VWNFX vs. VEIPX

Last updated Jun 3, 2026

VWNFX (Vanguard Windsor II Fund Investor Shares) and VEIPX (Vanguard Equity Income Fund Investor Shares) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, VWNFX returned 12.78%/yr vs 11.77%/yr for VEIPX. Their correlation of 0.94 suggests significant overlap in exposure. VWNFX charges 0.34%/yr vs 0.28%/yr for VEIPX.

Performance

VWNFX vs. VEIPX - Performance Comparison

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

Returns By Period

In the year-to-date period, VWNFX achieves a 7.23% return, which is significantly lower than VEIPX's 8.84% return. Over the past 10 years, VWNFX has outperformed VEIPX with an annualized return of 12.78%, while VEIPX has yielded a comparatively lower 11.77% annualized return.

VWNFX

• 1D: 0.56%
• 1M: 1.98%
• YTD: 7.23%
• 6M: 9.20%
• 1Y: 24.58%
• 3Y*: 17.57%
• 5Y*: 10.48%
• 10Y*: 12.78%

VEIPX

• 1D: -0.10%
• 1M: 1.18%
• YTD: 8.84%
• 6M: 10.16%
• 1Y: 23.34%
• 3Y*: 17.21%
• 5Y*: 10.91%
• 10Y*: 11.77%

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

VWNFX vs. VEIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNFX Vanguard Windsor II Fund Investor Shares	7.23%	18.51%	13.91%	21.01%	-13.26%	28.84%	14.41%	29.02%	-8.62%	15.61%
VEIPX Vanguard Equity Income Fund Investor Shares	8.84%	17.14%	14.80%	7.66%	-0.16%	25.41%	2.97%	25.21%	-5.75%	17.60%

Correlation

The correlation between VWNFX and VEIPX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 22, 1988	0.94

The correlation between VWNFX and VEIPX has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

VWNFX vs. VEIPX - Sectors Allocation Comparison

Sectors	VWNFX	VEIPX
Technology	20.5%	13.0%
Financial Services	19.2%	20.5%
Healthcare	12.2%	14.8%
Industrials	10.1%	10.6%
Communication Services	8.1%	2.9%
Energy	7.0%	8.3%
Consumer Cyclical	6.9%	6.0%
Consumer Defensive	4.8%	9.4%
Basic Materials	4.7%	3.4%
Utilities	2.2%	7.0%
Real Estate	0.5%	1.9%

Return for Risk

VWNFX vs. VEIPX — Risk / Return Rank

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

VWNFX

VWNFX Risk / Return Rank: 60
VWNFX Sharpe Ratio Rank: 58
VWNFX Sortino Ratio Rank: 56
VWNFX Omega Ratio Rank: 54
VWNFX Calmar Ratio Rank: 67
VWNFX Martin Ratio Rank: 66

VEIPX

VEIPX Risk / Return Rank: 63
VEIPX Sharpe Ratio Rank: 62
VEIPX Sortino Ratio Rank: 61
VEIPX Omega Ratio Rank: 58
VEIPX Calmar Ratio Rank: 73
VEIPX Martin Ratio Rank: 63

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. VEIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Investor Shares (VWNFX) and Vanguard Equity Income Fund Investor Shares (VEIPX). 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.

	VWNFX	VEIPX	Difference
Sharpe ratio Return per unit of total volatility	2.25	2.32	-0.07
Sortino ratio Return per unit of downside risk	3.15	3.29	-0.14
Omega ratio Gain probability vs. loss probability	1.41	1.42	-0.02
Calmar ratio Return relative to maximum drawdown	3.17	3.33	-0.16
Martin ratio Return relative to average drawdown	12.96	12.48	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWNFX vs. VEIPX - Sharpe Ratio Comparison

The current VWNFX Sharpe Ratio is 2.25, which is comparable to the VEIPX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VWNFX and VEIPX, 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

	VWNFX	VEIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.32	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.79	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.72	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.66	-0.02

Drawdowns

VWNFX vs. VEIPX - Drawdown Comparison

The maximum VWNFX drawdown since its inception was -57.57%, which is greater than VEIPX's maximum drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for VWNFX and VEIPX.

Drawdown Indicators

	VWNFX	VEIPX	Difference
Max Drawdown Largest peak-to-trough decline	-57.57%	-54.12%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-7.15%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-21.76%	-13.39%	-8.37%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-15.16%	-7.56%
Max Drawdown (10Y) Largest decline over 10 years	-37.44%	-35.26%	-2.18%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-7.47%	-5.50%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.91%	+0.01%

Volatility

VWNFX vs. VEIPX - Volatility Comparison

The current volatility for Vanguard Windsor II Fund Investor Shares (VWNFX) is 2.32%, while Vanguard Equity Income Fund Investor Shares (VEIPX) has a volatility of 2.76%. This indicates that VWNFX experiences smaller price fluctuations and is considered to be less risky than VEIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNFX	VEIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	2.76%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	7.63%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	10.24%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	13.92%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	16.30%	+2.31%

VWNFX vs. VEIPX - Expense Ratio Comparison

VWNFX has a 0.34% expense ratio, which is higher than VEIPX's 0.28% expense ratio.

Dividends

VWNFX vs. VEIPX - Dividend Comparison

VWNFX's dividend yield for the trailing twelve months is around 10.68%, more than VEIPX's 10.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEIPX Vanguard Equity Income Fund Investor Shares	10.11%	10.94%	9.74%	7.87%	8.69%	7.62%	2.77%	4.36%	10.87%	2.98%	3.78%	6.39%
VWNFX Vanguard Windsor II Fund Investor Shares	10.68%	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 VEIPX in my portfolio?

VWNFX and VEIPX have a correlation of 0.86, 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 VEIPX?

VEIPX has higher volatility (2.76%) compared to VWNFX (2.32%). In terms of maximum drawdown, VWNFX dropped -57.57% vs VEIPX's -54.12%.

Which has better risk-adjusted returns?

VEIPX currently has the higher Sharpe Ratio (2.32 vs 2.25), 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.