TBIRX vs. VBTIX

Last updated Jun 23, 2026

TBIRX (Nuveen Bond Index Fund Retirement Class) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both Total Bond Market funds - TBIRX tracks the Bloomberg U.S. Aggregate Bond Index while VBTIX tracks the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, TBIRX returned 1.17%/yr vs 1.57%/yr for VBTIX. With a 0.96 correlation, they move nearly in lockstep. TBIRX charges 0.32%/yr vs 0.03%/yr for VBTIX.

Performance

TBIRX vs. VBTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Bond Index Fund Retirement Class (TBIRX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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 TBIRX having a 0.41% return and VBTIX slightly higher at 0.43%. Over the past 10 years, TBIRX has underperformed VBTIX with an annualized return of 1.17%, while VBTIX has yielded a comparatively higher 1.57% annualized return.

TBIRX

• 1D: 0.21%
• 1M: 0.84%
• YTD: 0.41%
• 6M: 0.71%
• 1Y: 4.55%
• 3Y*: 3.64%
• 5Y*: -0.48%
• 10Y*: 1.17%

VBTIX

• 1D: 0.31%
• 1M: 0.97%
• YTD: 0.43%
• 6M: 0.76%
• 1Y: 4.70%
• 3Y*: 4.10%
• 5Y*: 0.03%
• 10Y*: 1.57%

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

TBIRX vs. VBTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIRX Nuveen Bond Index Fund Retirement Class	0.41%	6.85%	0.81%	5.01%	-13.87%	-2.05%	7.50%	8.28%	-0.57%	3.17%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	0.43%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%

Correlation

The correlation between TBIRX and VBTIX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
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 TBIRX and VBTIX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

TBIRX vs. VBTIX — Risk / Return Rank

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

TBIRX

TBIRX Risk / Return Rank: 19
TBIRX Sharpe Ratio Rank: 20
TBIRX Sortino Ratio Rank: 21
TBIRX Omega Ratio Rank: 18
TBIRX Calmar Ratio Rank: 20
TBIRX Martin Ratio Rank: 18

VBTIX

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

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.

TBIRX vs. VBTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Bond Index Fund Retirement Class (TBIRX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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.

	TBIRX	VBTIX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.21	-0.02
Sortino ratio: Return per unit of downside risk	1.78	1.82	-0.04
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	1.52	1.63	-0.12
Martin ratio: Return relative to average drawdown	4.30	4.65	-0.35

TBIRX vs. VBTIX - Sharpe Ratio Comparison

The current TBIRX Sharpe Ratio is 1.19, which is comparable to the VBTIX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TBIRX and VBTIX, 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

TBIRX vs. VBTIX - Drawdown Comparison

The maximum TBIRX drawdown since its inception was -19.64%, roughly equal to the maximum VBTIX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for TBIRX and VBTIX.

Drawdown Indicators

	TBIRX	VBTIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-18.90%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.89%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-6.22%	-5.99%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-18.13%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-18.90%	-0.74%
Current Drawdown Current decline from peak	-4.69%	-2.25%	-2.44%
Average Drawdown Average peak-to-trough decline	-3.93%	-2.32%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.01%	+0.05%

Volatility

TBIRX vs. VBTIX - Volatility Comparison

The current volatility for Nuveen Bond Index Fund Retirement Class (TBIRX) is 1.14%, while Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) has a volatility of 1.21%. This indicates that TBIRX experiences smaller price fluctuations and is considered to be less risky than VBTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIRX	VBTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.21%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	2.86%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	3.90%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.05%	6.02%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	4.99%	+0.01%

TBIRX vs. VBTIX - Expense Ratio Comparison

TBIRX has a 0.32% expense ratio, which is higher than VBTIX's 0.03% expense ratio.

Dividends

TBIRX vs. VBTIX - Dividend Comparison

TBIRX's dividend yield for the trailing twelve months is around 3.65%, less than VBTIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIRX Nuveen Bond Index Fund Retirement Class	3.65%	3.48%	2.91%	2.23%	1.89%	1.81%	2.90%	2.56%	2.23%	2.19%	2.06%	1.95%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	3.99%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%

Frequently Asked Questions

Can I hold both TBIRX and VBTIX in my portfolio?

With a correlation of 0.94, TBIRX and VBTIX 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, TBIRX or VBTIX?

VBTIX has higher volatility (1.21%) compared to TBIRX (1.14%). In terms of maximum drawdown, TBIRX dropped -19.64% vs VBTIX's -18.90%.

Which has better risk-adjusted returns?

VBTIX currently has the higher Sharpe Ratio (1.21 vs 1.19), 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.