VWINX vs. TLT
VWINX (Vanguard Wellesley Income Fund Investor Shares) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - VWINX is a Diversified Portfolio fund actively managed by Vanguard, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. VWINX is actively managed, while TLT is passively managed. Over the past 10 years, VWINX returned 5.79%/yr vs -1.75%/yr for TLT. At a 0.21 correlation, their price movements are largely independent. VWINX charges 0.22%/yr vs 0.15%/yr for TLT.
Performance
VWINX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VWINX achieves a 3.48% return, which is significantly higher than TLT's 0.27% return. Over the past 10 years, VWINX has outperformed TLT with an annualized return of 5.79%, while TLT has yielded a comparatively lower -1.75% annualized return.
VWINX
- 1D
- 0.77%
- 1M
- 0.85%
- YTD
- 3.48%
- 6M
- 3.45%
- 1Y
- 10.58%
- 3Y*
- 8.70%
- 5Y*
- 4.00%
- 10Y*
- 5.79%
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
VWINX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWINX Vanguard Wellesley Income Fund Investor Shares | 3.48% | 10.98% | 5.86% | 6.99% | -9.09% | 8.48% | 8.44% | 16.39% | -2.54% | 9.29% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between VWINX and TLT is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2002 | 0.21 |
Over the past year, VWINX and TLT have become more correlated (0.61) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
VWINX vs. TLT — Risk / Return Rank
VWINX
TLT
VWINX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.06 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 0.38 | +2.16 |
| Martin ratioReturn relative to average drawdown | 9.54 | 0.92 | +8.62 |
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Drawdowns
VWINX vs. TLT - Drawdown Comparison
The maximum VWINX drawdown since its inception was -21.72%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VWINX and TLT.
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Drawdown Indicators
| VWINX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.72% | -48.35% | +26.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.16% | -7.58% | +3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -6.98% | -19.18% | +12.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.30% | -43.70% | +28.40% |
Max Drawdown (10Y)Largest decline over 10 years | -17.43% | -48.35% | +30.92% |
Current DrawdownCurrent decline from peak | -0.08% | -40.12% | +40.04% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -13.84% | +11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 3.14% | -2.03% |
Volatility
VWINX vs. TLT - Volatility Comparison
The current volatility for Vanguard Wellesley Income Fund Investor Shares (VWINX) is 1.79%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.83%. This indicates that VWINX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWINX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 2.83% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 6.64% | -2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 9.68% | -4.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.99% | 15.85% | -8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 14.91% | -7.98% |
VWINX vs. TLT - Expense Ratio Comparison
VWINX has a 0.22% expense ratio, which is higher than TLT's 0.15% 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%.
Dividends
VWINX vs. TLT - Dividend Comparison
VWINX's dividend yield for the trailing twelve months is around 7.69%, more than TLT's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
VWINX Vanguard Wellesley Income Fund Investor Shares | 7.69% | 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 TLT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to VWINX (1.79%). In terms of maximum drawdown, VWINX dropped -21.72% vs TLT's -48.35%.
VWINX currently has the higher Sharpe Ratio (2.03 vs 0.30), 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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