TBIIX vs. VBTLX

Last updated Jun 23, 2026

TBIIX (TIAA-CREF Bond Index Fund) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - TBIIX is a Intermediate Core Bond fund managed by TIAA Investments, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, TBIIX returned 1.40%/yr vs 1.57%/yr for VBTLX. With a 0.96 correlation, they move nearly in lockstep. TBIIX charges 0.07%/yr vs 0.04%/yr for VBTLX.

Performance

TBIIX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Bond Index Fund (TBIIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TBIIX having a 0.41% return and VBTLX slightly higher at 0.42%. Over the past 10 years, TBIIX has underperformed VBTLX with an annualized return of 1.40%, while VBTLX has yielded a comparatively higher 1.57% annualized return.

TBIIX

• 1D: 0.21%
• 1M: 0.86%
• YTD: 0.41%
• 6M: 0.74%
• 1Y: 4.71%
• 3Y*: 3.85%
• 5Y*: -0.28%
• 10Y*: 1.40%

VBTLX

• 1D: 0.31%
• 1M: 0.97%
• YTD: 0.42%
• 6M: 0.76%
• 1Y: 4.68%
• 3Y*: 4.08%
• 5Y*: 0.02%
• 10Y*: 1.57%

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

TBIIX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIIX TIAA-CREF Bond Index Fund	0.41%	7.12%	1.13%	5.13%	-13.61%	-1.81%	7.69%	8.58%	-0.25%	3.43%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.42%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%

Correlation

The correlation between TBIIX and VBTLX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.96

The correlation between TBIIX and VBTLX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

TBIIX vs. VBTLX — Risk / Return Rank

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

TBIIX

TBIIX Risk / Return Rank: 21
TBIIX Sharpe Ratio Rank: 21
TBIIX Sortino Ratio Rank: 21
TBIIX Omega Ratio Rank: 19
TBIIX Calmar Ratio Rank: 22
TBIIX Martin Ratio Rank: 20

VBTLX

VBTLX Risk / Return Rank: 21
VBTLX Sharpe Ratio Rank: 21
VBTLX Sortino Ratio Rank: 21
VBTLX Omega Ratio Rank: 19
VBTLX Calmar Ratio Rank: 22
VBTLX Martin Ratio Rank: 19

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.

TBIIX vs. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Bond Index Fund (TBIIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.

	TBIIX	VBTLX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.21	0.00
Sortino ratio: Return per unit of downside risk	1.80	1.81	-0.01
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.62	1.63	0.00
Martin ratio: Return relative to average drawdown	4.66	4.63	+0.03

TBIIX vs. VBTLX - Sharpe Ratio Comparison

The current TBIIX Sharpe Ratio is 1.21, which is comparable to the VBTLX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TBIIX and VBTLX, 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

TBIIX vs. VBTLX - Drawdown Comparison

The maximum TBIIX drawdown since its inception was -19.33%, roughly equal to the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for TBIIX and VBTLX.

Drawdown Indicators

	TBIIX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-18.81%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-2.89%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-6.00%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-18.14%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-19.33%	-18.81%	-0.52%
Current Drawdown Current decline from peak	-3.49%	-2.18%	-1.31%
Average Drawdown Average peak-to-trough decline	-3.68%	-2.67%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.01%	+0.03%

Volatility

TBIIX vs. VBTLX - Volatility Comparison

TIAA-CREF Bond Index Fund (TBIIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) have volatilities of 1.23% and 1.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIIX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.21%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	2.86%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	3.90%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	6.01%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	4.99%	+0.03%

TBIIX vs. VBTLX - Expense Ratio Comparison

TBIIX has a 0.07% expense ratio, which is higher than VBTLX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TBIIX vs. VBTLX - Dividend Comparison

TBIIX's dividend yield for the trailing twelve months is around 3.90%, less than VBTLX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIIX TIAA-CREF Bond Index Fund	3.90%	3.73%	3.14%	2.44%	2.11%	2.07%	3.17%	2.82%	2.46%	2.44%	2.31%	2.61%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.98%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%

Frequently Asked Questions

Can I hold both TBIIX and VBTLX in my portfolio?

With a correlation of 0.96, TBIIX and VBTLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TBIIX or VBTLX?

TBIIX has higher volatility (1.23%) compared to VBTLX (1.21%). In terms of maximum drawdown, TBIIX dropped -19.33% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

TBIIX currently has the higher Sharpe Ratio (1.21 vs 1.21), 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.