VAIPX vs. DODIX

Last updated Jun 13, 2026

VAIPX (Vanguard Inflation-Protected Securities Fund Admiral Shares) and DODIX (Dodge & Cox Income Fund) are both mutual funds - VAIPX is a Inflation-Protected Bonds fund managed by Vanguard, while DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox. Over the past 10 years, VAIPX returned 2.56%/yr vs 2.90%/yr for DODIX. A 0.74 correlation means they provide meaningful diversification when combined. VAIPX charges 0.10%/yr vs 0.41%/yr for DODIX.

Performance

VAIPX vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAIPX achieves a 1.35% return, which is significantly higher than DODIX's 0.59% return. Over the past 10 years, VAIPX has underperformed DODIX with an annualized return of 2.56%, while DODIX has yielded a comparatively higher 2.90% annualized return.

VAIPX

• 1D: 0.35%
• 1M: -0.17%
• YTD: 1.35%
• 6M: 1.49%
• 1Y: 4.72%
• 3Y*: 3.92%
• 5Y*: 1.01%
• 10Y*: 2.56%

DODIX

• 1D: 0.55%
• 1M: 0.55%
• YTD: 0.59%
• 6M: 1.18%
• 1Y: 5.50%
• 3Y*: 5.26%
• 5Y*: 1.17%
• 10Y*: 2.90%

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

VAIPX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAIPX Vanguard Inflation-Protected Securities Fund Admiral Shares	1.35%	6.87%	1.85%	3.83%	-11.92%	5.69%	10.96%	8.16%	-1.39%	2.91%
DODIX Dodge & Cox Income Fund	0.59%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%

Correlation

The correlation between VAIPX and DODIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 10, 2005	0.74

The correlation between VAIPX and DODIX shifts across timeframes, from 0.74 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VAIPX vs. DODIX — Risk / Return Rank

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

VAIPX

VAIPX Risk / Return Rank: 48
VAIPX Sharpe Ratio Rank: 43
VAIPX Sortino Ratio Rank: 50
VAIPX Omega Ratio Rank: 41
VAIPX Calmar Ratio Rank: 62
VAIPX Martin Ratio Rank: 45

DODIX

DODIX Risk / Return Rank: 38
DODIX Sharpe Ratio Rank: 41
DODIX Sortino Ratio Rank: 43
DODIX Omega Ratio Rank: 40
DODIX Calmar Ratio Rank: 37
DODIX Martin Ratio Rank: 30

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.

VAIPX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) and Dodge & Cox Income Fund (DODIX). 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.

	VAIPX	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.46	+0.06
Sortino ratio: Return per unit of downside risk	2.33	2.17	+0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.46	1.88	+0.59
Martin ratio: Return relative to average drawdown	7.79	5.47	+2.32

VAIPX vs. DODIX - Sharpe Ratio Comparison

The current VAIPX Sharpe Ratio is 1.52, which is comparable to the DODIX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VAIPX and DODIX, 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

VAIPX vs. DODIX - Drawdown Comparison

The maximum VAIPX drawdown since its inception was -15.04%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for VAIPX and DODIX.

Drawdown Indicators

	VAIPX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-16.89%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.05%	-3.17%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-5.68%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-14.40%	-16.89%	+2.49%
Max Drawdown (10Y) Largest decline over 10 years	-14.40%	-16.89%	+2.49%
Current Drawdown Current decline from peak	-0.39%	-1.55%	+1.16%
Average Drawdown Average peak-to-trough decline	-3.81%	-1.50%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	1.08%	-0.43%

Volatility

VAIPX vs. DODIX - Volatility Comparison

The current volatility for Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) is 1.15%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.40%. This indicates that VAIPX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAIPX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	1.40%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	3.06%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	4.09%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.99%	5.56%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	4.45%	+0.87%

VAIPX vs. DODIX - Expense Ratio Comparison

VAIPX has a 0.10% expense ratio, which is lower than DODIX's 0.41% expense ratio.

Dividends

VAIPX vs. DODIX - Dividend Comparison

VAIPX's dividend yield for the trailing twelve months is around 4.50%, more than DODIX's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.25%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
VAIPX Vanguard Inflation-Protected Securities Fund Admiral Shares	4.50%	4.74%	4.17%	4.31%	8.45%	5.13%	1.38%	2.29%	3.12%	2.41%	3.49%	0.88%

Frequently Asked Questions

Can I hold both VAIPX and DODIX in my portfolio?

VAIPX and DODIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAIPX or DODIX?

DODIX has higher volatility (1.40%) compared to VAIPX (1.15%). In terms of maximum drawdown, VAIPX dropped -15.04% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

VAIPX currently has the higher Sharpe Ratio (1.52 vs 1.46), 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.