VWNEX vs. VOO

Last updated Aug 1, 2026

VWNEX (Vanguard Windsor Fund Admiral Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VWNEX is a Large Cap Value Equities fund actively managed by Vanguard, while VOO is a S&P 500 fund tracking the S&P 500 Index. VWNEX is actively managed, while VOO is passively managed. Over the past 10 years, VWNEX returned 12.22%/yr vs 15.14%/yr for VOO. Their correlation of 0.88 means they have usually moved in the same direction. VWNEX charges 0.18%/yr vs 0.03%/yr for VOO.

Performance

VWNEX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Windsor Fund Admiral Shares (VWNEX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWNEX achieves a 12.28% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, VWNEX has underperformed VOO with an annualized return of 12.22%, while VOO has yielded a comparatively higher 15.14% annualized return.

VWNEX

• 1D: 0.71%
• 1M: 3.22%
• 6M: 9.23%
• YTD: 12.28%
• 1Y: 23.98%
• 3Y*: 12.84%
• 5Y*: 10.79%
• 10Y*: 12.22%
• ALL TIME*: 8.74%

VOO

• 1D: 0.71%
• 1M: 0.17%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 19.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B
VWNEX Vanguard Windsor Fund Admiral Shares	$0.00	$0.00	$0.00

VWNEX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNEX Vanguard Windsor Fund Admiral Shares	12.28%	13.40%	9.64%	15.11%	-3.05%	27.92%	7.45%	30.53%	-12.39%	18.19%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VWNEX and VOO is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.88

The correlation between VWNEX and VOO shifts across timeframes, from 0.68 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VWNEX vs. VOO — Risk / Return Rank

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

VWNEX

VWNEX Risk / Return Rank: 80
VWNEX Sharpe Ratio Rank: 78
VWNEX Sortino Ratio Rank: 77
VWNEX Omega Ratio Rank: 75
VWNEX Calmar Ratio Rank: 84
VWNEX Martin Ratio Rank: 85

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO 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.

VWNEX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor Fund Admiral Shares (VWNEX) and Vanguard S&P 500 ETF (VOO). 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.

	VWNEX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.53	+0.26
Sortino ratio: Return per unit of downside risk	2.60	2.13	+0.47
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.81	2.21	+0.60
Martin ratio: Return relative to average drawdown	10.36	9.44	+0.92

VWNEX vs. VOO - Sharpe Ratio Comparison

The current VWNEX Sharpe Ratio is 1.79, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VWNEX and VOO, 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

VWNEX vs. VOO - Drawdown Comparison

The maximum VWNEX drawdown since its inception was -61.41%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VWNEX and VOO.

Drawdown Indicators

	VWNEX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-33.99%	-27.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-8.90%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.72%	-18.69%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	-24.52%	+2.80%
Max Drawdown (10Y) Largest decline over 10 years	-40.12%	-33.99%	-6.13%
Current Drawdown Current decline from peak	-0.23%	-1.38%	+1.15%
Average Drawdown Average peak-to-trough decline	-9.79%	-3.67%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.08%	+0.07%

Volatility

VWNEX vs. VOO - Volatility Comparison

The current volatility for Vanguard Windsor Fund Admiral Shares (VWNEX) is 3.25%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that VWNEX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNEX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.54%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	10.10%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	12.82%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	16.93%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	18.01%	+1.49%

VWNEX vs. VOO - Expense Ratio Comparison

VWNEX has a 0.18% expense ratio, which is higher than VOO's 0.03% 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

VWNEX vs. VOO - Dividend Comparison

VWNEX's dividend yield for the trailing twelve months is around 6.94%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%
VWNEX Vanguard Windsor Fund Admiral Shares	6.94%	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 VOO in my portfolio?

VWNEX and VOO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWNEX or VOO?

VOO has higher volatility (3.54%) compared to VWNEX (3.25%). In terms of maximum drawdown, VWNEX dropped -61.41% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VWNEX currently has the higher Sharpe Ratio (1.79 vs 1.53), 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.