VWNFX vs. VTV

Last updated Aug 2, 2026

VWNFX (Vanguard Windsor II Fund Investor Shares) and VTV (Vanguard Value ETF) are both Large Cap Value Equities funds from Vanguard. VWNFX is actively managed, while VTV is passively managed. Over the past 10 years, VWNFX returned 12.88%/yr vs 12.57%/yr for VTV. Their correlation of 0.95 means they have usually moved in the same direction. VWNFX charges 0.33%/yr vs 0.04%/yr for VTV.

Performance

VWNFX vs. VTV - Performance Comparison

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

Returns By Period

In the year-to-date period, VWNFX achieves a 10.48% return, which is significantly lower than VTV's 16.37% return. Both investments have delivered pretty close results over the past 10 years, with VWNFX having a 12.88% annualized return and VTV not far behind at 12.57%.

VWNFX

• 1D: 0.29%
• 1M: 1.96%
• 6M: 7.51%
• YTD: 10.48%
• 1Y: 23.96%
• 3Y*: 16.10%
• 5Y*: 10.81%
• 10Y*: 12.88%
• ALL TIME*: 10.84%

VTV

• 1D: -0.27%
• 1M: 0.36%
• 6M: 11.27%
• YTD: 16.37%
• 1Y: 27.94%
• 3Y*: 17.12%
• 5Y*: 12.29%
• 10Y*: 12.57%
• ALL TIME*: 9.67%

*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)
VTV Vanguard Value ETF	$688.19M	$688.42M	$619.05M
VWNFX Vanguard Windsor II Fund Investor Shares	$0.00	$0.00	$0.00

VWNFX vs. VTV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWNFX Vanguard Windsor II Fund Investor Shares	10.48%	18.51%	13.91%	21.01%	-13.26%	28.84%	14.41%	29.02%	-8.62%	15.61%
VTV Vanguard Value ETF	16.37%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%

Correlation

The correlation between VWNFX and VTV is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.95

The correlation between VWNFX and VTV shifts across timeframes, from 0.80 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

VWNFX vs. VTV - Sectors Allocation Comparison

Sectors	VWNFX	VTV
Technology	20.8%	15.3%
Financial Services	19.2%	22.4%
Healthcare	12.2%	15.2%
Industrials	9.9%	14.3%
Communication Services	8.1%	2.9%
Energy	7.0%	6.9%
Consumer Cyclical	6.7%	3.9%
Basic Materials	4.9%	3.0%
Consumer Defensive	4.8%	8.7%
Utilities	2.2%	4.8%
Real Estate	0.5%	2.5%

Return for Risk

VWNFX vs. VTV — Risk / Return Rank

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

VWNFX

VWNFX Risk / Return Rank: 81
VWNFX Sharpe Ratio Rank: 80
VWNFX Sortino Ratio Rank: 78
VWNFX Omega Ratio Rank: 77
VWNFX Calmar Ratio Rank: 83
VWNFX Martin Ratio Rank: 88

VTV

VTV Risk / Return Rank: 93
VTV Sharpe Ratio Rank: 94
VTV Sortino Ratio Rank: 94
VTV Omega Ratio Rank: 93
VTV Calmar Ratio Rank: 92
VTV Martin Ratio Rank: 93

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.

VWNFX vs. VTV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Windsor II Fund Investor Shares (VWNFX) and Vanguard Value ETF (VTV). 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	VTV	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.62	-0.74
Sortino ratio: Return per unit of downside risk	2.63	3.74	-1.11
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	2.74	4.24	-1.50
Martin ratio: Return relative to average drawdown	11.17	16.42	-5.25

VWNFX vs. VTV - Sharpe Ratio Comparison

The current VWNFX Sharpe Ratio is 1.88, which is comparable to the VTV Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of VWNFX and VTV, 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. VTV - Drawdown Comparison

The maximum VWNFX drawdown since its inception was -57.57%, roughly equal to the maximum VTV drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for VWNFX and VTV.

Drawdown Indicators

	VWNFX	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-57.57%	-59.27%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-6.35%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-21.76%	-14.52%	-7.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.72%	-17.04%	-5.68%
Max Drawdown (10Y) Largest decline over 10 years	-37.44%	-36.78%	-0.66%
Current Drawdown Current decline from peak	-0.33%	-1.36%	+1.03%
Average Drawdown Average peak-to-trough decline	-7.45%	-7.82%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.64%	+0.29%

Volatility

VWNFX vs. VTV - Volatility Comparison

Vanguard Windsor II Fund Investor Shares (VWNFX) has a higher volatility of 3.36% compared to Vanguard Value ETF (VTV) at 2.62%. This indicates that VWNFX's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWNFX	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.62%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	7.72%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	10.36%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	13.82%	+3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	16.61%	+1.92%

VWNFX vs. VTV - Expense Ratio Comparison

VWNFX has a 0.33% expense ratio, which is higher than VTV's 0.04% expense ratio.

Dividends

VWNFX vs. VTV - Dividend Comparison

VWNFX's dividend yield for the trailing twelve months is around 10.37%, more than VTV's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTV Vanguard Value ETF	1.86%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%
VWNFX Vanguard Windsor II Fund Investor Shares	10.37%	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 VTV in my portfolio?

VWNFX and VTV have a correlation of 0.80, 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 VTV?

VWNFX has higher volatility (3.36%) compared to VTV (2.62%). In terms of maximum drawdown, VWNFX dropped -57.57% vs VTV's -59.27%.

Which has better risk-adjusted returns?

VTV currently has the higher Sharpe Ratio (2.62 vs 1.88), 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.