VBTLX vs. VUSB

Last updated Jun 5, 2026

VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VUSB (Vanguard Ultra-Short Bond ETF) are both funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VUSB is a Ultrashort Bond fund actively managed by Vanguard. VBTLX is passively managed, while VUSB is actively managed. Over the past 5 years, VBTLX returned 0.10%/yr vs 3.44%/yr for VUSB. A 0.60 correlation means they provide meaningful diversification when combined. VBTLX charges 0.04%/yr vs 0.10%/yr for VUSB.

Performance

VBTLX vs. VUSB - 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 Ultra-Short Bond ETF (VUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBTLX achieves a 0.21% return, which is significantly lower than VUSB's 1.42% return.

VBTLX

• 1D: -0.21%
• 1M: 0.13%
• YTD: 0.21%
• 6M: 0.34%
• 1Y: 4.47%
• 3Y*: 3.97%
• 5Y*: 0.10%
• 10Y*: 1.56%

VUSB

• 1D: 0.02%
• 1M: 0.34%
• YTD: 1.42%
• 6M: 1.80%
• 1Y: 4.52%
• 3Y*: 5.36%
• 5Y*: 3.44%
• 10Y*: —

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

VBTLX vs. VUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.21%	7.17%	1.26%	5.74%	-13.16%	1.58%
VUSB Vanguard Ultra-Short Bond ETF	1.42%	5.20%	5.68%	5.52%	-0.36%	0.00%

Correlation

The correlation between VBTLX and VUSB is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021	0.60

The correlation between VBTLX and VUSB has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

Return for Risk

VBTLX vs. VUSB — Risk / Return Rank

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

VBTLX

VBTLX Risk / Return Rank: 21
VBTLX Sharpe Ratio Rank: 20
VBTLX Sortino Ratio Rank: 21
VBTLX Omega Ratio Rank: 19
VBTLX Calmar Ratio Rank: 23
VBTLX Martin Ratio Rank: 20

VUSB

VUSB Risk / Return Rank: 98
VUSB Sharpe Ratio Rank: 99
VUSB Sortino Ratio Rank: 99
VUSB Omega Ratio Rank: 99
VUSB Calmar Ratio Rank: 97
VUSB Martin Ratio Rank: 98

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. VUSB - 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 Ultra-Short Bond ETF (VUSB). 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	VUSB	Difference
Sharpe ratio: Return per unit of total volatility	1.30	7.04	-5.74
Sortino ratio: Return per unit of downside risk	1.96	12.99	-11.03
Omega ratio: Gain probability vs. loss probability	1.23	3.40	-2.17
Calmar ratio: Return relative to maximum drawdown	1.78	12.26	-10.48
Martin ratio: Return relative to average drawdown	5.33	71.22	-65.90
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. VUSB - Sharpe Ratio Comparison

The current VBTLX Sharpe Ratio is 1.30, which is lower than the VUSB Sharpe Ratio of 7.04. The chart below compares the historical Sharpe Ratios of VBTLX and VUSB, 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	VUSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	7.04	-5.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	4.15	-4.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	4.10	-3.34

Drawdowns

VBTLX vs. VUSB - Drawdown Comparison

The maximum VBTLX drawdown since its inception was -18.81%, which is greater than VUSB's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for VBTLX and VUSB.

Drawdown Indicators

	VBTLX	VUSB	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-1.79%	-17.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-0.37%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-6.00%	-0.46%	-5.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-1.79%	-16.35%
Max Drawdown (10Y) Largest decline over 10 years	-18.81%	—	—
Current Drawdown Current decline from peak	-2.38%	0.00%	-2.38%
Average Drawdown Average peak-to-trough decline	-2.67%	-0.27%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.06%	+0.90%

Volatility

VBTLX vs. VUSB - Volatility Comparison

Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a higher volatility of 1.33% compared to Vanguard Ultra-Short Bond ETF (VUSB) at 0.17%. This indicates that VBTLX's price experiences larger fluctuations and is considered to be riskier than VUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTLX	VUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.17%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	0.52%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	0.65%	+3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	0.83%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	0.82%	+4.16%

VBTLX vs. VUSB - Expense Ratio Comparison

VBTLX has a 0.04% expense ratio, which is lower than VUSB's 0.10% 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. VUSB - Dividend Comparison

VBTLX's dividend yield for the trailing twelve months is around 3.99%, less than VUSB's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.99%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%
VUSB Vanguard Ultra-Short Bond ETF	4.39%	4.63%	5.16%	4.45%	1.56%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VBTLX and VUSB in my portfolio?

VBTLX and VUSB have a correlation of 0.63, 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 VUSB?

VBTLX has higher volatility (1.33%) compared to VUSB (0.17%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VUSB's -1.79%.

Which has better risk-adjusted returns?

VUSB currently has the higher Sharpe Ratio (7.04 vs 1.30), 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.