TRBFX vs. VIPSX

Last updated Jun 5, 2026

TRBFX (T. Rowe Price Limited Duration Inflation Focused Bond Fund) and VIPSX (Vanguard Inflation-Protected Securities Fund Investor Shares) are both Inflation-Protected Bonds funds. Over the past 10 years, TRBFX returned 2.93%/yr vs 2.52%/yr for VIPSX. A 0.68 correlation means they provide meaningful diversification when combined. TRBFX charges 0.41%/yr vs 0.20%/yr for VIPSX.

Performance

TRBFX vs. VIPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) and Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRBFX achieves a 1.76% return, which is significantly higher than VIPSX's 1.42% return. Over the past 10 years, TRBFX has outperformed VIPSX with an annualized return of 2.93%, while VIPSX has yielded a comparatively lower 2.52% annualized return.

TRBFX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 1.76%
• 6M: 1.77%
• 1Y: 4.45%
• 3Y*: 4.95%
• 5Y*: 2.48%
• 10Y*: 2.93%

VIPSX

• 1D: -0.17%
• 1M: -0.00%
• YTD: 1.42%
• 6M: 1.12%
• 1Y: 4.57%
• 3Y*: 3.87%
• 5Y*: 0.95%
• 10Y*: 2.52%

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

TRBFX vs. VIPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	1.76%	6.34%	4.60%	3.01%	-5.19%	5.77%	5.65%	6.53%	0.28%	0.80%
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	1.42%	6.77%	1.74%	3.73%	-12.04%	5.57%	10.90%	8.06%	-1.48%	2.81%

Correlation

The correlation between TRBFX and VIPSX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 7, 2015	0.68

The correlation between TRBFX and VIPSX shifts across timeframes, from 0.54 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRBFX vs. VIPSX — Risk / Return Rank

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

TRBFX

TRBFX Risk / Return Rank: 21
TRBFX Sharpe Ratio Rank: 13
TRBFX Sortino Ratio Rank: 13
TRBFX Omega Ratio Rank: 54
TRBFX Calmar Ratio Rank: 16
TRBFX Martin Ratio Rank: 10

VIPSX

VIPSX Risk / Return Rank: 31
VIPSX Sharpe Ratio Rank: 26
VIPSX Sortino Ratio Rank: 28
VIPSX Omega Ratio Rank: 25
VIPSX Calmar Ratio Rank: 43
VIPSX Martin Ratio Rank: 34

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.

TRBFX vs. VIPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) and Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX). 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.

	TRBFX	VIPSX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.49	-0.53
Sortino ratio: Return per unit of downside risk	1.42	2.23	-0.81
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	1.38	2.50	-1.11
Martin ratio: Return relative to average drawdown	2.79	7.64	-4.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRBFX vs. VIPSX - Sharpe Ratio Comparison

The current TRBFX Sharpe Ratio is 0.95, which is lower than the VIPSX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of TRBFX and VIPSX, 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

	TRBFX	VIPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.49	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.16	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.47	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.76	-0.04

Drawdowns

TRBFX vs. VIPSX - Drawdown Comparison

The maximum TRBFX drawdown since its inception was -7.33%, smaller than the maximum VIPSX drawdown of -15.13%. Use the drawdown chart below to compare losses from any high point for TRBFX and VIPSX.

Drawdown Indicators

	TRBFX	VIPSX	Difference
Max Drawdown Largest peak-to-trough decline	-7.33%	-15.13%	+7.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.48%	-2.02%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-3.51%	-4.57%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-7.33%	-14.55%	+7.22%
Max Drawdown (10Y) Largest decline over 10 years	-7.33%	-14.55%	+7.22%
Current Drawdown Current decline from peak	-1.36%	-0.28%	-1.08%
Average Drawdown Average peak-to-trough decline	-1.42%	-3.24%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	0.66%	+1.04%

Volatility

TRBFX vs. VIPSX - Volatility Comparison

The current volatility for T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) is 0.61%, while Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) has a volatility of 1.02%. This indicates that TRBFX experiences smaller price fluctuations and is considered to be less risky than VIPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRBFX	VIPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.02%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	2.33%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	3.40%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.15%	5.99%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	5.33%	-1.32%

TRBFX vs. VIPSX - Expense Ratio Comparison

TRBFX has a 0.41% expense ratio, which is higher than VIPSX's 0.20% expense ratio.

Dividends

TRBFX vs. VIPSX - Dividend Comparison

TRBFX's dividend yield for the trailing twelve months is around 4.79%, more than VIPSX's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	4.79%	4.95%	4.48%	3.64%	6.11%	4.99%	1.38%	3.27%	2.34%	1.61%	1.10%	0.00%
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	4.39%	4.64%	4.07%	4.20%	8.34%	5.03%	1.28%	2.22%	3.03%	2.32%	3.38%	0.77%

Frequently Asked Questions

Can I hold both TRBFX and VIPSX in my portfolio?

TRBFX and VIPSX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRBFX or VIPSX?

VIPSX has higher volatility (1.02%) compared to TRBFX (0.61%). In terms of maximum drawdown, TRBFX dropped -7.33% vs VIPSX's -15.13%.

Which has better risk-adjusted returns?

VIPSX currently has the higher Sharpe Ratio (1.49 vs 0.95), 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.