FIJEX vs. VO

Last updated Jul 21, 2026

FIJEX (Frost Total Return Bond Fund) and VO (Vanguard Mid-Cap ETF) are both funds - FIJEX is a Short-Term Bond fund managed by Frost Funds, while VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Over the past 10 years, FIJEX returned 3.39%/yr vs 11.23%/yr for VO. At a correlation of -0.04, they often move in opposite directions. FIJEX charges 0.46%/yr vs 0.03%/yr for VO.

Performance

FIJEX vs. VO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frost Total Return Bond Fund (FIJEX) and Vanguard Mid-Cap ETF (VO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIJEX achieves a 1.10% return, which is significantly lower than VO's 10.92% return. Over the past 10 years, FIJEX has underperformed VO with an annualized return of 3.39%, while VO has yielded a comparatively higher 11.23% annualized return.

FIJEX

• 1D: 0.00%
• 1M: -0.17%
• 6M: 0.78%
• YTD: 1.10%
• 1Y: 4.44%
• 3Y*: 5.75%
• 5Y*: 3.16%
• 10Y*: 3.39%
• ALL TIME*: 3.38%

VO

• 1D: -0.40%
• 1M: 0.09%
• 6M: 7.17%
• YTD: 10.92%
• 1Y: 13.90%
• 3Y*: 13.82%
• 5Y*: 7.77%
• 10Y*: 11.23%
• ALL TIME*: 10.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIJEX vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIJEX Frost Total Return Bond Fund	1.10%	4.83%	6.44%	8.64%	-5.30%	3.45%	3.49%	5.38%	1.38%	4.43%
VO Vanguard Mid-Cap ETF	10.92%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between FIJEX and VO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	-0.04

The correlation between FIJEX and VO shifts across timeframes, from -0.04 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FIJEX vs. VO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIJEX

FIJEX Risk / Return Rank: 42
FIJEX Sharpe Ratio Rank: 44
FIJEX Sortino Ratio Rank: 46
FIJEX Omega Ratio Rank: 42
FIJEX Calmar Ratio Rank: 44
FIJEX Martin Ratio Rank: 33

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 40
VO Sortino Ratio Rank: 40
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 44
VO Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FIJEX vs. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frost Total Return Bond Fund (FIJEX) and Vanguard Mid-Cap ETF (VO). 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.

	FIJEX	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.10	+0.38
Sortino ratio: Return per unit of downside risk	2.17	1.63	+0.54
Omega ratio: Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	2.04	1.71	+0.33
Martin ratio: Return relative to average drawdown	5.98	6.44	-0.46

FIJEX vs. VO - Sharpe Ratio Comparison

The current FIJEX Sharpe Ratio is 1.48, which is higher than the VO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of FIJEX and VO, 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

FIJEX vs. VO - Drawdown Comparison

The maximum FIJEX drawdown since its inception was -16.82%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for FIJEX and VO.

Drawdown Indicators

	FIJEX	VO	Difference
Max Drawdown Largest peak-to-trough decline	-16.82%	-58.87%	+42.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-8.17%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-19.02%	+15.62%
Max Drawdown (5Y) Largest decline over 5 years	-7.52%	-27.57%	+20.05%
Max Drawdown (10Y) Largest decline over 10 years	-11.60%	-39.37%	+27.77%
Current Drawdown Current decline from peak	-0.79%	-1.26%	+0.47%
Average Drawdown Average peak-to-trough decline	-2.85%	-7.82%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	2.16%	-1.40%

Volatility

FIJEX vs. VO - Volatility Comparison

The current volatility for Frost Total Return Bond Fund (FIJEX) is 0.95%, while Vanguard Mid-Cap ETF (VO) has a volatility of 2.21%. This indicates that FIJEX experiences smaller price fluctuations and is considered to be less risky than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIJEX	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.21%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	9.64%	-7.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	12.67%	-9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	17.60%	-13.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	18.87%	-15.63%

FIJEX vs. VO - Expense Ratio Comparison

FIJEX has a 0.46% expense ratio, which is higher than VO's 0.03% expense ratio.

Dividends

FIJEX vs. VO - Dividend Comparison

FIJEX's dividend yield for the trailing twelve months is around 5.81%, more than VO's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIJEX Frost Total Return Bond Fund	5.81%	4.64%	5.23%	5.53%	4.69%	3.31%	3.82%	3.79%	3.63%	3.68%	4.03%	4.14%
VO Vanguard Mid-Cap ETF	1.34%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both FIJEX and VO in my portfolio?

FIJEX and VO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIJEX or VO?

VO has higher volatility (2.21%) compared to FIJEX (0.95%). In terms of maximum drawdown, FIJEX dropped -16.82% vs VO's -58.87%.

Which has better risk-adjusted returns?

FIJEX currently has the higher Sharpe Ratio (1.48 vs 1.10), 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.