VTINX vs. VWINX: Vanguard Target Retirement I or Vanguard Wellesley Income Fu?
Figures last verified October 31, 2026
Two ways to invest in retirement: Vanguard's all-index Target Retirement Income fund against the actively managed Wellesley Income. Similar conservative temperaments, different engines.
| VTINX | VWINX | |
|---|---|---|
| Fund | Vanguard Target Retirement Income Fund | Vanguard Wellesley Income Fund Investor Shares |
| Family | Vanguard | Vanguard |
| Category | Target-Date | Balanced / Allocation |
| Type | Target-Date | Active |
| Expense ratio | 0.08% | 0.22% |
| Cost per $10k/yr | $8 | $22 |
| Minimum | $1,000 | $3,000 |
| Strategy | Static landing allocation for retirees: ~30% global stocks, ~70% bonds including short-term TIPS, built from four Vanguard index funds. | Actively managed ~35% dividend stocks / 65% investment-grade bonds, run by Wellington Management for income with moderate growth. |
VTINX is cheaper (0.08%), all-index, includes a TIPS sleeve and international exposure, and rebalances on a fixed schedule. VWINX (0.23%) is active, US-focused, with a longer record and slightly higher equity. For pure cost and diversification, VTINX; for those who specifically trust Wellington's hand, Wellesley.
About VTINX
Every Vanguard target-date fund eventually becomes this one: the landing pad. VTINX holds a fixed ~30/70 mix of global stocks and bonds — including a deliberate slice of short-term inflation-protected bonds for retirees' grocery-bill risk — and rebalances itself forever at 0.08%. It is the answer to 'I'm retired, I have one IRA, I want to stop managing it.'
About VWINX
Wellesley is Wellington's quieter sibling — the allocation flipped to roughly one-third stocks, two-thirds bonds — and it has spent five decades being exactly what nervous money needs: a fund whose worst years are merely disappointing rather than terrifying. In 2008, when the S&P 500 fell 37%, Wellesley lost about 10%. That's the entire sales pitch, and for a 75-year-old drawing income, it's a good one.
Whichever you pick, the principle is the same one that runs through this whole site: minimize cost, hold for decades, ignore the noise. See how both stack up against the field in our best index funds by category, or run the numbers yourself with the expense ratio calculator.
Expense ratios and minimums drawn from fund provider documentation; last verified October 31, 2026. Editorial opinion, not investment advice. Confirm figures against the official prospectus before investing.