VWINX vs. VONV

Last updated Jun 13, 2026

VWINX (Vanguard Wellesley Income Fund Investor Shares) and VONV (Vanguard Russell 1000 Value ETF) are both funds - VWINX is a Diversified Portfolio fund actively managed by Vanguard, while VONV is a Large Cap Value Equities fund tracking the Russell 1000 Value Index. VWINX is actively managed, while VONV is passively managed. Over the past 10 years, VWINX returned 5.79%/yr vs 11.59%/yr for VONV. A 0.76 correlation means they provide meaningful diversification when combined. VWINX charges 0.22%/yr vs 0.06%/yr for VONV.

Performance

VWINX vs. VONV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellesley Income Fund Investor Shares (VWINX) and Vanguard Russell 1000 Value ETF (VONV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWINX achieves a 3.48% return, which is significantly lower than VONV's 15.65% return. Over the past 10 years, VWINX has underperformed VONV with an annualized return of 5.79%, while VONV has yielded a comparatively higher 11.59% annualized return.

VWINX

• 1D: 0.77%
• 1M: 1.20%
• YTD: 3.48%
• 6M: 3.45%
• 1Y: 9.94%
• 3Y*: 8.70%
• 5Y*: 4.00%
• 10Y*: 5.79%

VONV

• 1D: 0.97%
• 1M: 3.23%
• YTD: 15.65%
• 6M: 15.46%
• 1Y: 28.70%
• 3Y*: 18.13%
• 5Y*: 10.70%
• 10Y*: 11.59%

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

VWINX vs. VONV - 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%
VONV Vanguard Russell 1000 Value ETF	15.65%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%

Correlation

The correlation between VWINX and VONV is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.76

The correlation between VWINX and VONV has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

VWINX vs. VONV - Sectors Allocation Comparison

Sectors	VWINX	VONV
Financial Services	7.9%	18.9%
Healthcare	5.7%	10.9%
Technology	4.2%	14.9%
Industrials	3.6%	13.1%
Consumer Defensive	3.6%	7.2%
Utilities	3.6%	4.4%
Energy	3.1%	7.0%
Consumer Cyclical	1.9%	7.3%
Basic Materials	1.4%	3.8%
Real Estate	1.1%	4.1%
Communication Services	1.1%	8.5%

Return for Risk

VWINX vs. VONV — Risk / Return Rank

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

VWINX

VWINX Risk / Return Rank: 70
VWINX Sharpe Ratio Rank: 75
VWINX Sortino Ratio Rank: 76
VWINX Omega Ratio Rank: 72
VWINX Calmar Ratio Rank: 67
VWINX Martin Ratio Rank: 61

VONV

VONV Risk / Return Rank: 88
VONV Sharpe Ratio Rank: 89
VONV Sortino Ratio Rank: 89
VONV Omega Ratio Rank: 86
VONV Calmar Ratio Rank: 86
VONV Martin Ratio Rank: 89

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. VONV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and Vanguard Russell 1000 Value ETF (VONV). 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	VONV	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.57	-0.54
Sortino ratio: Return per unit of downside risk	2.94	3.60	-0.66
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.54	4.23	-1.69
Martin ratio: Return relative to average drawdown	9.54	17.62	-8.08

VWINX vs. VONV - Sharpe Ratio Comparison

The current VWINX Sharpe Ratio is 2.03, which is comparable to the VONV Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of VWINX and VONV, 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. VONV - Drawdown Comparison

The maximum VWINX drawdown since its inception was -21.72%, smaller than the maximum VONV drawdown of -38.21%. Use the drawdown chart below to compare losses from any high point for VWINX and VONV.

Drawdown Indicators

	VWINX	VONV	Difference
Max Drawdown Largest peak-to-trough decline	-21.72%	-38.21%	+16.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-6.81%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-15.70%	+8.72%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-18.87%	+3.57%
Max Drawdown (10Y) Largest decline over 10 years	-17.43%	-38.21%	+20.78%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.63%	-3.90%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	1.64%	-0.53%

Volatility

VWINX vs. VONV - Volatility Comparison

The current volatility for Vanguard Wellesley Income Fund Investor Shares (VWINX) is 1.79%, while Vanguard Russell 1000 Value ETF (VONV) has a volatility of 3.92%. This indicates that VWINX experiences smaller price fluctuations and is considered to be less risky than VONV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWINX	VONV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	3.92%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	8.54%	-4.56%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	11.21%	-5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	14.83%	-7.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	17.26%	-10.33%

VWINX vs. VONV - Expense Ratio Comparison

VWINX has a 0.22% expense ratio, which is higher than VONV's 0.06% 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. VONV - Dividend Comparison

VWINX's dividend yield for the trailing twelve months is around 7.69%, more than VONV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VONV Vanguard Russell 1000 Value ETF	1.61%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%
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

Can I hold both VWINX and VONV in my portfolio?

VWINX and VONV have a correlation of 0.82, 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 VONV?

VONV has higher volatility (3.92%) compared to VWINX (1.79%). In terms of maximum drawdown, VWINX dropped -21.72% vs VONV's -38.21%.

Which has better risk-adjusted returns?

VONV currently has the higher Sharpe Ratio (2.57 vs 2.03), 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.