VBTLX vs. VSBSX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VSBSX is a Government Bonds fund tracking the Spliced Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, VBTLX returned 1.30%/yr vs 1.74%/yr for VSBSX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VBTLX charges 0.04%/yr vs 0.06%/yr for VSBSX.
Performance
VBTLX vs. VSBSX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTLX achieves a -0.91% return, which is significantly lower than VSBSX's 0.76% return. Over the past 10 years, VBTLX has underperformed VSBSX with an annualized return of 1.30%, while VSBSX has yielded a comparatively higher 1.74% annualized return.
VBTLX
- 1D
- -0.21%
- 1M
- -1.45%
- 6M
- -0.94%
- YTD
- -0.91%
- 1Y
- 1.45%
- 3Y*
- 3.80%
- 5Y*
- -0.49%
- 10Y*
- 1.30%
- ALL TIME*
- 3.33%
VSBSX
- 1D
- -0.05%
- 1M
- 0.10%
- 6M
- 0.60%
- YTD
- 0.76%
- 1Y
- 2.61%
- 3Y*
- 4.39%
- 5Y*
- 1.91%
- 10Y*
- 1.74%
- ALL TIME*
- 1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VBTLX vs. VSBSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | -0.91% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 0.76% | 5.08% | 4.39% | 4.23% | -3.87% | -0.69% | 3.09% | 3.51% | 1.52% | 0.35% |
Correlation
The correlation between VBTLX and VSBSX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.72 |
The correlation between VBTLX and VSBSX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
VBTLX vs. VSBSX — Risk / Return Rank
VBTLX
VSBSX
VBTLX vs. VSBSX - 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 Treasury Index Fund Admiral Shares (VSBSX). 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 | VSBSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.50 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 3.70 | -2.90 |
| Martin ratioReturn relative to average drawdown | 1.97 | 14.76 | -12.78 |
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Drawdowns
VBTLX vs. VSBSX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, which is greater than VSBSX's maximum drawdown of -5.77%. Use the drawdown chart below to compare losses from any high point for VBTLX and VSBSX.
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Drawdown Indicators
| VBTLX | VSBSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -5.77% | -13.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.84% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.86% | -0.84% | -4.02% |
Max Drawdown (5Y)Largest decline over 5 years | -17.98% | -5.72% | -12.26% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -5.77% | -13.04% |
Current DrawdownCurrent decline from peak | -3.48% | -0.05% | -3.43% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -0.59% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.21% | +0.96% |
Volatility
VBTLX vs. VSBSX - Volatility Comparison
Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a higher volatility of 0.96% compared to Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) at 0.36%. This indicates that VBTLX's price experiences larger fluctuations and is considered to be riskier than VSBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | VSBSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.36% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 0.99% | +1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 1.30% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 1.96% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 1.54% | +3.44% |
VBTLX vs. VSBSX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than VSBSX's 0.06% 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. VSBSX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.72%, more than VSBSX's 3.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.72% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 3.48% | 3.98% | 4.50% | 3.29% | 1.12% | 0.63% | 1.72% | 2.26% | 1.80% | 1.10% | 0.76% | 0.71% |
Frequently Asked Questions
VBTLX and VSBSX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBTLX has higher volatility (0.96%) compared to VSBSX (0.36%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VSBSX's -5.77%.
VSBSX currently has the higher Sharpe Ratio (2.38 vs 0.61), 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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