VWNAX vs. SPY
Compare and contrast key facts about Vanguard Windsor II Fund Admiral Shares (VWNAX) and State Street SPDR S&P 500 ETF (SPY).
VWNAX is managed by Vanguard. It was launched on May 14, 2001. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VWNAX vs. SPY - Performance Comparison
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VWNAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWNAX Vanguard Windsor II Fund Admiral Shares | -1.09% | 18.64% | 13.99% | 21.10% | -13.18% | 28.95% | 14.49% | 29.16% | -8.57% | 15.67% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VWNAX achieves a -1.09% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, VWNAX has underperformed SPY with an annualized return of 12.34%, while SPY has yielded a comparatively higher 14.06% annualized return.
VWNAX
- 1D
- 2.24%
- 1M
- -5.09%
- YTD
- -1.09%
- 6M
- 2.98%
- 1Y
- 17.97%
- 3Y*
- 15.67%
- 5Y*
- 9.99%
- 10Y*
- 12.34%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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VWNAX vs. SPY - Expense Ratio Comparison
VWNAX has a 0.26% expense ratio, which is higher than SPY'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%.
Return for Risk
VWNAX vs. SPY — Risk / Return Rank
VWNAX
SPY
VWNAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Admiral Shares (VWNAX) and State Street SPDR S&P 500 ETF (SPY). 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.
| VWNAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.09 | 0.96 | +0.13 |
Sortino ratioReturn per unit of downside risk | 1.60 | 1.49 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.53 | +0.05 |
Martin ratioReturn relative to average drawdown | 7.23 | 7.27 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VWNAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 0.96 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.70 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.79 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.56 | -0.12 |
Correlation
The correlation between VWNAX and SPY is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VWNAX vs. SPY - Dividend Comparison
VWNAX's dividend yield for the trailing twelve months is around 11.68%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VWNAX Vanguard Windsor II Fund Admiral Shares | 11.68% | 11.55% | 10.59% | 5.19% | 7.36% | 7.92% | 7.39% | 10.15% | 11.48% | 7.38% | 8.17% | 8.05% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VWNAX vs. SPY - Drawdown Comparison
The maximum VWNAX drawdown since its inception was -57.51%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VWNAX and SPY.
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Drawdown Indicators
| VWNAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.51% | -55.19% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -11.93% | -12.05% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -24.50% | +1.80% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -33.72% | -3.70% |
Current DrawdownCurrent decline from peak | -5.78% | -5.53% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -9.05% | -9.09% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.54% | +0.06% |
Volatility
VWNAX vs. SPY - Volatility Comparison
The current volatility for Vanguard Windsor II Fund Admiral Shares (VWNAX) is 4.57%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that VWNAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWNAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 5.35% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 8.89% | 9.50% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.77% | 19.06% | -2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 17.06% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 17.92% | +0.48% |