VBLLX vs. VFIAX

Last updated Aug 4, 2026

VBLLX (Vanguard Long-Term Bond Index Fund Institutional Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VBLLX is a Total Bond Market fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VBLLX returned 0.08%/yr vs 15.12%/yr for VFIAX. Their -0.20 correlation means they have often moved in opposite directions in the past. VBLLX charges 0.05%/yr vs 0.04%/yr for VFIAX.

Performance

VBLLX vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBLLX achieves a -3.40% return, which is significantly lower than VFIAX's 10.10% return. Over the past 10 years, VBLLX has underperformed VFIAX with an annualized return of 0.08%, while VFIAX has yielded a comparatively higher 15.12% annualized return.

VBLLX

• 1D: -0.50%
• 1M: -3.76%
• 6M: -3.24%
• YTD: -3.40%
• 1Y: -1.14%
• 3Y*: 1.12%
• 5Y*: -5.26%
• 10Y*: 0.08%
• ALL TIME*: 3.79%

VFIAX

• 1D: 0.71%
• 1M: 0.14%
• 6M: 7.95%
• YTD: 10.10%
• 1Y: 21.45%
• 3Y*: 19.38%
• 5Y*: 12.81%
• 10Y*: 15.12%
• ALL TIME*: 8.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares	$0.00	$0.00	$0.00
VFIAX Vanguard 500 Index Fund Admiral Shares	$0.00	$0.00	$0.00

VBLLX vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares	-3.40%	6.60%	-4.12%	7.13%	-27.20%	-3.08%	16.27%	19.15%	-4.71%	10.89%
VFIAX Vanguard 500 Index Fund Admiral Shares	10.10%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	21.78%

Correlation

The correlation between VBLLX and VFIAX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (10Y) Provides a long-term view across more market conditions.	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 31, 2006	-0.20

The correlation between VBLLX and VFIAX shifts across timeframes, from -0.20 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VBLLX vs. VFIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VBLLX

VBLLX Risk / Return Rank: 4
VBLLX Sharpe Ratio Rank: 4
VBLLX Sortino Ratio Rank: 4
VBLLX Omega Ratio Rank: 4
VBLLX Calmar Ratio Rank: 4
VBLLX Martin Ratio Rank: 4

VFIAX

VFIAX Risk / Return Rank: 59
VFIAX Sharpe Ratio Rank: 56
VFIAX Sortino Ratio Rank: 52
VFIAX Omega Ratio Rank: 52
VFIAX Calmar Ratio Rank: 61
VFIAX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VBLLX vs. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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.

	VBLLX	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	1.52	-1.54
Sortino ratio: Return per unit of downside risk	0.04	2.12	-2.08
Omega ratio: Gain probability vs. loss probability	1.00	1.27	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.02	2.20	-2.22
Martin ratio: Return relative to average drawdown	-0.04	9.46	-9.49

VBLLX vs. VFIAX - Sharpe Ratio Comparison

The current VBLLX Sharpe Ratio is -0.01, which is lower than the VFIAX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VBLLX and VFIAX, 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

VBLLX vs. VFIAX - Drawdown Comparison

The maximum VBLLX drawdown since its inception was -38.42%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VBLLX and VFIAX.

Drawdown Indicators

	VBLLX	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.42%	-55.20%	+16.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-8.90%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-11.55%	-18.75%	+7.20%
Max Drawdown (5Y) Largest decline over 5 years	-36.29%	-24.53%	-11.76%
Max Drawdown (10Y) Largest decline over 10 years	-38.42%	-33.83%	-4.59%
Current Drawdown Current decline from peak	-27.42%	-1.42%	-26.00%
Average Drawdown Average peak-to-trough decline	-9.33%	-9.35%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.07%	+0.64%

Volatility

VBLLX vs. VFIAX - Volatility Comparison

The current volatility for Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) is 2.07%, while Vanguard 500 Index Fund Admiral Shares (VFIAX) has a volatility of 3.52%. This indicates that VBLLX experiences smaller price fluctuations and is considered to be less risky than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBLLX	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.07%	3.52%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	10.11%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	12.87%	-4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.82%	17.01%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.55%	18.07%	-6.52%

VBLLX vs. VFIAX - Expense Ratio Comparison

VBLLX has a 0.05% expense ratio, which is higher than VFIAX's 0.04% 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

VBLLX vs. VFIAX - Dividend Comparison

VBLLX's dividend yield for the trailing twelve months is around 4.57%, more than VFIAX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares	4.57%	4.66%	4.64%	3.75%	4.16%	2.89%	5.84%	3.62%	3.82%	3.69%	4.19%	4.98%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.06%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VBLLX and VFIAX in my portfolio?

VBLLX and VFIAX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBLLX or VFIAX?

VFIAX has higher volatility (3.52%) compared to VBLLX (2.07%). In terms of maximum drawdown, VBLLX dropped -38.42% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (1.52 vs -0.01), 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.