TBIRX vs. VTBNX

Last updated Jun 6, 2026

TBIRX (Nuveen Bond Index Fund Retirement Class) and VTBNX (Vanguard Total Bond Market II Index Fund) are both Total Bond Market funds. Over the past 10 years, TBIRX returned 1.18%/yr vs 1.56%/yr for VTBNX. With a 0.97 correlation, they move nearly in lockstep. TBIRX charges 0.32%/yr vs 0.02%/yr for VTBNX.

Performance

TBIRX vs. VTBNX - 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 II Index Fund (VTBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIRX achieves a 0.30% return, which is significantly higher than VTBNX's 0.22% return. Over the past 10 years, TBIRX has underperformed VTBNX with an annualized return of 1.18%, while VTBNX has yielded a comparatively higher 1.56% annualized return.

TBIRX

• 1D: 0.10%
• 1M: -0.20%
• YTD: 0.30%
• 6M: 0.51%
• 1Y: 4.66%
• 3Y*: 3.57%
• 5Y*: -0.40%
• 10Y*: 1.18%

VTBNX

• 1D: 0.11%
• 1M: -0.18%
• YTD: 0.22%
• 6M: 0.56%
• 1Y: 4.77%
• 3Y*: 3.97%
• 5Y*: 0.11%
• 10Y*: 1.56%

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

TBIRX vs. VTBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIRX Nuveen Bond Index Fund Retirement Class	0.30%	6.85%	0.81%	5.01%	-13.87%	-2.05%	7.50%	8.28%	-0.57%	3.17%
VTBNX Vanguard Total Bond Market II Index Fund	0.22%	7.18%	1.32%	5.68%	-13.12%	-1.82%	7.39%	8.71%	-0.27%	3.62%

Correlation

The correlation between TBIRX and VTBNX is 0.95 - 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	0.95
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 25, 2016	0.97

The correlation between TBIRX and VTBNX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

TBIRX vs. VTBNX — Risk / Return Rank

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

TBIRX

TBIRX Risk / Return Rank: 18
TBIRX Sharpe Ratio Rank: 18
TBIRX Sortino Ratio Rank: 18
TBIRX Omega Ratio Rank: 16
TBIRX Calmar Ratio Rank: 19
TBIRX Martin Ratio Rank: 18

VTBNX

VTBNX Risk / Return Rank: 19
VTBNX Sharpe Ratio Rank: 19
VTBNX Sortino Ratio Rank: 20
VTBNX Omega Ratio Rank: 17
VTBNX Calmar Ratio Rank: 22
VTBNX 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.

TBIRX vs. VTBNX - 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 II Index Fund (VTBNX). 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.

	TBIRX	VTBNX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.18	-0.03
Sortino ratio: Return per unit of downside risk	1.71	1.77	-0.06
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.48	1.62	-0.13
Martin ratio: Return relative to average drawdown	4.43	4.78	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIRX vs. VTBNX - Sharpe Ratio Comparison

The current TBIRX Sharpe Ratio is 1.15, which is comparable to the VTBNX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of TBIRX and VTBNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBIRX	VTBNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.18	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.02	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.32	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.37	+0.11

Drawdowns

TBIRX vs. VTBNX - Drawdown Comparison

The maximum TBIRX drawdown since its inception was -19.64%, roughly equal to the maximum VTBNX drawdown of -18.71%. Use the drawdown chart below to compare losses from any high point for TBIRX and VTBNX.

Drawdown Indicators

	TBIRX	VTBNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-18.71%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.83%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-6.22%	-5.97%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-18.05%	-0.74%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-18.71%	-0.93%
Current Drawdown Current decline from peak	-4.79%	-2.31%	-2.48%
Average Drawdown Average peak-to-trough decline	-3.93%	-4.87%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.95%	+0.06%

Volatility

TBIRX vs. VTBNX - Volatility Comparison

Nuveen Bond Index Fund Retirement Class (TBIRX) and Vanguard Total Bond Market II Index Fund (VTBNX) have volatilities of 1.30% and 1.31%, 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

	TBIRX	VTBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.31%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.78%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	3.92%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	5.95%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	4.93%	+0.06%

TBIRX vs. VTBNX - Expense Ratio Comparison

TBIRX has a 0.32% expense ratio, which is higher than VTBNX's 0.02% expense ratio.

Dividends

TBIRX vs. VTBNX - Dividend Comparison

TBIRX's dividend yield for the trailing twelve months is around 3.65%, less than VTBNX's 4.06% 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%
VTBNX Vanguard Total Bond Market II Index Fund	4.06%	3.95%	3.77%	3.13%	2.54%	1.82%	3.12%	2.79%	2.56%	2.52%	2.55%	0.00%

Frequently Asked Questions

Can I hold both TBIRX and VTBNX in my portfolio?

With a correlation of 0.95, TBIRX and VTBNX 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 VTBNX?

VTBNX has higher volatility (1.31%) compared to TBIRX (1.30%). In terms of maximum drawdown, TBIRX dropped -19.64% vs VTBNX's -18.71%.

Which has better risk-adjusted returns?

VTBNX currently has the higher Sharpe Ratio (1.18 vs 1.15), 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.