VBIRX vs. BSV

Last updated Jun 3, 2026

VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both funds - VBIRX is a Total Bond Market fund managed by Vanguard, while BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Over the past 10 years, VBIRX returned 1.92%/yr vs 1.96%/yr for BSV. A 0.77 correlation means they provide meaningful diversification when combined. VBIRX charges 0.07%/yr vs 0.03%/yr for BSV.

Performance

VBIRX vs. BSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBIRX achieves a 0.30% return, which is significantly lower than BSV's 0.37% return. Both investments have delivered pretty close results over the past 10 years, with VBIRX having a 1.92% annualized return and BSV not far ahead at 1.96%.

VBIRX

• 1D: -0.10%
• 1M: -0.05%
• YTD: 0.30%
• 6M: 0.64%
• 1Y: 3.74%
• 3Y*: 4.42%
• 5Y*: 1.61%
• 10Y*: 1.92%

BSV

• 1D: -0.01%
• 1M: -0.02%
• YTD: 0.37%
• 6M: 0.67%
• 1Y: 3.70%
• 3Y*: 4.44%
• 5Y*: 1.66%
• 10Y*: 1.96%

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

VBIRX vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	0.30%	6.09%	3.75%	4.87%	-5.63%	-1.20%	4.69%	4.86%	1.37%	1.18%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.37%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%

Correlation

The correlation between VBIRX and BSV is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007	0.77

The correlation between VBIRX and BSV shifts across timeframes, from 0.77 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VBIRX vs. BSV — Risk / Return Rank

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

VBIRX

VBIRX Risk / Return Rank: 39
VBIRX Sharpe Ratio Rank: 30
VBIRX Sortino Ratio Rank: 43
VBIRX Omega Ratio Rank: 36
VBIRX Calmar Ratio Rank: 47
VBIRX Martin Ratio Rank: 39

BSV

BSV Risk / Return Rank: 62
BSV Sharpe Ratio Rank: 60
BSV Sortino Ratio Rank: 72
BSV Omega Ratio Rank: 64
BSV Calmar Ratio Rank: 56
BSV Martin Ratio Rank: 56

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.

VBIRX vs. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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.

	VBIRX	BSV	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.05	-0.44
Sortino ratio Return per unit of downside risk	2.73	3.30	-0.57
Omega ratio Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio Return relative to maximum drawdown	2.64	2.82	-0.17
Martin ratio Return relative to average drawdown	8.63	9.96	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBIRX vs. BSV - Sharpe Ratio Comparison

The current VBIRX Sharpe Ratio is 1.62, which is comparable to the BSV Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VBIRX and BSV, 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

	VBIRX	BSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.05	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.61	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.83	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.86	+0.12

Drawdowns

VBIRX vs. BSV - Drawdown Comparison

The maximum VBIRX drawdown since its inception was -8.69%, roughly equal to the maximum BSV drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for VBIRX and BSV.

Drawdown Indicators

	VBIRX	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-8.69%	-8.54%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-1.29%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-1.55%	-1.53%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-8.64%	-8.54%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-8.69%	-8.54%	-0.15%
Current Drawdown Current decline from peak	-0.63%	-0.55%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.97%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.36%	+0.11%

Volatility

VBIRX vs. BSV - Volatility Comparison

Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) has a higher volatility of 0.71% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.54%. This indicates that VBIRX's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIRX	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.54%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	1.26%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	1.81%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	2.72%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.40%	2.37%	+0.03%

VBIRX vs. BSV - Expense Ratio Comparison

VBIRX has a 0.07% expense ratio, which is higher than BSV'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

VBIRX vs. BSV - Dividend Comparison

VBIRX's dividend yield for the trailing twelve months is around 3.99%, which matches BSV's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	3.99%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	3.99%	3.83%	3.37%	2.41%	1.46%	1.22%	1.77%	2.24%	2.03%	1.66%	1.50%	1.41%

Frequently Asked Questions

Can I hold both VBIRX and BSV in my portfolio?

VBIRX and BSV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBIRX or BSV?

VBIRX has higher volatility (0.71%) compared to BSV (0.54%). In terms of maximum drawdown, VBIRX dropped -8.69% vs BSV's -8.54%.

Which has better risk-adjusted returns?

BSV currently has the higher Sharpe Ratio (2.05 vs 1.62), 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.