VCMDX vs. VFIRX

Last updated Jul 14, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and VFIRX (Vanguard Short-Term Treasury Fund Admiral Shares) are both mutual funds - VCMDX is a Commodities fund actively managed by Vanguard, while VFIRX is a Government Bonds fund managed by Vanguard. Over the past 5 years, VCMDX returned 10.50%/yr vs 1.58%/yr for VFIRX. At a 0.02 correlation, their price movements are largely independent. VCMDX charges 0.16%/yr vs 0.10%/yr for VFIRX.

Performance

VCMDX vs. VFIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCMDX achieves a 14.73% return, which is significantly higher than VFIRX's 0.46% return.

VCMDX

• 1D: -0.33%
• 1M: -1.62%
• 6M: 10.48%
• YTD: 14.73%
• 1Y: 23.51%
• 3Y*: 12.32%
• 5Y*: 10.50%
• 10Y*: —

VFIRX

• 1D: -0.10%
• 1M: 0.02%
• 6M: 0.56%
• YTD: 0.46%
• 1Y: 3.15%
• 3Y*: 4.34%
• 5Y*: 1.58%
• 10Y*: 1.68%

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

VCMDX vs. VFIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	14.73%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	0.46%	5.47%	3.85%	3.66%	-4.61%	-0.80%	4.06%	1.23%

Correlation

The correlation between VCMDX and VFIRX is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.02

The correlation between VCMDX and VFIRX shifts across timeframes, from -0.17 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. VFIRX — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 44
VCMDX Sharpe Ratio Rank: 52
VCMDX Sortino Ratio Rank: 45
VCMDX Omega Ratio Rank: 49
VCMDX Calmar Ratio Rank: 37
VCMDX Martin Ratio Rank: 37

VFIRX

VFIRX Risk / Return Rank: 51
VFIRX Sharpe Ratio Rank: 44
VFIRX Sortino Ratio Rank: 65
VFIRX Omega Ratio Rank: 56
VFIRX Calmar Ratio Rank: 50
VFIRX Martin Ratio Rank: 40

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.

VCMDX vs. VFIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX). 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.

	VCMDX	VFIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.49	+0.14
Sortino ratio: Return per unit of downside risk	2.16	2.53	-0.36
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.83	2.18	-0.35
Martin ratio: Return relative to average drawdown	6.44	6.84	-0.40

VCMDX vs. VFIRX - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 1.62, which is comparable to the VFIRX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VCMDX and VFIRX, 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

VCMDX vs. VFIRX - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, which is greater than VFIRX's maximum drawdown of -6.73%. Use the drawdown chart below to compare losses from any high point for VCMDX and VFIRX.

Drawdown Indicators

	VCMDX	VFIRX	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-6.73%	-19.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-1.40%	-11.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-1.40%	-11.99%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-6.64%	-18.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.73%	—
Current Drawdown Current decline from peak	-9.82%	-0.54%	-9.28%
Average Drawdown Average peak-to-trough decline	-10.84%	-0.71%	-10.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	0.45%	+3.35%

Volatility

VCMDX vs. VFIRX - Volatility Comparison

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) has a higher volatility of 4.02% compared to Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) at 0.61%. This indicates that VCMDX's price experiences larger fluctuations and is considered to be riskier than VFIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCMDX	VFIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	0.61%	+3.41%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	1.57%	+11.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	2.06%	+13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	2.69%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	2.13%	+13.25%

VCMDX vs. VFIRX - Expense Ratio Comparison

VCMDX has a 0.16% expense ratio, which is higher than VFIRX's 0.10% 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

VCMDX vs. VFIRX - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 13.26%, more than VFIRX's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	13.26%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	3.85%	3.99%	4.49%	4.07%	2.03%	0.60%	2.30%	2.49%	2.21%	1.25%	1.28%	0.93%

Frequently Asked Questions

Can I hold both VCMDX and VFIRX in my portfolio?

VCMDX and VFIRX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCMDX or VFIRX?

VCMDX has higher volatility (4.02%) compared to VFIRX (0.61%). In terms of maximum drawdown, VCMDX dropped -26.67% vs VFIRX's -6.73%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.62 vs 1.49), 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.