TBIIX vs. VOO

Last updated Jun 26, 2026

TBIIX (TIAA-CREF Bond Index Fund) and VOO (Vanguard S&P 500 ETF) are both funds - TBIIX is a Intermediate Core Bond fund managed by TIAA Investments, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TBIIX returned 1.39%/yr vs 15.82%/yr for VOO. At a correlation of -0.13, they often move in opposite directions. TBIIX charges 0.07%/yr vs 0.03%/yr for VOO.

Performance

TBIIX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Bond Index Fund (TBIIX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIIX achieves a 0.72% return, which is significantly lower than VOO's 8.09% return. Over the past 10 years, TBIIX has underperformed VOO with an annualized return of 1.39%, while VOO has yielded a comparatively higher 15.82% annualized return.

TBIIX

• 1D: 0.52%
• 1M: 0.86%
• YTD: 0.72%
• 6M: 0.84%
• 1Y: 4.49%
• 3Y*: 3.92%
• 5Y*: -0.11%
• 10Y*: 1.39%

VOO

• 1D: 0.00%
• 1M: -2.07%
• YTD: 8.09%
• 6M: 6.78%
• 1Y: 22.17%
• 3Y*: 20.91%
• 5Y*: 13.02%
• 10Y*: 15.82%

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

TBIIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIIX TIAA-CREF Bond Index Fund	0.72%	7.12%	1.13%	5.13%	-13.61%	-1.81%	7.69%	8.58%	-0.25%	3.43%
VOO Vanguard S&P 500 ETF	8.09%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between TBIIX and VOO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	-0.13

The correlation between TBIIX and VOO shifts across timeframes, from -0.13 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TBIIX vs. VOO — Risk / Return Rank

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

TBIIX

TBIIX Risk / Return Rank: 22
TBIIX Sharpe Ratio Rank: 22
TBIIX Sortino Ratio Rank: 23
TBIIX Omega Ratio Rank: 21
TBIIX Calmar Ratio Rank: 24
TBIIX Martin Ratio Rank: 20

VOO

VOO Risk / Return Rank: 63
VOO Sharpe Ratio Rank: 63
VOO Sortino Ratio Rank: 61
VOO Omega Ratio Rank: 62
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 69

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Bond Index Fund (TBIIX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.80	-0.68
Sortino ratio: Return per unit of downside risk	1.68	2.45	-0.78
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.13
Calmar ratio: Return relative to maximum drawdown	1.51	2.50	-0.99
Martin ratio: Return relative to average drawdown	4.28	11.08	-6.79

TBIIX vs. VOO - Sharpe Ratio Comparison

The current TBIIX Sharpe Ratio is 1.12, which is lower than the VOO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of TBIIX and VOO, 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. VOO - Drawdown Comparison

The maximum TBIIX drawdown since its inception was -19.33%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TBIIX and VOO.

Drawdown Indicators

	TBIIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-33.99%	+14.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-8.90%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-18.69%	+12.52%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-24.52%	+5.84%
Max Drawdown (10Y) Largest decline over 10 years	-19.33%	-33.99%	+14.66%
Current Drawdown Current decline from peak	-3.19%	-3.23%	+0.04%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.68%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.01%	-0.96%

Volatility

TBIIX vs. VOO - Volatility Comparison

The current volatility for TIAA-CREF Bond Index Fund (TBIIX) is 1.29%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.75%. This indicates that TBIIX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	4.75%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	9.77%	-6.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	12.39%	-8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	16.91%	-10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	18.02%	-13.00%

TBIIX vs. VOO - Expense Ratio Comparison

TBIIX has a 0.07% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

TBIIX's dividend yield for the trailing twelve months is around 3.89%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIIX TIAA-CREF Bond Index Fund	3.89%	3.73%	3.14%	2.44%	2.11%	2.07%	3.17%	2.82%	2.46%	2.44%	2.31%	2.61%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TBIIX and VOO in my portfolio?

TBIIX and VOO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIIX or VOO?

VOO has higher volatility (4.75%) compared to TBIIX (1.29%). In terms of maximum drawdown, TBIIX dropped -19.33% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.80 vs 1.12), 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.