VWNAX vs. VINIX

Last updated Aug 2, 2026

VWNAX (Vanguard Windsor II Fund Admiral Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VWNAX is a Large Cap Value Equities fund actively managed by Vanguard, while VINIX is a S&P 500 fund tracking the S&P 500 Index. VWNAX is actively managed, while VINIX is passively managed. Over the past 10 years, VWNAX returned 12.97%/yr vs 15.06%/yr for VINIX. Their 0.95 correlation means they have historically moved very closely together. VWNAX charges 0.24%/yr vs 0.04%/yr for VINIX.

Performance

VWNAX vs. VINIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VWNAX achieves a 10.53% return, which is significantly higher than VINIX's 9.34% return. Over the past 10 years, VWNAX has underperformed VINIX with an annualized return of 12.97%, while VINIX has yielded a comparatively higher 15.06% annualized return.

VWNAX

• 1D: 0.29%
• 1M: 1.97%
• 6M: 7.57%
• YTD: 10.53%
• 1Y: 24.08%
• 3Y*: 16.21%
• 5Y*: 10.90%
• 10Y*: 12.97%
• ALL TIME*: 8.72%

VINIX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.78%
• YTD: 9.34%
• 1Y: 20.61%
• 3Y*: 19.42%
• 5Y*: 12.81%
• 10Y*: 15.06%
• ALL TIME*: 10.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VINIX Vanguard Institutional Index Fund Institutional Shares	$0.00	$0.00	$0.00
VWNAX Vanguard Windsor II Fund Admiral Shares	$0.00	$0.00	$0.00

VWNAX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNAX Vanguard Windsor II Fund Admiral Shares	10.53%	18.64%	13.99%	21.10%	-13.18%	28.95%	14.49%	29.16%	-8.57%	15.67%
VINIX Vanguard Institutional Index Fund Institutional Shares	9.34%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between VWNAX and VINIX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.95

The correlation between VWNAX and VINIX shifts across timeframes, from 0.77 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

VWNAX vs. VINIX - Sectors Allocation Comparison

Sectors	VWNAX	VINIX
Technology	20.8%	38.6%
Financial Services	19.2%	11.4%
Healthcare	12.2%	8.9%
Industrials	9.9%	8.5%
Communication Services	8.1%	9.9%
Energy	7.0%	3.0%
Consumer Cyclical	6.7%	9.5%
Basic Materials	4.9%	1.7%
Consumer Defensive	4.8%	4.5%
Utilities	2.2%	2.2%
Real Estate	0.5%	1.8%

Return for Risk

VWNAX vs. VINIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VWNAX

VWNAX Risk / Return Rank: 82
VWNAX Sharpe Ratio Rank: 81
VWNAX Sortino Ratio Rank: 79
VWNAX Omega Ratio Rank: 77
VWNAX Calmar Ratio Rank: 84
VWNAX Martin Ratio Rank: 88

VINIX

VINIX Risk / Return Rank: 63
VINIX Sharpe Ratio Rank: 61
VINIX Sortino Ratio Rank: 57
VINIX Omega Ratio Rank: 58
VINIX Calmar Ratio Rank: 65
VINIX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VWNAX vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Admiral Shares (VWNAX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.43	+0.46
Sortino ratio: Return per unit of downside risk	2.64	1.99	+0.65
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.76	2.06	+0.70
Martin ratio: Return relative to average drawdown	11.26	8.85	+2.41

VWNAX vs. VINIX - Sharpe Ratio Comparison

The current VWNAX Sharpe Ratio is 1.89, which is higher than the VINIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of VWNAX and VINIX, 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. VINIX - Drawdown Comparison

The maximum VWNAX drawdown since its inception was -57.51%, roughly equal to the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VWNAX and VINIX.

Drawdown Indicators

	VWNAX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.51%	-55.19%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-8.90%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-18.75%	-3.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-24.51%	+1.81%
Max Drawdown (10Y) Largest decline over 10 years	-37.42%	-33.79%	-3.63%
Current Drawdown Current decline from peak	-0.33%	-2.11%	+1.78%
Average Drawdown Average peak-to-trough decline	-8.94%	-8.50%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.07%	-0.14%

Volatility

VWNAX vs. VINIX - Volatility Comparison

Vanguard Windsor II Fund Admiral Shares (VWNAX) and Vanguard Institutional Index Fund Institutional Shares (VINIX) have volatilities of 3.35% and 3.44%, 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

	VWNAX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.44%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	10.09%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.86%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	17.01%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	18.06%	+0.23%

VWNAX vs. VINIX - Expense Ratio Comparison

VWNAX has a 0.24% expense ratio, which is higher than VINIX's 0.04% 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

VWNAX vs. VINIX - Dividend Comparison

VWNAX's dividend yield for the trailing twelve months is around 10.46%, more than VINIX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VINIX Vanguard Institutional Index Fund Institutional Shares	2.50%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%
VWNAX Vanguard Windsor II Fund Admiral Shares	10.46%	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 VINIX in my portfolio?

VWNAX and VINIX have a correlation of 0.77, 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 VINIX?

VINIX has higher volatility (3.44%) compared to VWNAX (3.35%). In terms of maximum drawdown, VWNAX dropped -57.51% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VWNAX currently has the higher Sharpe Ratio (1.89 vs 1.43), 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.