VWNEX vs. DODGX

Last updated Jun 4, 2026

VWNEX (Vanguard Windsor Fund Admiral Shares) and DODGX (Dodge & Cox Stock Fund Class I) are both Large Cap Value Equities funds. Over the past 10 years, VWNEX returned 11.87%/yr vs 12.67%/yr for DODGX. With a 0.96 correlation, they move nearly in lockstep. VWNEX charges 0.20%/yr vs 0.51%/yr for DODGX.

Performance

VWNEX vs. DODGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Windsor Fund Admiral Shares (VWNEX) and Dodge & Cox Stock Fund Class I (DODGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWNEX achieves a 7.41% return, which is significantly higher than DODGX's 2.93% return. Over the past 10 years, VWNEX has underperformed DODGX with an annualized return of 11.87%, while DODGX has yielded a comparatively higher 12.67% annualized return.

VWNEX

• 1D: 0.16%
• 1M: 3.35%
• YTD: 7.41%
• 6M: 8.93%
• 1Y: 21.54%
• 3Y*: 14.32%
• 5Y*: 9.32%
• 10Y*: 11.87%

DODGX

• 1D: -0.65%
• 1M: 0.12%
• YTD: 2.93%
• 6M: 5.08%
• 1Y: 12.51%
• 3Y*: 15.02%
• 5Y*: 8.51%
• 10Y*: 12.67%

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

VWNEX vs. DODGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNEX Vanguard Windsor Fund Admiral Shares	7.41%	13.40%	9.64%	15.11%	-3.05%	27.92%	7.45%	30.53%	-12.39%	18.19%
DODGX Dodge & Cox Stock Fund Class I	2.93%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	18.33%

Correlation

The correlation between VWNEX and DODGX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.96

The correlation between VWNEX and DODGX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

VWNEX vs. DODGX — Risk / Return Rank

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

VWNEX

VWNEX Risk / Return Rank: 45
VWNEX Sharpe Ratio Rank: 40
VWNEX Sortino Ratio Rank: 41
VWNEX Omega Ratio Rank: 39
VWNEX Calmar Ratio Rank: 56
VWNEX Martin Ratio Rank: 49

DODGX

DODGX Risk / Return Rank: 19
DODGX Sharpe Ratio Rank: 17
DODGX Sortino Ratio Rank: 16
DODGX Omega Ratio Rank: 16
DODGX Calmar Ratio Rank: 21
DODGX Martin Ratio Rank: 24

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.

VWNEX vs. DODGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor Fund Admiral Shares (VWNEX) and Dodge & Cox Stock Fund Class I (DODGX). 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.

	VWNEX	DODGX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.17	+0.68
Sortino ratio: Return per unit of downside risk	2.68	1.68	+0.99
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.87	1.72	+1.15
Martin ratio: Return relative to average drawdown	10.17	6.06	+4.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWNEX vs. DODGX - Sharpe Ratio Comparison

The current VWNEX Sharpe Ratio is 1.85, which is higher than the DODGX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of VWNEX and DODGX, 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

	VWNEX	DODGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.17	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.54	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.66	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.63	-0.21

Drawdowns

VWNEX vs. DODGX - Drawdown Comparison

The maximum VWNEX drawdown since its inception was -61.41%, roughly equal to the maximum DODGX drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for VWNEX and DODGX.

Drawdown Indicators

	VWNEX	DODGX	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-63.24%	+1.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-7.48%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-21.72%	-14.89%	-6.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	-21.85%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-40.12%	-40.41%	+0.29%
Current Drawdown Current decline from peak	0.00%	-1.52%	+1.52%
Average Drawdown Average peak-to-trough decline	-9.85%	-7.51%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.12%	+0.10%

Volatility

VWNEX vs. DODGX - Volatility Comparison

Vanguard Windsor Fund Admiral Shares (VWNEX) has a higher volatility of 2.92% compared to Dodge & Cox Stock Fund Class I (DODGX) at 2.34%. This indicates that VWNEX's price experiences larger fluctuations and is considered to be riskier than DODGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNEX	DODGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.34%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	8.02%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	11.05%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	15.95%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	19.22%	+0.42%

VWNEX vs. DODGX - Expense Ratio Comparison

VWNEX has a 0.20% expense ratio, which is lower than DODGX's 0.51% expense ratio.

Dividends

VWNEX vs. DODGX - Dividend Comparison

VWNEX's dividend yield for the trailing twelve months is around 7.35%, less than DODGX's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	9.45%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
VWNEX Vanguard Windsor Fund Admiral Shares	7.35%	7.90%	12.60%	8.34%	15.50%	11.57%	8.47%	10.36%	13.30%	3.56%	4.99%	8.62%

Frequently Asked Questions

Can I hold both VWNEX and DODGX in my portfolio?

With a correlation of 0.92, VWNEX and DODGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VWNEX or DODGX?

VWNEX has higher volatility (2.92%) compared to DODGX (2.34%). In terms of maximum drawdown, VWNEX dropped -61.41% vs DODGX's -63.24%.

Which has better risk-adjusted returns?

VWNEX currently has the higher Sharpe Ratio (1.85 vs 1.17), 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.