VBMFX vs. VBTLX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Total Bond Market Index Fund (VBMFX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX).

VBMFX is managed by Vanguard. It was launched on Dec 11, 1986. VBTLX is managed by Vanguard. It was launched on Nov 12, 2001.

Performance

VBMFX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market Index Fund (VBMFX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). The values are adjusted to include any dividend payments, if applicable.

VBMFX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBMFX Vanguard Total Bond Market Index Fund	-0.51%	7.05%	1.15%	5.62%	-13.25%	-2.04%	7.63%	8.61%	-0.34%	3.45%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	-0.49%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%

Returns By Period

The year-to-date returns for both investments are quite close, with VBMFX having a -0.51% return and VBTLX slightly higher at -0.49%. Over the past 10 years, VBMFX has underperformed VBTLX with an annualized return of 1.48%, while VBTLX has yielded a comparatively higher 1.60% annualized return.

VBMFX

• 1D: 0.52%
• 1M: -2.23%
• YTD: -0.51%
• 6M: 0.45%
• 1Y: 3.66%
• 3Y*: 3.33%
• 5Y*: 0.13%
• 10Y*: 1.48%

VBTLX

• 1D: 0.52%
• 1M: -2.23%
• YTD: -0.49%
• 6M: 0.50%
• 1Y: 3.77%
• 3Y*: 3.44%
• 5Y*: 0.23%
• 10Y*: 1.60%

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

VBMFX vs. VBTLX - Expense Ratio Comparison

VBMFX has a 0.15% expense ratio, which is higher than VBTLX's 0.05% 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%.

VBMFX

Vanguard Total Bond Market Index Fund

VBTLX

Vanguard Total Bond Market Index Fund Admiral Shares

Return for Risk

VBMFX vs. VBTLX — Risk / Return Rank

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

VBMFX

VBMFX Risk / Return Rank: 53
VBMFX Sharpe Ratio Rank: 52
VBMFX Sortino Ratio Rank: 52
VBMFX Omega Ratio Rank: 37
VBMFX Calmar Ratio Rank: 75
VBMFX Martin Ratio Rank: 51

VBTLX

VBTLX Risk / Return Rank: 56
VBTLX Sharpe Ratio Rank: 55
VBTLX Sortino Ratio Rank: 55
VBTLX Omega Ratio Rank: 40
VBTLX Calmar Ratio Rank: 77
VBTLX Martin Ratio Rank: 52

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.

VBMFX vs. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund (VBMFX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.

	VBMFX	VBTLX	Difference
Sharpe ratio Return per unit of total volatility	0.97	1.00	-0.03
Sortino ratio Return per unit of downside risk	1.41	1.44	-0.04
Omega ratio Gain probability vs. loss probability	1.17	1.18	0.00
Calmar ratio Return relative to maximum drawdown	1.74	1.78	-0.04
Martin ratio Return relative to average drawdown	4.94	5.08	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBMFX vs. VBTLX - Sharpe Ratio Comparison

The current VBMFX Sharpe Ratio is 0.97, which is comparable to the VBTLX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VBMFX and VBTLX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VBMFX	VBTLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.00	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.04	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.32	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.76	+0.21

Correlation

The correlation between VBMFX and VBTLX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VBMFX vs. VBTLX - Dividend Comparison

VBMFX's dividend yield for the trailing twelve months is around 3.51%, less than VBTLX's 3.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBMFX Vanguard Total Bond Market Index Fund	3.51%	3.76%	3.57%	2.99%	2.49%	1.72%	2.31%	2.63%	2.47%	2.45%	2.43%	2.71%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.61%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%

Drawdowns

VBMFX vs. VBTLX - Drawdown Comparison

The maximum VBMFX drawdown since its inception was -19.08%, roughly equal to the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VBMFX and VBTLX.

Drawdown Indicators

	VBMFX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-19.08%	-18.81%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-2.73%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-18.24%	-18.14%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-19.08%	-18.81%	-0.27%
Current Drawdown Current decline from peak	-3.76%	-3.06%	-0.70%
Average Drawdown Average peak-to-trough decline	-2.70%	-2.67%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.96%	0.00%

Volatility

VBMFX vs. VBTLX - Volatility Comparison

Vanguard Total Bond Market Index Fund (VBMFX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) have volatilities of 1.55% and 1.55%, 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

	VBMFX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.55%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	2.59%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	4.37%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	5.98%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	4.97%	-0.01%