It looks like VTSAX/VBTLX just gives you a broader exposure to the market, and if you adjusted allocation to approximately one-third stock fund and two-thirds bond fund, your risk would be about the same as VWELX. The difference, as far as I can see, is that VWELX at the moment has 97 stocks and 775 bonds. VTSAX has 3804 stocks, and VBTLX has 6948 bonds. So wouldn't the broader exposure be better? Or do people feel that VWELX has higher quality holdings?