VBTIX vs. VBIMX
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and VBIMX (Vanguard Intermediate-Term Bond Index Fund Institutional Shares) are both Total Bond Market funds from Vanguard. Over the past 10 years, VBTIX returned 1.57%/yr vs 1.88%/yr for VBIMX. With a 0.95 correlation, they move nearly in lockstep. VBTIX charges 0.03%/yr vs 0.05%/yr for VBIMX.
Performance
VBTIX vs. VBIMX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a 0.43% return, which is significantly higher than VBIMX's -0.23% return. Over the past 10 years, VBTIX has underperformed VBIMX with an annualized return of 1.57%, while VBIMX has yielded a comparatively higher 1.88% annualized return.
VBTIX
- 1D
- 0.31%
- 1M
- 0.97%
- YTD
- 0.43%
- 6M
- 0.76%
- 1Y
- 4.70%
- 3Y*
- 4.10%
- 5Y*
- 0.03%
- 10Y*
- 1.57%
VBIMX
- 1D
- 0.29%
- 1M
- 0.76%
- YTD
- -0.23%
- 6M
- 0.12%
- 1Y
- 4.38%
- 3Y*
- 4.39%
- 5Y*
- 0.13%
- 10Y*
- 1.88%
VBTIX vs. VBIMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.43% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
VBIMX Vanguard Intermediate-Term Bond Index Fund Institutional Shares | -0.23% | 8.59% | 1.55% | 5.78% | -13.25% | -2.50% | 9.83% | 10.22% | -0.13% | 3.89% |
Correlation
The correlation between VBTIX and VBIMX 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 | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2006 | 0.95 |
The correlation between VBTIX and VBIMX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
VBTIX vs. VBIMX — Risk / Return Rank
VBTIX
VBIMX
VBTIX vs. VBIMX - 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 Institutional Shares (VBIMX). 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.
| VBTIX | VBIMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.32 | +0.32 |
| Martin ratioReturn relative to average drawdown | 4.65 | 3.68 | +0.96 |
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Drawdowns
VBTIX vs. VBIMX - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, roughly equal to the maximum VBIMX drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for VBTIX and VBIMX.
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Drawdown Indicators
| VBTIX | VBIMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -19.07% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.42% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -6.05% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -18.84% | +0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -19.07% | +0.17% |
Current DrawdownCurrent decline from peak | -2.25% | -2.02% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -3.32% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.22% | -0.21% |
Volatility
VBTIX vs. VBIMX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.21%, while Vanguard Intermediate-Term Bond Index Fund Institutional Shares (VBIMX) has a volatility of 1.40%. This indicates that VBTIX experiences smaller price fluctuations and is considered to be less risky than VBIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTIX | VBIMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.40% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 3.11% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.90% | 4.14% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 6.39% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 5.39% | -0.40% |
VBTIX vs. VBIMX - Expense Ratio Comparison
VBTIX has a 0.03% expense ratio, which is lower than VBIMX's 0.05% 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. VBIMX - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 3.99%, less than VBIMX's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIMX Vanguard Intermediate-Term Bond Index Fund Institutional Shares | 4.24% | 4.03% | 3.82% | 2.82% | 2.41% | 3.23% | 2.95% | 2.75% | 2.89% | 2.76% | 3.08% | 3.12% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 3.99% | 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 VBIMX 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.
VBIMX has higher volatility (1.40%) compared to VBTIX (1.21%). In terms of maximum drawdown, VBTIX dropped -18.90% vs VBIMX's -19.07%.
VBTIX currently has the higher Sharpe Ratio (1.21 vs 1.09), 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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