VWNAX vs. NPRTX

Last updated Jun 25, 2026

VWNAX (Vanguard Windsor II Fund Admiral Shares) and NPRTX (Neuberger Berman Large Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, VWNAX returned 13.06%/yr vs 14.23%/yr for NPRTX. Their correlation of 0.89 suggests significant overlap in exposure. VWNAX charges 0.24%/yr vs 0.79%/yr for NPRTX.

Performance

VWNAX vs. NPRTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Windsor II Fund Admiral Shares (VWNAX) and Neuberger Berman Large Cap Value Fund (NPRTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWNAX achieves a 5.00% return, which is significantly lower than NPRTX's 18.61% return. Over the past 10 years, VWNAX has underperformed NPRTX with an annualized return of 13.06%, while NPRTX has yielded a comparatively higher 14.23% annualized return.

VWNAX

• 1D: -0.39%
• 1M: -0.99%
• YTD: 5.00%
• 6M: 4.10%
• 1Y: 19.23%
• 3Y*: 16.61%
• 5Y*: 10.16%
• 10Y*: 13.06%

NPRTX

• 1D: -1.26%
• 1M: 1.75%
• YTD: 18.61%
• 6M: 17.45%
• 1Y: 35.49%
• 3Y*: 16.94%
• 5Y*: 10.00%
• 10Y*: 14.23%

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

VWNAX vs. NPRTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNAX Vanguard Windsor II Fund Admiral Shares	5.00%	18.64%	13.99%	21.10%	-13.18%	28.95%	14.49%	29.16%	-8.57%	15.67%
NPRTX Neuberger Berman Large Cap Value Fund	18.61%	20.69%	10.92%	-1.76%	-1.25%	28.12%	14.44%	23.96%	-1.23%	13.45%

Correlation

The correlation between VWNAX and NPRTX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.89

The correlation between VWNAX and NPRTX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

VWNAX vs. NPRTX — Risk / Return Rank

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

VWNAX

VWNAX Risk / Return Rank: 48
VWNAX Sharpe Ratio Rank: 45
VWNAX Sortino Ratio Rank: 43
VWNAX Omega Ratio Rank: 42
VWNAX Calmar Ratio Rank: 52
VWNAX Martin Ratio Rank: 56

NPRTX

NPRTX Risk / Return Rank: 93
NPRTX Sharpe Ratio Rank: 95
NPRTX Sortino Ratio Rank: 93
NPRTX Omega Ratio Rank: 87
NPRTX Calmar Ratio Rank: 95
NPRTX Martin Ratio Rank: 96

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.

VWNAX vs. NPRTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Admiral Shares (VWNAX) and Neuberger Berman Large Cap Value Fund (NPRTX). 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.

	VWNAX	NPRTX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	3.11	-1.30
Sortino ratio: Return per unit of downside risk	2.55	4.29	-1.74
Omega ratio: Gain probability vs. loss probability	1.32	1.56	-0.24
Calmar ratio: Return relative to maximum drawdown	2.62	5.22	-2.60
Martin ratio: Return relative to average drawdown	10.58	21.18	-10.60

VWNAX vs. NPRTX - Sharpe Ratio Comparison

The current VWNAX Sharpe Ratio is 1.81, which is lower than the NPRTX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of VWNAX and NPRTX, 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

VWNAX vs. NPRTX - Drawdown Comparison

The maximum VWNAX drawdown since its inception was -57.51%, smaller than the maximum NPRTX drawdown of -66.25%. Use the drawdown chart below to compare losses from any high point for VWNAX and NPRTX.

Drawdown Indicators

	VWNAX	NPRTX	Difference
Max Drawdown Largest peak-to-trough decline	-57.51%	-66.25%	+8.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-7.03%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-13.79%	-7.98%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-19.82%	-2.88%
Max Drawdown (10Y) Largest decline over 10 years	-37.42%	-39.01%	+1.59%
Current Drawdown Current decline from peak	-2.30%	-1.58%	-0.72%
Average Drawdown Average peak-to-trough decline	-8.97%	-9.25%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.73%	+0.21%

Volatility

VWNAX vs. NPRTX - Volatility Comparison

The current volatility for Vanguard Windsor II Fund Admiral Shares (VWNAX) is 3.59%, while Neuberger Berman Large Cap Value Fund (NPRTX) has a volatility of 4.46%. This indicates that VWNAX experiences smaller price fluctuations and is considered to be less risky than NPRTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNAX	NPRTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.46%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	9.58%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	11.78%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	14.12%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.34%	17.53%	+0.81%

VWNAX vs. NPRTX - Expense Ratio Comparison

VWNAX has a 0.24% expense ratio, which is lower than NPRTX's 0.79% expense ratio.

Dividends

VWNAX vs. NPRTX - Dividend Comparison

VWNAX's dividend yield for the trailing twelve months is around 11.01%, more than NPRTX's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPRTX Neuberger Berman Large Cap Value Fund	5.42%	6.42%	2.19%	2.45%	1.56%	5.04%	1.60%	3.87%	14.44%	8.55%	3.58%	9.80%
VWNAX Vanguard Windsor II Fund Admiral Shares	11.01%	11.55%	10.59%	5.19%	7.36%	7.92%	7.39%	10.15%	11.48%	7.38%	8.17%	8.05%

Frequently Asked Questions

Can I hold both VWNAX and NPRTX in my portfolio?

VWNAX and NPRTX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWNAX or NPRTX?

NPRTX has higher volatility (4.46%) compared to VWNAX (3.59%). In terms of maximum drawdown, VWNAX dropped -57.51% vs NPRTX's -66.25%.

Which has better risk-adjusted returns?

NPRTX currently has the higher Sharpe Ratio (3.11 vs 1.81), 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.