PRWBX vs. VBIRX
PRWBX (T. Rowe Price Short-Term Bond Fund) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both Short-Term Bond funds. Over the past 10 years, PRWBX returned 2.53%/yr vs 1.85%/yr for VBIRX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PRWBX charges 0.43%/yr vs 0.06%/yr for VBIRX.
Performance
PRWBX vs. VBIRX - Performance Comparison
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Returns By Period
In the year-to-date period, PRWBX achieves a 0.74% return, which is significantly higher than VBIRX's 0.14% return. Over the past 10 years, PRWBX has outperformed VBIRX with an annualized return of 2.53%, while VBIRX has yielded a comparatively lower 1.85% annualized return.
PRWBX
- 1D
- 0.00%
- 1M
- -0.22%
- 6M
- 0.61%
- YTD
- 0.74%
- 1Y
- 4.10%
- 3Y*
- 5.74%
- 5Y*
- 2.72%
- 10Y*
- 2.53%
- ALL TIME*
- 3.37%
VBIRX
- 1D
- 0.00%
- 1M
- -0.29%
- 6M
- 0.00%
- YTD
- 0.14%
- 1Y
- 2.10%
- 3Y*
- 4.40%
- 5Y*
- 1.54%
- 10Y*
- 1.85%
- ALL TIME*
- 2.58%
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 |
PRWBX vs. VBIRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWBX T. Rowe Price Short-Term Bond Fund | 0.74% | 7.22% | 6.22% | 5.54% | -4.99% | -0.23% | 4.56% | 4.33% | 1.38% | 1.33% |
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares | 0.14% | 6.09% | 3.75% | 4.87% | -5.63% | -1.20% | 4.69% | 4.86% | 1.37% | 1.18% |
Correlation
The correlation between PRWBX and VBIRX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.64 |
The correlation between PRWBX and VBIRX shifts across timeframes, from 0.49 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRWBX vs. VBIRX — Risk / Return Rank
PRWBX
VBIRX
PRWBX vs. VBIRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short-Term Bond Fund (PRWBX) 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.
| PRWBX | VBIRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.27 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 4.73 | 1.98 | +2.75 |
| Martin ratioReturn relative to average drawdown | 17.65 | 5.56 | +12.09 |
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Drawdowns
PRWBX vs. VBIRX - Drawdown Comparison
The maximum PRWBX drawdown since its inception was -7.78%, smaller than the maximum VBIRX drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for PRWBX and VBIRX.
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Drawdown Indicators
| PRWBX | VBIRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.78% | -8.69% | +0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -1.54% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -1.07% | -1.55% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -7.29% | -8.55% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -7.29% | -8.69% | +1.40% |
Current DrawdownCurrent decline from peak | -0.22% | -0.79% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -0.98% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.55% | -0.27% |
Volatility
PRWBX vs. VBIRX - Volatility Comparison
T. Rowe Price Short-Term Bond Fund (PRWBX) has a higher volatility of 0.55% compared to Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) at 0.46%. This indicates that PRWBX's price experiences larger fluctuations and is considered to be riskier than VBIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRWBX | VBIRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.46% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 1.68% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 2.24% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.58% | 2.98% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.19% | 2.40% | -0.21% |
PRWBX vs. VBIRX - Expense Ratio Comparison
PRWBX has a 0.43% expense ratio, which is higher than VBIRX's 0.06% expense ratio.
Dividends
PRWBX vs. VBIRX - Dividend Comparison
PRWBX's dividend yield for the trailing twelve months is around 4.92%, more than VBIRX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRWBX T. Rowe Price Short-Term Bond Fund | 4.92% | 5.64% | 5.12% | 3.57% | 1.38% | 1.24% | 1.92% | 2.52% | 2.22% | 1.75% | 1.58% | 1.46% |
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
PRWBX and VBIRX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRWBX has higher volatility (0.55%) compared to VBIRX (0.46%). In terms of maximum drawdown, PRWBX dropped -7.78% vs VBIRX's -8.69%.
PRWBX currently has the higher Sharpe Ratio (2.24 vs 1.37), 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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