.

VWINX

1D
0.08%
1M
0.30%
YTD
3.75%
6M
3.22%
1Y
9.60%
3Y*
8.70%
5Y*
4.18%
10Y*
5.80%

SPAXX

1D
0.00%
1M
0.00%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWINX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VWINX
Vanguard Wellesley Income Fund Investor Shares		3.75%10.98%5.86%6.99%-9.09%3.85%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VWINX and SPAXX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.04

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Vanguard Wellesley Income Fund Investor Shares

Fidelity Government Money Market Fund

Often compared with VWINX:
VWINX vs. VWELXVWINX vs. VTINXVWINX vs. VWENXVWINX vs. VSCGXVWINX vs. SCHDVWINX vs. FFANXVWINX vs. VYM
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VWINX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWINX
VWINX Risk / Return Rank: 5454
Overall Rank
VWINX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VWINX Sortino Ratio Rank: 6161
Sortino Ratio Rank
VWINX Omega Ratio Rank: 5656
Omega Ratio Rank
VWINX Calmar Ratio Rank: 4747
Calmar Ratio Rank
VWINX Martin Ratio Rank: 4848
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and Fidelity Government Money Market Fund (SPAXX). 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.

VWINXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.86
3.65

-1.79

Sortino ratioReturn per unit of downside risk
2.68

—

—

Omega ratioGain probability vs. loss probability

1.34

—

—

Calmar ratioReturn relative to maximum drawdown

2.31

—

—

Martin ratioReturn relative to average drawdown

8.66

—

—

VWINX vs. SPAXX - Sharpe Ratio Comparison

The current VWINX Sharpe Ratio is 1.86, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VWINX and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VWINX vs. SPAXX - Drawdown Comparison

The maximum VWINX drawdown since its inception was -21.72%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VWINX and SPAXX.

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Drawdown Indicators

VWINXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-21.72%

0.00%

-21.72%

Max Drawdown (1Y)

Largest decline over 1 year

-4.16%

0.00%

-4.16%

Max Drawdown (3Y)

Largest decline over 3 years

-6.98%

0.00%

-6.98%

Max Drawdown (5Y)

Largest decline over 5 years

-15.30%

0.00%

-15.30%

Max Drawdown (10Y)

Largest decline over 10 years

-17.43%

—

—

Current Drawdown

Current decline from peak

-0.01%

0.00%

-0.01%

Average Drawdown

Average peak-to-trough decline

-2.63%

0.00%

-2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.11%

0.00%

+1.11%

Volatility

VWINX vs. SPAXX - Volatility Comparison

Vanguard Wellesley Income Fund Investor Shares (VWINX) has a higher volatility of 1.55% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VWINX's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWINXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.55%

0.28%

+1.27%

Volatility (6M)

Calculated over the trailing 6-month period

3.93%

0.66%

+3.27%

Volatility (1Y)

Calculated over the trailing 1-year period

5.17%

1.03%

+4.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.99%

0.69%

+6.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.92%

0.69%

+6.23%

VWINX vs. SPAXX - Expense Ratio Comparison

VWINX has a 0.22% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

VWINX vs. SPAXX - Dividend Comparison

VWINX's dividend yield for the trailing twelve months is around 7.75%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VWINX
Vanguard Wellesley Income Fund Investor Shares		7.75%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

VWINX and SPAXX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VWINX has higher volatility (1.55%) compared to SPAXX (0.28%). In terms of maximum drawdown, VWINX dropped -21.72% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.86), 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.

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