VWNAX vs. VUSFX

Last updated Jun 5, 2026

VWNAX (Vanguard Windsor II Fund Admiral Shares) and VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) are both mutual funds - VWNAX is a Large Cap Value Equities fund managed by Vanguard, while VUSFX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VWNAX returned 12.75%/yr vs 2.71%/yr for VUSFX. At a 0.04 correlation, their price movements are largely independent. VWNAX charges 0.26%/yr vs 0.10%/yr for VUSFX.

Performance

VWNAX vs. VUSFX - Performance Comparison

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

Returns By Period

In the year-to-date period, VWNAX achieves a 6.13% return, which is significantly higher than VUSFX's 1.42% return. Over the past 10 years, VWNAX has outperformed VUSFX with an annualized return of 12.75%, while VUSFX has yielded a comparatively lower 2.71% annualized return.

VWNAX

• 1D: -0.92%
• 1M: 0.79%
• YTD: 6.13%
• 6M: 7.25%
• 1Y: 22.57%
• 3Y*: 17.25%
• 5Y*: 10.21%
• 10Y*: 12.75%

VUSFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.42%
• 6M: 1.76%
• 1Y: 4.46%
• 3Y*: 5.44%
• 5Y*: 3.50%
• 10Y*: 2.71%

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

VWNAX vs. VUSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNAX Vanguard Windsor II Fund Admiral Shares	6.13%	18.64%	13.99%	21.10%	-13.18%	28.95%	14.49%	29.16%	-8.57%	15.67%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.42%	5.11%	6.11%	5.53%	-0.38%	0.08%	2.10%	3.39%	2.10%	1.37%

Correlation

The correlation between VWNAX and VUSFX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.04

The correlation between VWNAX and VUSFX shifts across timeframes, from 0.04 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VWNAX vs. VUSFX — Risk / Return Rank

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

VWNAX

VWNAX Risk / Return Rank: 52
VWNAX Sharpe Ratio Rank: 48
VWNAX Sortino Ratio Rank: 47
VWNAX Omega Ratio Rank: 46
VWNAX Calmar Ratio Rank: 57
VWNAX Martin Ratio Rank: 59

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 100
VUSFX Calmar Ratio Rank: 100
VUSFX Martin Ratio Rank: 100

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. VUSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Admiral Shares (VWNAX) and Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). 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	VUSFX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	7.69	-5.63
Sortino ratio: Return per unit of downside risk	2.90	15.39	-12.49
Omega ratio: Gain probability vs. loss probability	1.37	4.69	-3.33
Calmar ratio: Return relative to maximum drawdown	2.90	18.20	-15.30
Martin ratio: Return relative to average drawdown	11.84	108.57	-96.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWNAX vs. VUSFX - Sharpe Ratio Comparison

The current VWNAX Sharpe Ratio is 2.06, which is lower than the VUSFX Sharpe Ratio of 7.69. The chart below compares the historical Sharpe Ratios of VWNAX and VUSFX, 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

	VWNAX	VUSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	7.69	-5.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	4.35	-3.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	4.00	-3.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	4.00	-3.54

Drawdowns

VWNAX vs. VUSFX - Drawdown Comparison

The maximum VWNAX drawdown since its inception was -57.51%, which is greater than VUSFX's maximum drawdown of -1.71%. Use the drawdown chart below to compare losses from any high point for VWNAX and VUSFX.

Drawdown Indicators

	VWNAX	VUSFX	Difference
Max Drawdown Largest peak-to-trough decline	-57.51%	-1.71%	-55.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.85%	-0.25%	-7.60%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-0.35%	-21.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-1.71%	-20.99%
Max Drawdown (10Y) Largest decline over 10 years	-37.42%	-1.71%	-35.71%
Current Drawdown Current decline from peak	-1.06%	0.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-8.99%	-0.15%	-8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.04%	+1.88%

Volatility

VWNAX vs. VUSFX - Volatility Comparison

Vanguard Windsor II Fund Admiral Shares (VWNAX) has a higher volatility of 2.48% compared to Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) at 0.13%. This indicates that VWNAX's price experiences larger fluctuations and is considered to be riskier than VUSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNAX	VUSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	0.13%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	0.41%	+7.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	0.59%	+10.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	0.81%	+16.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	0.68%	+17.70%

VWNAX vs. VUSFX - Expense Ratio Comparison

VWNAX has a 0.26% expense ratio, which is higher than VUSFX's 0.10% 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. VUSFX - Dividend Comparison

VWNAX's dividend yield for the trailing twelve months is around 10.89%, more than VUSFX's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.53%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%	0.00%
VWNAX Vanguard Windsor II Fund Admiral Shares	10.89%	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 VUSFX in my portfolio?

VWNAX and VUSFX have a correlation of 0.19, 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 VUSFX?

VWNAX has higher volatility (2.48%) compared to VUSFX (0.13%). In terms of maximum drawdown, VWNAX dropped -57.51% vs VUSFX's -1.71%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.69 vs 2.06), 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.