VWINX vs. VTMFX

Last updated Jun 4, 2026

VWINX (Vanguard Wellesley Income Fund Investor Shares) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, VWINX returned 5.81%/yr vs 8.70%/yr for VTMFX. A 0.71 correlation means they provide meaningful diversification when combined. VWINX charges 0.23%/yr vs 0.09%/yr for VTMFX.

Performance

VWINX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellesley Income Fund Investor Shares (VWINX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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 VTMFX's 6.03% return. Over the past 10 years, VWINX has underperformed VTMFX with an annualized return of 5.81%, while VTMFX has yielded a comparatively higher 8.70% annualized return.

VWINX

• 1D: 0.31%
• 1M: 1.24%
• YTD: 3.55%
• 6M: 3.53%
• 1Y: 11.32%
• 3Y*: 8.86%
• 5Y*: 4.14%
• 10Y*: 5.81%

VTMFX

• 1D: 0.17%
• 1M: 3.06%
• YTD: 6.03%
• 6M: 6.16%
• 1Y: 16.91%
• 3Y*: 12.75%
• 5Y*: 7.33%
• 10Y*: 8.70%

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

VWINX vs. VTMFX - 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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	6.03%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between VWINX and VTMFX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 7, 1994	0.71

The correlation between VWINX and VTMFX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

VWINX vs. VTMFX - Sectors Allocation Comparison

Sectors	VWINX	VTMFX
Financial Services	7.9%	5.6%
Healthcare	5.7%	4.0%
Technology	4.2%	15.8%
Industrials	3.6%	4.2%
Consumer Defensive	3.6%	2.3%
Utilities	3.6%	1.3%
Energy	3.1%	1.7%
Consumer Cyclical	1.9%	4.7%
Basic Materials	1.4%	1.0%
Real Estate	1.1%	0.9%
Communication Services	1.1%	5.0%

Return for Risk

VWINX vs. VTMFX — Risk / Return Rank

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

VWINX

VWINX Risk / Return Rank: 57
VWINX Sharpe Ratio Rank: 61
VWINX Sortino Ratio Rank: 62
VWINX Omega Ratio Rank: 58
VWINX Calmar Ratio Rank: 54
VWINX Martin Ratio Rank: 52

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 86
VTMFX Omega Ratio Rank: 83
VTMFX Calmar Ratio Rank: 69
VTMFX Martin Ratio Rank: 82

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. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellesley Income Fund Investor Shares (VWINX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	VWINX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.83	-0.53
Sortino ratio: Return per unit of downside risk	3.30	4.05	-0.74
Omega ratio: Gain probability vs. loss probability	1.42	1.55	-0.12
Calmar ratio: Return relative to maximum drawdown	2.81	3.22	-0.41
Martin ratio: Return relative to average drawdown	10.57	15.40	-4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWINX vs. VTMFX - Sharpe Ratio Comparison

The current VWINX Sharpe Ratio is 2.29, which is comparable to the VTMFX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of VWINX and VTMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VWINX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.83	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.86	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.96	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.85	+0.24

Drawdowns

VWINX vs. VTMFX - Drawdown Comparison

The maximum VWINX drawdown since its inception was -21.72%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for VWINX and VTMFX.

Drawdown Indicators

	VWINX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.72%	-28.49%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-5.38%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-10.61%	+3.63%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-17.40%	+2.10%
Max Drawdown (10Y) Largest decline over 10 years	-17.43%	-21.87%	+4.44%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.63%	-3.55%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.12%	-0.02%

Volatility

VWINX vs. VTMFX - Volatility Comparison

Vanguard Wellesley Income Fund Investor Shares (VWINX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 1.64% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWINX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.70%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	4.75%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	5.09%	6.13%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.97%	8.52%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	9.12%	-2.20%

VWINX vs. VTMFX - Expense Ratio Comparison

VWINX has a 0.23% expense ratio, which is higher than VTMFX's 0.09% 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. VTMFX - Dividend Comparison

VWINX's dividend yield for the trailing twelve months is around 7.68%, more than VTMFX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.10%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%
VWINX Vanguard Wellesley Income Fund Investor Shares	7.68%	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 VTMFX in my portfolio?

VWINX and VTMFX have a correlation of 0.65, 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 VTMFX?

VTMFX has higher volatility (1.70%) compared to VWINX (1.64%). In terms of maximum drawdown, VWINX dropped -21.72% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.83 vs 2.29), 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.