VBTIX vs. VBIIX
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and VBIIX (Vanguard Intermediate-Term Bond Index Fund) are both mutual funds - VBTIX is a Total Bond Market fund managed by Vanguard, while VBIIX is a Intermediate Core Bond fund managed by Vanguard. Over the past 10 years, VBTIX returned 1.56%/yr vs 1.74%/yr for VBIIX. With a 0.95 correlation, they move nearly in lockstep. VBTIX charges 0.04%/yr vs 0.15%/yr for VBIIX.
Performance
VBTIX vs. VBIIX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a 0.22% return, which is significantly higher than VBIIX's -0.38% return. Over the past 10 years, VBTIX has underperformed VBIIX with an annualized return of 1.56%, while VBIIX has yielded a comparatively higher 1.74% annualized return.
VBTIX
- 1D
- -0.21%
- 1M
- 0.14%
- YTD
- 0.22%
- 6M
- 0.35%
- 1Y
- 4.48%
- 3Y*
- 3.99%
- 5Y*
- 0.11%
- 10Y*
- 1.56%
VBIIX
- 1D
- -0.29%
- 1M
- -0.12%
- YTD
- -0.38%
- 6M
- -0.31%
- 1Y
- 4.06%
- 3Y*
- 3.96%
- 5Y*
- 0.01%
- 10Y*
- 1.74%
VBTIX vs. VBIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.22% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
VBIIX Vanguard Intermediate-Term Bond Index Fund | -0.38% | 8.12% | 1.44% | 5.67% | -13.34% | -2.73% | 9.72% | 10.11% | -0.24% | 3.78% |
Correlation
The correlation between VBTIX and VBIIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 1995 | 0.95 |
The correlation between VBTIX and VBIIX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
VBTIX vs. VBIIX — Risk / Return Rank
VBTIX
VBIIX
VBTIX vs. VBIIX - 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 Vanguard Intermediate-Term Bond Index Fund (VBIIX). 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 | VBIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 1.36 | +0.42 |
| Martin ratioReturn relative to average drawdown | 5.35 | 4.09 | +1.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBTIX | VBIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.12 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.00 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.33 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.83 | +0.11 |
Drawdowns
VBTIX vs. VBIIX - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, roughly equal to the maximum VBIIX drawdown of -19.32%. Use the drawdown chart below to compare losses from any high point for VBTIX and VBIIX.
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Drawdown Indicators
| VBTIX | VBIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -19.32% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.44% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -6.07% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -18.93% | +0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -19.32% | +0.42% |
Current DrawdownCurrent decline from peak | -2.45% | -2.67% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -2.98% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.14% | -0.18% |
Volatility
VBTIX vs. VBIIX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.33%, while Vanguard Intermediate-Term Bond Index Fund (VBIIX) has a volatility of 1.41%. This indicates that VBTIX experiences smaller price fluctuations and is considered to be less risky than VBIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTIX | VBIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.41% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.00% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 4.19% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 6.38% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 5.36% | -0.38% |
VBTIX vs. VBIIX - Expense Ratio Comparison
VBTIX has a 0.04% expense ratio, which is lower than VBIIX's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VBTIX vs. VBIIX - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 4.00%, less than VBIIX's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIIX Vanguard Intermediate-Term Bond Index Fund | 4.13% | 3.61% | 3.71% | 2.72% | 2.30% | 2.99% | 2.85% | 2.66% | 2.78% | 2.66% | 2.98% | 3.02% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 4.00% | 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
With a correlation of 0.96, VBTIX and VBIIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VBIIX has higher volatility (1.41%) compared to VBTIX (1.33%). In terms of maximum drawdown, VBTIX dropped -18.90% vs VBIIX's -19.32%.
VBTIX currently has the higher Sharpe Ratio (1.30 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.
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