VBTLX vs. VBIPX

Last updated Jun 4, 2026

VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VBIPX (Vanguard Short-Term Bond Index Fund Institutional Plus) are both Total Bond Market funds from Vanguard. Over the past 10 years, VBTLX returned 1.58%/yr vs 1.90%/yr for VBIPX. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

VBTLX vs. VBIPX - Performance Comparison

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

Returns By Period

In the year-to-date period, VBTLX achieves a 0.42% return, which is significantly higher than VBIPX's 0.32% return. Over the past 10 years, VBTLX has underperformed VBIPX with an annualized return of 1.58%, while VBIPX has yielded a comparatively higher 1.90% annualized return.

VBTLX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 0.42%
• 6M: 0.35%
• 1Y: 5.34%
• 3Y*: 4.05%
• 5Y*: 0.21%
• 10Y*: 1.58%

VBIPX

• 1D: 0.00%
• 1M: 0.15%
• YTD: 0.32%
• 6M: 0.56%
• 1Y: 3.77%
• 3Y*: 4.36%
• 5Y*: 1.55%
• 10Y*: 1.90%

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

VBTLX vs. VBIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.42%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%
VBIPX Vanguard Short-Term Bond Index Fund Institutional Plus	0.32%	6.12%	3.78%	4.45%	-5.68%	-1.17%	4.73%	4.89%	1.38%	1.21%

Correlation

The correlation between VBTLX and VBIPX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.81

The correlation between VBTLX and VBIPX has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

VBTLX vs. VBIPX — Risk / Return Rank

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

VBTLX

VBTLX Risk / Return Rank: 23
VBTLX Sharpe Ratio Rank: 23
VBTLX Sortino Ratio Rank: 24
VBTLX Omega Ratio Rank: 21
VBTLX Calmar Ratio Rank: 25
VBTLX Martin Ratio Rank: 21

VBIPX

VBIPX Risk / Return Rank: 39
VBIPX Sharpe Ratio Rank: 34
VBIPX Sortino Ratio Rank: 46
VBIPX Omega Ratio Rank: 39
VBIPX Calmar Ratio Rank: 42
VBIPX Martin Ratio Rank: 37

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.

VBTLX vs. VBIPX - Risk-Adjusted Trends Comparison

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

	VBTLX	VBIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.67	-0.32
Sortino ratio: Return per unit of downside risk	2.04	2.84	-0.80
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	1.86	2.45	-0.60
Martin ratio: Return relative to average drawdown	5.58	8.04	-2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBTLX vs. VBIPX - Sharpe Ratio Comparison

The current VBTLX Sharpe Ratio is 1.36, which is comparable to the VBIPX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VBTLX and VBIPX, 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

	VBTLX	VBIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.67	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.53	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.79	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.79	-0.03

Drawdowns

VBTLX vs. VBIPX - Drawdown Comparison

The maximum VBTLX drawdown since its inception was -18.81%, which is greater than VBIPX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for VBTLX and VBIPX.

Drawdown Indicators

	VBTLX	VBIPX	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-8.72%	-10.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-1.54%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-6.00%	-1.54%	-4.46%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-8.69%	-9.45%
Max Drawdown (10Y) Largest decline over 10 years	-18.81%	-8.72%	-10.09%
Current Drawdown Current decline from peak	-2.18%	-0.62%	-1.56%
Average Drawdown Average peak-to-trough decline	-2.67%	-1.19%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.47%	+0.49%

Volatility

VBTLX vs. VBIPX - Volatility Comparison

Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a higher volatility of 1.38% compared to Vanguard Short-Term Bond Index Fund Institutional Plus (VBIPX) at 0.70%. This indicates that VBTLX's price experiences larger fluctuations and is considered to be riskier than VBIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTLX	VBIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	0.70%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	1.61%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	2.26%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	2.96%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	2.40%	+2.58%

VBTLX vs. VBIPX - Expense Ratio Comparison

Both VBTLX and VBIPX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VBTLX vs. VBIPX - Dividend Comparison

VBTLX's dividend yield for the trailing twelve months is around 3.98%, which matches VBIPX's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBIPX Vanguard Short-Term Bond Index Fund Institutional Plus	4.02%	3.86%	3.40%	2.01%	1.40%	1.26%	1.82%	2.27%	2.04%	1.69%	1.53%	1.46%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.98%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%

Frequently Asked Questions

Can I hold both VBTLX and VBIPX in my portfolio?

VBTLX and VBIPX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBTLX or VBIPX?

VBTLX has higher volatility (1.38%) compared to VBIPX (0.70%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VBIPX's -8.72%.

Which has better risk-adjusted returns?

VBIPX currently has the higher Sharpe Ratio (1.67 vs 1.36), 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.