FMFIX vs. VBISX

Last updated Apr 1, 2026

Compare and contrast key facts about RBB Free Market Fixed Income Fund (FMFIX) and Vanguard Short-Term Bond Index Fund (VBISX).

FMFIX is managed by RBB Funds. It was launched on Dec 31, 2007. VBISX is managed by Vanguard. It was launched on Mar 1, 1994.

Performance

FMFIX vs. VBISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market Fixed Income Fund (FMFIX) and Vanguard Short-Term Bond Index Fund (VBISX). The values are adjusted to include any dividend payments, if applicable.

FMFIX vs. VBISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMFIX RBB Free Market Fixed Income Fund	0.20%	4.88%	0.71%	5.43%	-6.52%	-1.06%	3.28%	4.78%	0.65%	1.05%
VBISX Vanguard Short-Term Bond Index Fund	-0.34%	5.67%	3.66%	4.54%	-5.61%	-1.35%	4.63%	4.78%	1.27%	1.10%

Returns By Period

In the year-to-date period, FMFIX achieves a 0.20% return, which is significantly higher than VBISX's -0.34% return. Over the past 10 years, FMFIX has underperformed VBISX with an annualized return of 1.22%, while VBISX has yielded a comparatively higher 1.76% annualized return.

FMFIX

• 1D: 0.20%
• 1M: -0.89%
• YTD: 0.20%
• 6M: 0.95%
• 1Y: 3.59%
• 3Y*: 3.08%
• 5Y*: 0.84%
• 10Y*: 1.22%

VBISX

• 1D: 0.20%
• 1M: -1.25%
• YTD: -0.34%
• 6M: 0.83%
• 1Y: 3.56%
• 3Y*: 3.85%
• 5Y*: 1.39%
• 10Y*: 1.76%

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

FMFIX vs. VBISX - Expense Ratio Comparison

FMFIX has a 0.68% expense ratio, which is higher than VBISX's 0.15% expense ratio.

FMFIX

RBB Free Market Fixed Income Fund

VBISX

Vanguard Short-Term Bond Index Fund

Return for Risk

FMFIX vs. VBISX — Risk / Return Rank

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

FMFIX

FMFIX Risk / Return Rank: 95
FMFIX Sharpe Ratio Rank: 94
FMFIX Sortino Ratio Rank: 95
FMFIX Omega Ratio Rank: 93
FMFIX Calmar Ratio Rank: 96
FMFIX Martin Ratio Rank: 96

VBISX

VBISX Risk / Return Rank: 88
VBISX Sharpe Ratio Rank: 85
VBISX Sortino Ratio Rank: 92
VBISX Omega Ratio Rank: 83
VBISX Calmar Ratio Rank: 92
VBISX Martin Ratio Rank: 89

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.

FMFIX vs. VBISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market Fixed Income Fund (FMFIX) and Vanguard Short-Term Bond Index Fund (VBISX). 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.

	FMFIX	VBISX	Difference
Sharpe ratio Return per unit of total volatility	2.18	1.64	+0.54
Sortino ratio Return per unit of downside risk	3.20	2.70	+0.50
Omega ratio Gain probability vs. loss probability	1.46	1.33	+0.13
Calmar ratio Return relative to maximum drawdown	3.52	2.72	+0.80
Martin ratio Return relative to average drawdown	14.31	9.96	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMFIX vs. VBISX - Sharpe Ratio Comparison

The current FMFIX Sharpe Ratio is 2.18, which is higher than the VBISX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FMFIX and VBISX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMFIX	VBISX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	1.64	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.48	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.74	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.34	-0.73

Correlation

The correlation between FMFIX and VBISX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FMFIX vs. VBISX - Dividend Comparison

FMFIX's dividend yield for the trailing twelve months is around 3.67%, more than VBISX's 3.52% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMFIX RBB Free Market Fixed Income Fund	3.67%	3.49%	0.71%	2.75%	1.35%	0.37%	1.22%	1.44%	2.45%	1.25%	0.58%	0.39%
VBISX Vanguard Short-Term Bond Index Fund	3.52%	3.44%	3.29%	2.10%	1.38%	1.16%	1.72%	2.16%	1.92%	1.58%	1.42%	1.34%

Drawdowns

FMFIX vs. VBISX - Drawdown Comparison

The maximum FMFIX drawdown since its inception was -9.35%, which is greater than VBISX's maximum drawdown of -8.79%. Use the drawdown chart below to compare losses from any high point for FMFIX and VBISX.

Drawdown Indicators

	FMFIX	VBISX	Difference
Max Drawdown Largest peak-to-trough decline	-9.35%	-8.79%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-1.54%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-9.26%	-8.72%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	-8.79%	-0.56%
Current Drawdown Current decline from peak	-0.89%	-1.25%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.23%	-0.87%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.42%	-0.15%

Volatility

FMFIX vs. VBISX - Volatility Comparison

The current volatility for RBB Free Market Fixed Income Fund (FMFIX) is 0.69%, while Vanguard Short-Term Bond Index Fund (VBISX) has a volatility of 0.74%. This indicates that FMFIX experiences smaller price fluctuations and is considered to be less risky than VBISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMFIX	VBISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.74%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	1.50%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	1.70%	2.44%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	2.91%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.43%	2.37%	+0.06%