ASHAX vs. VBIRX

Last updated Aug 4, 2026

ASHAX (Virtus Newfleet Short Duration High Income Fund Class A) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both Short-Term Bond funds. ASHAX is actively managed, while VBIRX is passively managed. Over the past 10 years, ASHAX returned 4.46%/yr vs 1.84%/yr for VBIRX. Their 0.15 correlation means their historical movements had little consistent relationship. ASHAX charges 0.86%/yr vs 0.06%/yr for VBIRX.

Performance

ASHAX vs. VBIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASHAX achieves a 1.40% return, which is significantly higher than VBIRX's 0.04% return. Over the past 10 years, ASHAX has outperformed VBIRX with an annualized return of 4.46%, while VBIRX has yielded a comparatively lower 1.84% annualized return.

ASHAX

• 1D: 0.00%
• 1M: -0.59%
• 6M: 0.86%
• YTD: 1.40%
• 1Y: 3.82%
• 3Y*: 6.74%
• 5Y*: 4.58%
• 10Y*: 4.46%
• ALL TIME*: 4.71%

VBIRX

• 1D: -0.10%
• 1M: -0.39%
• 6M: 0.00%
• YTD: 0.04%
• 1Y: 2.00%
• 3Y*: 4.40%
• 5Y*: 1.52%
• 10Y*: 1.84%
• ALL TIME*: 2.57%

*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)
ASHAX Virtus Newfleet Short Duration High Income Fund Class A	$0.00	$0.00	$0.00
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

ASHAX vs. VBIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHAX Virtus Newfleet Short Duration High Income Fund Class A	1.40%	6.26%	7.32%	12.30%	-5.49%	5.12%	5.71%	7.11%	-0.29%	3.99%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	0.04%	6.09%	3.75%	4.87%	-5.63%	-1.20%	4.69%	4.86%	1.37%	1.18%

Correlation

The correlation between ASHAX and VBIRX is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.23
Correlation (All Time) Calculated using the full available price history since Oct 3, 2011	0.15

Over the past year, ASHAX and VBIRX have become more correlated (0.46) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

ASHAX vs. VBIRX — Risk / Return Rank

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

ASHAX

ASHAX Risk / Return Rank: 69
ASHAX Sharpe Ratio Rank: 53
ASHAX Sortino Ratio Rank: 82
ASHAX Omega Ratio Rank: 76
ASHAX Calmar Ratio Rank: 56
ASHAX Martin Ratio Rank: 78

VBIRX

VBIRX Risk / Return Rank: 36
VBIRX Sharpe Ratio Rank: 35
VBIRX Sortino Ratio Rank: 43
VBIRX Omega Ratio Rank: 36
VBIRX Calmar Ratio Rank: 37
VBIRX Martin Ratio Rank: 30

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.

ASHAX vs. VBIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). 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.

	ASHAX	VBIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.18	+0.33
Sortino ratio: Return per unit of downside risk	2.89	1.95	+0.94
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio: Return relative to maximum drawdown	2.15	1.69	+0.45
Martin ratio: Return relative to average drawdown	10.15	4.73	+5.41

ASHAX vs. VBIRX - Sharpe Ratio Comparison

The current ASHAX Sharpe Ratio is 1.51, which is comparable to the VBIRX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ASHAX and VBIRX, 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

ASHAX vs. VBIRX - Drawdown Comparison

The maximum ASHAX drawdown since its inception was -19.60%, which is greater than VBIRX's maximum drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for ASHAX and VBIRX.

Drawdown Indicators

	ASHAX	VBIRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.60%	-8.69%	-10.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-1.54%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.19%	-1.55%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-9.44%	-8.47%	-0.97%
Max Drawdown (10Y) Largest decline over 10 years	-19.60%	-8.69%	-10.91%
Current Drawdown Current decline from peak	-0.59%	-0.89%	+0.30%
Average Drawdown Average peak-to-trough decline	-1.01%	-0.98%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.55%	-0.18%

Volatility

ASHAX vs. VBIRX - Volatility Comparison

The current volatility for Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) is 0.31%, while Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) has a volatility of 0.46%. This indicates that ASHAX experiences smaller price fluctuations and is considered to be less risky than VBIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHAX	VBIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.46%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	1.68%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	2.23%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	2.98%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	2.40%	+1.73%

ASHAX vs. VBIRX - Expense Ratio Comparison

ASHAX has a 0.86% expense ratio, which is higher than VBIRX's 0.06% expense ratio.

Dividends

ASHAX vs. VBIRX - Dividend Comparison

ASHAX's dividend yield for the trailing twelve months is around 5.72%, more than VBIRX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHAX Virtus Newfleet Short Duration High Income Fund Class A	5.72%	6.36%	6.68%	6.12%	5.90%	5.23%	5.61%	4.56%	4.99%	4.68%	5.08%	5.84%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	3.69%	3.83%	3.37%	2.41%	1.46%	1.22%	1.77%	2.24%	2.03%	1.66%	1.50%	1.41%

Frequently Asked Questions

Can I hold both ASHAX and VBIRX in my portfolio?

ASHAX and VBIRX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASHAX or VBIRX?

VBIRX has higher volatility (0.46%) compared to ASHAX (0.31%). In terms of maximum drawdown, ASHAX dropped -19.60% vs VBIRX's -8.69%.

Which has better risk-adjusted returns?

ASHAX currently has the higher Sharpe Ratio (1.51 vs 1.18), 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.