PRGMX vs. VSBSX
PRGMX (T. Rowe Price GNMA Fund) and VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) are both Government Bonds funds. Over the past 10 years, PRGMX returned 1.10%/yr vs 1.74%/yr for VSBSX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PRGMX charges 0.58%/yr vs 0.06%/yr for VSBSX.
Performance
PRGMX vs. VSBSX - Performance Comparison
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Returns By Period
In the year-to-date period, PRGMX achieves a -0.48% return, which is significantly lower than VSBSX's 0.76% return. Over the past 10 years, PRGMX has underperformed VSBSX with an annualized return of 1.10%, while VSBSX has yielded a comparatively higher 1.74% annualized return.
PRGMX
- 1D
- -0.49%
- 1M
- -1.59%
- 6M
- -0.91%
- YTD
- -0.48%
- 1Y
- 3.56%
- 3Y*
- 4.59%
- 5Y*
- 0.39%
- 10Y*
- 1.10%
- ALL TIME*
- 3.84%
VSBSX
- 1D
- -0.05%
- 1M
- 0.10%
- 6M
- 0.60%
- YTD
- 0.76%
- 1Y
- 2.61%
- 3Y*
- 4.39%
- 5Y*
- 1.91%
- 10Y*
- 1.74%
- ALL TIME*
- 1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRGMX vs. VSBSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | -0.48% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 0.76% | 5.08% | 4.39% | 4.23% | -3.87% | -0.69% | 3.09% | 3.51% | 1.52% | 0.35% |
Correlation
The correlation between PRGMX and VSBSX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.65 |
The correlation between PRGMX and VSBSX shifts across timeframes, from 0.65 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRGMX vs. VSBSX — Risk / Return Rank
PRGMX
VSBSX
PRGMX vs. VSBSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price GNMA Fund (PRGMX) and Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX). 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.
| PRGMX | VSBSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.50 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 3.70 | -2.21 |
| Martin ratioReturn relative to average drawdown | 4.11 | 14.76 | -10.64 |
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Drawdowns
PRGMX vs. VSBSX - Drawdown Comparison
The maximum PRGMX drawdown since its inception was -18.22%, which is greater than VSBSX's maximum drawdown of -5.77%. Use the drawdown chart below to compare losses from any high point for PRGMX and VSBSX.
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Drawdown Indicators
| PRGMX | VSBSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.22% | -5.77% | -12.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -0.84% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -6.22% | -0.84% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -17.21% | -5.72% | -11.49% |
Max Drawdown (10Y)Largest decline over 10 years | -18.22% | -5.77% | -12.45% |
Current DrawdownCurrent decline from peak | -2.63% | -0.05% | -2.58% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.59% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.21% | +0.88% |
Volatility
PRGMX vs. VSBSX - Volatility Comparison
T. Rowe Price GNMA Fund (PRGMX) has a higher volatility of 1.23% compared to Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) at 0.36%. This indicates that PRGMX's price experiences larger fluctuations and is considered to be riskier than VSBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRGMX | VSBSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.36% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 0.99% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 1.30% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 1.96% | +4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.80% | 1.54% | +3.26% |
PRGMX vs. VSBSX - Expense Ratio Comparison
PRGMX has a 0.58% expense ratio, which is higher than VSBSX's 0.06% expense ratio.
Dividends
PRGMX vs. VSBSX - Dividend Comparison
PRGMX's dividend yield for the trailing twelve months is around 4.45%, more than VSBSX's 3.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | 4.45% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 3.48% | 3.98% | 4.50% | 3.29% | 1.12% | 0.63% | 1.72% | 2.26% | 1.80% | 1.10% | 0.76% | 0.71% |
Frequently Asked Questions
PRGMX and VSBSX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRGMX has higher volatility (1.23%) compared to VSBSX (0.36%). In terms of maximum drawdown, PRGMX dropped -18.22% vs VSBSX's -5.77%.
VSBSX currently has the higher Sharpe Ratio (2.38 vs 1.06), 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.
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