VBTLX vs. VBIRX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both Total Bond Market funds from Vanguard. Over the past 10 years, VBTLX returned 1.54%/yr vs 1.91%/yr for VBIRX. Their correlation of 0.84 suggests significant overlap in exposure. VBTLX charges 0.04%/yr vs 0.07%/yr for VBIRX.
Performance
VBTLX vs. VBIRX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTLX achieves a 0.42% return, which is significantly higher than VBIRX's 0.30% return. Over the past 10 years, VBTLX has underperformed VBIRX with an annualized return of 1.54%, while VBIRX has yielded a comparatively higher 1.91% annualized return.
VBTLX
- 1D
- 0.52%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.97%
- 1Y
- 4.90%
- 3Y*
- 4.05%
- 5Y*
- 0.05%
- 10Y*
- 1.54%
VBIRX
- 1D
- 0.20%
- 1M
- 0.25%
- YTD
- 0.30%
- 6M
- 0.83%
- 1Y
- 3.74%
- 3Y*
- 4.45%
- 5Y*
- 1.61%
- 10Y*
- 1.91%
VBTLX vs. VBIRX - 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% |
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares | 0.30% | 6.09% | 3.75% | 4.87% | -5.63% | -1.20% | 4.69% | 4.86% | 1.37% | 1.18% |
Correlation
The correlation between VBTLX and VBIRX 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 Nov 12, 2001 | 0.84 |
The correlation between VBTLX and VBIRX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.
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Return for Risk
VBTLX vs. VBIRX — Risk / Return Rank
VBTLX
VBIRX
VBTLX vs. VBIRX - 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 Admiral Shares (VBIRX). 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.
| VBTLX | VBIRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.33 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.43 | -0.73 |
| Martin ratioReturn relative to average drawdown | 4.93 | 7.64 | -2.71 |
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Drawdowns
VBTLX vs. VBIRX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, which is greater than VBIRX's maximum drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for VBTLX and VBIRX.
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Drawdown Indicators
| VBTLX | VBIRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -8.69% | -10.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -1.54% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -1.55% | -4.45% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -8.64% | -9.50% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -8.69% | -10.12% |
Current DrawdownCurrent decline from peak | -2.18% | -0.63% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -0.99% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.49% | +0.51% |
Volatility
VBTLX vs. VBIRX - Volatility Comparison
Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a higher volatility of 1.33% compared to Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) at 0.72%. This indicates that VBTLX's price experiences larger fluctuations and is considered to be riskier than VBIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | VBIRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.72% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 1.61% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 2.26% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 2.97% | +3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 2.40% | +2.58% |
VBTLX vs. VBIRX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than VBIRX's 0.07% 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
VBTLX vs. VBIRX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.98%, which matches VBIRX's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares | 3.99% | 3.83% | 3.37% | 2.41% | 1.46% | 1.22% | 1.77% | 2.24% | 2.03% | 1.66% | 1.50% | 1.41% |
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
VBTLX and VBIRX 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.
VBTLX has higher volatility (1.33%) compared to VBIRX (0.72%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VBIRX's -8.69%.
VBIRX currently has the higher Sharpe Ratio (1.66 vs 1.25), 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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