VBTLX vs. VINIX

Last updated Jun 13, 2026

VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VBTLX returned 1.54%/yr vs 15.50%/yr for VINIX. At a correlation of -0.19, they often move in opposite directions. VBTLX charges 0.04%/yr vs 0.04%/yr for VINIX.

Performance

VBTLX vs. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). 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 lower than VINIX's 8.58% return. Over the past 10 years, VBTLX has underperformed VINIX with an annualized return of 1.54%, while VINIX has yielded a comparatively higher 15.50% 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%

VINIX

• 1D: 1.75%
• 1M: -1.31%
• YTD: 8.58%
• 6M: 8.93%
• 1Y: 25.16%
• 3Y*: 21.46%
• 5Y*: 13.46%
• 10Y*: 15.50%

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

VBTLX vs. VINIX - 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%
VINIX Vanguard Institutional Index Fund Institutional Shares	8.58%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between VBTLX and VINIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	-0.19

The correlation between VBTLX and VINIX shifts across timeframes, from -0.19 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VBTLX vs. VINIX — Risk / Return Rank

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

VBTLX

VBTLX Risk / Return Rank: 30
VBTLX Sharpe Ratio Rank: 30
VBTLX Sortino Ratio Rank: 33
VBTLX Omega Ratio Rank: 29
VBTLX Calmar Ratio Rank: 31
VBTLX Martin Ratio Rank: 25

VINIX

VINIX Risk / Return Rank: 73
VINIX Sharpe Ratio Rank: 72
VINIX Sortino Ratio Rank: 68
VINIX Omega Ratio Rank: 68
VINIX Calmar Ratio Rank: 73
VINIX Martin Ratio Rank: 83

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. VINIX - 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 Institutional Index Fund Institutional Shares (VINIX). 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	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.97	-0.71
Sortino ratio: Return per unit of downside risk	1.89	2.67	-0.78
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.70	2.74	-1.03
Martin ratio: Return relative to average drawdown	4.93	12.44	-7.51

VBTLX vs. VINIX - Sharpe Ratio Comparison

The current VBTLX Sharpe Ratio is 1.25, which is lower than the VINIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VBTLX and VINIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VBTLX vs. VINIX - Drawdown Comparison

The maximum VBTLX drawdown since its inception was -18.81%, smaller than the maximum VINIX drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VBTLX and VINIX.

Drawdown Indicators

	VBTLX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-55.19%	+36.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-8.90%	+6.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.00%	-18.75%	+12.75%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-24.51%	+6.37%
Max Drawdown (10Y) Largest decline over 10 years	-18.81%	-33.79%	+14.98%
Current Drawdown Current decline from peak	-2.18%	-2.79%	+0.61%
Average Drawdown Average peak-to-trough decline	-2.67%	-8.52%	+5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.95%	-0.95%

Volatility

VBTLX vs. VINIX - Volatility Comparison

The current volatility for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) is 1.33%, while Vanguard Institutional Index Fund Institutional Shares (VINIX) has a volatility of 4.43%. This indicates that VBTLX experiences smaller price fluctuations and is considered to be less risky than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTLX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	4.43%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	9.70%	-6.85%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	12.37%	-8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	16.96%	-10.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	18.09%	-13.11%

VBTLX vs. VINIX - Expense Ratio Comparison

VBTLX has a 0.04% expense ratio, which is higher than VINIX's 0.04% expense ratio. However, 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. VINIX - Dividend Comparison

VBTLX's dividend yield for the trailing twelve months is around 3.98%, more than VINIX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.46%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both VBTLX and VINIX in my portfolio?

VBTLX and VINIX have a correlation of 0.28, 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 VINIX?

VINIX has higher volatility (4.43%) compared to VBTLX (1.33%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (1.97 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.