VBTIX vs. LIWPX

Last updated Jun 9, 2026

VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and LIWPX (BlackRock LifePath Index 2065 Fund) are both mutual funds - VBTIX is a Total Bond Market fund managed by Vanguard, while LIWPX is a Target Retirement Date fund managed by BlackRock. Over the past 5 years, VBTIX returned 0.05%/yr vs 9.48%/yr for LIWPX. At a 0.09 correlation, their price movements are largely independent. VBTIX charges 0.04%/yr vs 0.35%/yr for LIWPX.

Performance

VBTIX vs. LIWPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) and BlackRock LifePath Index 2065 Fund (LIWPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBTIX achieves a -0.09% return, which is significantly lower than LIWPX's 9.12% return.

VBTIX

• 1D: -0.41%
• 1M: -0.49%
• YTD: -0.09%
• 6M: 0.35%
• 1Y: 4.92%
• 3Y*: 3.84%
• 5Y*: 0.05%
• 10Y*: 1.53%

LIWPX

• 1D: -3.04%
• 1M: -1.10%
• YTD: 9.12%
• 6M: 9.89%
• 1Y: 24.26%
• 3Y*: 18.49%
• 5Y*: 9.48%
• 10Y*: —

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

VBTIX vs. LIWPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	-0.09%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	0.40%
LIWPX BlackRock LifePath Index 2065 Fund	9.12%	21.32%	14.17%	21.22%	-18.52%	18.51%	15.12%	5.67%

Correlation

The correlation between VBTIX and LIWPX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 31, 2019	0.09

Over the past year, VBTIX and LIWPX have become more correlated (0.32) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

VBTIX vs. LIWPX — Risk / Return Rank

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

VBTIX

VBTIX Risk / Return Rank: 18
VBTIX Sharpe Ratio Rank: 17
VBTIX Sortino Ratio Rank: 17
VBTIX Omega Ratio Rank: 16
VBTIX Calmar Ratio Rank: 20
VBTIX Martin Ratio Rank: 18

LIWPX

LIWPX Risk / Return Rank: 51
LIWPX Sharpe Ratio Rank: 49
LIWPX Sortino Ratio Rank: 45
LIWPX Omega Ratio Rank: 46
LIWPX Calmar Ratio Rank: 53
LIWPX Martin Ratio Rank: 62

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.

VBTIX vs. LIWPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) and BlackRock LifePath Index 2065 Fund (LIWPX). 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.

	VBTIX	LIWPX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.94	-0.82
Sortino ratio: Return per unit of downside risk	1.67	2.66	-1.00
Omega ratio: Gain probability vs. loss probability	1.20	1.35	-0.15
Calmar ratio: Return relative to maximum drawdown	1.52	2.65	-1.13
Martin ratio: Return relative to average drawdown	4.51	11.69	-7.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBTIX vs. LIWPX - Sharpe Ratio Comparison

The current VBTIX Sharpe Ratio is 1.12, which is lower than the LIWPX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of VBTIX and LIWPX, 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

	VBTIX	LIWPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.94	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.60	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.67	+0.28

Drawdowns

VBTIX vs. LIWPX - Drawdown Comparison

The maximum VBTIX drawdown since its inception was -18.90%, smaller than the maximum LIWPX drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for VBTIX and LIWPX.

Drawdown Indicators

	VBTIX	LIWPX	Difference
Max Drawdown Largest peak-to-trough decline	-18.90%	-33.12%	+14.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-9.57%	+6.68%
Max Drawdown (3Y) Largest decline over 3 years	-5.99%	-16.97%	+10.98%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-26.57%	+8.44%
Max Drawdown (10Y) Largest decline over 10 years	-18.90%	—	—
Current Drawdown Current decline from peak	-2.76%	-3.52%	+0.76%
Average Drawdown Average peak-to-trough decline	-2.32%	-5.87%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.16%	-1.19%

Volatility

VBTIX vs. LIWPX - Volatility Comparison

The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.31%, while BlackRock LifePath Index 2065 Fund (LIWPX) has a volatility of 4.68%. This indicates that VBTIX experiences smaller price fluctuations and is considered to be less risky than LIWPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTIX	LIWPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	4.68%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	10.65%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	13.05%	-9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	15.90%	-9.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	18.59%	-13.61%

VBTIX vs. LIWPX - Expense Ratio Comparison

VBTIX has a 0.04% expense ratio, which is lower than LIWPX's 0.35% expense ratio.

Dividends

VBTIX vs. LIWPX - Dividend Comparison

VBTIX's dividend yield for the trailing twelve months is around 4.01%, more than LIWPX's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIWPX BlackRock LifePath Index 2065 Fund	1.44%	1.57%	0.00%	1.76%	1.50%	1.58%	1.13%	0.83%	0.00%	0.00%	0.00%	0.00%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	4.01%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%

Frequently Asked Questions

Can I hold both VBTIX and LIWPX in my portfolio?

VBTIX and LIWPX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBTIX or LIWPX?

LIWPX has higher volatility (4.68%) compared to VBTIX (1.31%). In terms of maximum drawdown, VBTIX dropped -18.90% vs LIWPX's -33.12%.

Which has better risk-adjusted returns?

LIWPX currently has the higher Sharpe Ratio (1.94 vs 1.12), 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.