VWNFX vs. MALVX

Last updated Jul 14, 2026

VWNFX (Vanguard Windsor II Fund Investor Shares) and MALVX (BlackRock Advantage Large Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, VWNFX returned 12.78%/yr vs 12.80%/yr for MALVX. Their correlation of 0.93 suggests significant overlap in exposure. VWNFX charges 0.33%/yr vs 0.54%/yr for MALVX.

Performance

VWNFX vs. MALVX - Performance Comparison

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

Returns By Period

In the year-to-date period, VWNFX achieves a 8.81% return, which is significantly lower than MALVX's 20.54% return. Both investments have delivered pretty close results over the past 10 years, with VWNFX having a 12.78% annualized return and MALVX not far ahead at 12.80%.

VWNFX

• 1D: 0.49%
• 1M: 1.80%
• 6M: 5.75%
• YTD: 8.81%
• 1Y: 20.43%
• 3Y*: 16.93%
• 5Y*: 10.62%
• 10Y*: 12.78%

MALVX

• 1D: 0.23%
• 1M: 2.32%
• 6M: 16.81%
• YTD: 20.54%
• 1Y: 34.56%
• 3Y*: 20.87%
• 5Y*: 12.75%
• 10Y*: 12.80%

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

VWNFX vs. MALVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNFX Vanguard Windsor II Fund Investor Shares	8.81%	18.51%	13.91%	21.01%	-13.26%	28.84%	14.41%	29.02%	-8.62%	15.61%
MALVX BlackRock Advantage Large Cap Value Fund	20.54%	18.38%	15.39%	13.74%	-8.68%	26.51%	3.91%	24.74%	-7.74%	15.82%

Correlation

The correlation between VWNFX and MALVX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 22, 1999	0.93

The correlation between VWNFX and MALVX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

VWNFX vs. MALVX — Risk / Return Rank

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

VWNFX

VWNFX Risk / Return Rank: 64
VWNFX Sharpe Ratio Rank: 63
VWNFX Sortino Ratio Rank: 61
VWNFX Omega Ratio Rank: 58
VWNFX Calmar Ratio Rank: 68
VWNFX Martin Ratio Rank: 69

MALVX

MALVX Risk / Return Rank: 95
MALVX Sharpe Ratio Rank: 97
MALVX Sortino Ratio Rank: 95
MALVX Omega Ratio Rank: 90
MALVX Calmar Ratio Rank: 97
MALVX Martin Ratio Rank: 98

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.

VWNFX vs. MALVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Investor Shares (VWNFX) and BlackRock Advantage Large Cap Value Fund (MALVX). 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.

	VWNFX	MALVX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	3.02	-1.27
Sortino ratio: Return per unit of downside risk	2.47	4.23	-1.76
Omega ratio: Gain probability vs. loss probability	1.31	1.55	-0.24
Calmar ratio: Return relative to maximum drawdown	2.53	5.23	-2.69
Martin ratio: Return relative to average drawdown	10.21	23.76	-13.55

VWNFX vs. MALVX - Sharpe Ratio Comparison

The current VWNFX Sharpe Ratio is 1.76, which is lower than the MALVX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of VWNFX and MALVX, 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

VWNFX vs. MALVX - Drawdown Comparison

The maximum VWNFX drawdown since its inception was -57.57%, roughly equal to the maximum MALVX drawdown of -55.21%. Use the drawdown chart below to compare losses from any high point for VWNFX and MALVX.

Drawdown Indicators

	VWNFX	MALVX	Difference
Max Drawdown Largest peak-to-trough decline	-57.57%	-55.21%	-2.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-6.53%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.76%	-16.13%	-5.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-19.73%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-37.44%	-37.12%	-0.32%
Current Drawdown Current decline from peak	-0.24%	-0.10%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.46%	-8.72%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.44%	+0.51%

Volatility

VWNFX vs. MALVX - Volatility Comparison

The current volatility for Vanguard Windsor II Fund Investor Shares (VWNFX) is 3.41%, while BlackRock Advantage Large Cap Value Fund (MALVX) has a volatility of 4.15%. This indicates that VWNFX experiences smaller price fluctuations and is considered to be less risky than MALVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNFX	MALVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	4.15%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.91%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	11.29%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	14.81%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	17.24%	+1.27%

VWNFX vs. MALVX - Expense Ratio Comparison

VWNFX has a 0.33% expense ratio, which is lower than MALVX's 0.54% expense ratio.

Dividends

VWNFX vs. MALVX - Dividend Comparison

VWNFX's dividend yield for the trailing twelve months is around 10.53%, more than MALVX's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MALVX BlackRock Advantage Large Cap Value Fund	7.66%	9.23%	14.33%	2.84%	5.96%	17.48%	1.68%	3.92%	12.95%	0.43%	1.38%	1.01%
VWNFX Vanguard Windsor II Fund Investor Shares	10.53%	11.46%	10.50%	5.11%	7.26%	7.83%	7.31%	10.06%	11.38%	7.34%	8.08%	7.96%

Frequently Asked Questions

Can I hold both VWNFX and MALVX in my portfolio?

VWNFX and MALVX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWNFX or MALVX?

MALVX has higher volatility (4.15%) compared to VWNFX (3.41%). In terms of maximum drawdown, VWNFX dropped -57.57% vs MALVX's -55.21%.

Which has better risk-adjusted returns?

MALVX currently has the higher Sharpe Ratio (3.02 vs 1.76), 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.