Long-Term Investment-Grade Fund Investor Shares (VWESX)


Total returns

Expense ratio 0.22%
View as:
as of 
  Recent returns Average annual
  Quarter-end Year-to-date 1 year 3 year 5 year 10 year Since inception


VWESX 6.34% 6.34% 0.72% 9.37% 11.45% 6.51% 8.57%

Barclays U.S. Long Credit A or Better Bond Index

6.13% 6.13% 0.52% 9.01% 11.55% 6.13%
+/–  Benchmark

The difference in a fund's non-fee adjusted return versus an identified benchmark or peer group.

0.21% 0.21% 0.20% 0.36% – 0.10% 0.38%

Note: Fee adjusted for mutual funds where applicable.

* Includes top-quality (rated A or above by Moody’s) corporate and international dollar-denominated bonds with maturities of 10 years or more.


Risk and volatility

as of 03/31/2014

A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its R-squared would be 1.00. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0. At Vanguard, R-squared is based on returns over the past 36 months for both the fund and the index.


A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. At Vanguard, beta is based on returns over the past 36 months for both the fund and the index.


A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

Standard deviation

A measure of the degree to which a fund's return varies from its previous returns or from the average of all similar funds. The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return.

Sharpe ratio

A measure of risk-adjusted return. To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) is divided by the asset's standard deviation.

VWESX N/A N/A 0.03 8.68% 1.07
Primary benchmark

Barclays U.S. Long Credit A or Better Bond Index

0.99 1.00 N/A 8.63% 1.04
Broad-based benchmark

Barclays U.S. Aggregate Bond Index

0.79 2.72 N/A 2.84% 1.30

Risk and volatility are based on the share class with the earliest inception date.

Risk and volatility information is not available for a fund less than 3 years old.

* Includes top-quality (rated A or above by Moody’s) corporate and international dollar-denominated bonds with maturities of 10 years or more.


Quarterly commentary

Log on to read this brief review of the factors that affected the fund's performance, including economic conditions, sector influences, as well as sector and style weightings. Lock icon


The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown above is an estimate, and may not precisely reflect actual attribution information. Information noted above does not reflect fair value adjustments to prices of foreign securities held in the portfolio.
Performance data for periods of less than one year does not reflect the deduction of purchase and redemption fees. Maintenance, low balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable. Click Overview to view expense ratio and additional fee details.
Short-term total return information is provided only as a service. Historical performance is no guarantee of future returns, particularly when reviewing short-term performance. Share price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell your shares. Average annual returns include changes in share price and reinvestment of dividends and capital gains.
The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.

Connect with us®

© 1995–2014  The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, distributor.
Your use of this site signifies that you accept our terms & conditions of use.
Obtain prospectus