VWNDX vs. FLCOX

Last updated Aug 5, 2026

VWNDX (Vanguard Windsor Fund Investor Shares) and FLCOX (Fidelity Large Cap Value Index Fund) are both Large Cap Value Equities funds. Over the past 5 years, VWNDX returned 11.13%/yr vs 12.11%/yr for FLCOX. Their 0.96 correlation means they have historically moved very closely together. VWNDX charges 0.30%/yr vs 0.04%/yr for FLCOX.

Performance

VWNDX vs. FLCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Windsor Fund Investor Shares (VWNDX) and Fidelity Large Cap Value Index Fund (FLCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWNDX achieves a 14.03% return, which is significantly lower than FLCOX's 21.79% return.

VWNDX

• 1D: 1.30%
• 1M: 3.93%
• 6M: 11.35%
• YTD: 14.03%
• 1Y: 26.14%
• 3Y*: 14.08%
• 5Y*: 11.13%
• 10Y*: 12.14%
• ALL TIME*: 9.04%

FLCOX

• 1D: 1.00%
• 1M: 2.94%
• 6M: 15.38%
• YTD: 21.79%
• 1Y: 32.76%
• 3Y*: 19.01%
• 5Y*: 12.11%
• 10Y*: —
• ALL TIME*: 11.15%

*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)
FLCOX Fidelity Large Cap Value Index Fund	$0.00	$0.00	$0.00
VWNDX Vanguard Windsor Fund Investor Shares	$0.00	$0.00	$0.00

VWNDX vs. FLCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNDX Vanguard Windsor Fund Investor Shares	14.03%	13.30%	9.53%	15.00%	-3.15%	27.77%	7.38%	30.39%	-12.48%	18.15%
FLCOX Fidelity Large Cap Value Index Fund	21.79%	15.90%	14.38%	11.48%	-7.57%	25.09%	2.87%	26.54%	-8.38%	10.90%

Correlation

The correlation between VWNDX and FLCOX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.96

The correlation between VWNDX and FLCOX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

VWNDX vs. FLCOX — Risk / Return Rank

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

VWNDX

VWNDX Risk / Return Rank: 88
VWNDX Sharpe Ratio Rank: 89
VWNDX Sortino Ratio Rank: 88
VWNDX Omega Ratio Rank: 83
VWNDX Calmar Ratio Rank: 89
VWNDX Martin Ratio Rank: 90

FLCOX

FLCOX Risk / Return Rank: 97
FLCOX Sharpe Ratio Rank: 98
FLCOX Sortino Ratio Rank: 97
FLCOX Omega Ratio Rank: 95
FLCOX Calmar Ratio Rank: 97
FLCOX Martin Ratio Rank: 98

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.

VWNDX vs. FLCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor Fund Investor Shares (VWNDX) and Fidelity Large Cap Value Index Fund (FLCOX). 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.

	VWNDX	FLCOX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	3.03	-0.79
Sortino ratio: Return per unit of downside risk	3.23	4.23	-1.01
Omega ratio: Gain probability vs. loss probability	1.40	1.55	-0.14
Calmar ratio: Return relative to maximum drawdown	3.49	5.04	-1.56
Martin ratio: Return relative to average drawdown	12.85	21.64	-8.79

VWNDX vs. FLCOX - Sharpe Ratio Comparison

The current VWNDX Sharpe Ratio is 2.24, which is comparable to the FLCOX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of VWNDX and FLCOX, 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

VWNDX vs. FLCOX - Drawdown Comparison

The maximum VWNDX drawdown since its inception was -61.48%, which is greater than FLCOX's maximum drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for VWNDX and FLCOX.

Drawdown Indicators

	VWNDX	FLCOX	Difference
Max Drawdown Largest peak-to-trough decline	-61.48%	-38.28%	-23.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-6.80%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-21.69%	-15.60%	-6.09%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-19.00%	-2.69%
Max Drawdown (10Y) Largest decline over 10 years	-40.12%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.89%	-4.38%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.58%	+0.55%

Volatility

VWNDX vs. FLCOX - Volatility Comparison

Vanguard Windsor Fund Investor Shares (VWNDX) has a higher volatility of 3.33% compared to Fidelity Large Cap Value Index Fund (FLCOX) at 2.81%. This indicates that VWNDX's price experiences larger fluctuations and is considered to be riskier than FLCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNDX	FLCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	2.81%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	8.76%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	11.34%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	14.84%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	17.56%	+1.95%

VWNDX vs. FLCOX - Expense Ratio Comparison

VWNDX has a 0.30% expense ratio, which is higher than FLCOX's 0.04% expense ratio.

Dividends

VWNDX vs. FLCOX - Dividend Comparison

VWNDX's dividend yield for the trailing twelve months is around 6.72%, more than FLCOX's 0.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCOX Fidelity Large Cap Value Index Fund	0.86%	1.51%	1.92%	1.99%	2.01%	1.55%	2.28%	3.82%	2.79%	0.60%	0.00%	0.00%
VWNDX Vanguard Windsor Fund Investor Shares	6.72%	7.78%	12.48%	8.24%	15.38%	11.46%	8.37%	10.26%	13.15%	3.51%	4.89%	8.51%

Frequently Asked Questions

Can I hold both VWNDX and FLCOX in my portfolio?

VWNDX and FLCOX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWNDX or FLCOX?

VWNDX has higher volatility (3.33%) compared to FLCOX (2.81%). In terms of maximum drawdown, VWNDX dropped -61.48% vs FLCOX's -38.28%.

Which has better risk-adjusted returns?

FLCOX currently has the higher Sharpe Ratio (3.03 vs 2.24), 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.