VFIJX vs. VBTIX

Last updated Jun 4, 2026

VFIJX (Vanguard GNMA Fund Admiral Shares) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both mutual funds - VFIJX is a Government Bonds fund managed by Vanguard, while VBTIX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VFIJX returned 1.41%/yr vs 1.58%/yr for VBTIX. Their correlation of 0.86 suggests significant overlap in exposure. VFIJX charges 0.11%/yr vs 0.04%/yr for VBTIX.

Performance

VFIJX vs. VBTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard GNMA Fund Admiral Shares (VFIJX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFIJX achieves a 0.83% return, which is significantly higher than VBTIX's 0.43% return. Over the past 10 years, VFIJX has underperformed VBTIX with an annualized return of 1.41%, while VBTIX has yielded a comparatively higher 1.58% annualized return.

VFIJX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.83%
• 6M: 0.94%
• 1Y: 6.46%
• 3Y*: 4.35%
• 5Y*: 0.58%
• 10Y*: 1.41%

VBTIX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 0.43%
• 6M: 0.35%
• 1Y: 5.36%
• 3Y*: 4.06%
• 5Y*: 0.22%
• 10Y*: 1.58%

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

VFIJX vs. VBTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFIJX Vanguard GNMA Fund Admiral Shares	0.83%	7.84%	1.17%	5.28%	-10.72%	-1.15%	3.84%	5.94%	0.99%	1.98%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	0.43%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%

Correlation

The correlation between VFIJX and VBTIX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001	0.86

The correlation between VFIJX and VBTIX has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

Return for Risk

VFIJX vs. VBTIX — Risk / Return Rank

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

VFIJX

VFIJX Risk / Return Rank: 34
VFIJX Sharpe Ratio Rank: 32
VFIJX Sortino Ratio Rank: 35
VFIJX Omega Ratio Rank: 32
VFIJX Calmar Ratio Rank: 40
VFIJX Martin Ratio Rank: 34

VBTIX

VBTIX Risk / Return Rank: 23
VBTIX Sharpe Ratio Rank: 23
VBTIX Sortino Ratio Rank: 24
VBTIX Omega Ratio Rank: 22
VBTIX Calmar Ratio Rank: 25
VBTIX Martin Ratio Rank: 21

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.

VFIJX vs. VBTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard GNMA Fund Admiral Shares (VFIJX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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.

	VFIJX	VBTIX	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.36	+0.27
Sortino ratio Return per unit of downside risk	2.46	2.05	+0.41
Omega ratio Gain probability vs. loss probability	1.30	1.24	+0.05
Calmar ratio Return relative to maximum drawdown	2.39	1.86	+0.53
Martin ratio Return relative to average drawdown	7.61	5.60	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFIJX vs. VBTIX - Sharpe Ratio Comparison

The current VFIJX Sharpe Ratio is 1.63, which is comparable to the VBTIX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VFIJX and VBTIX, 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

	VFIJX	VBTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.36	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.04	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.32	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.95	-0.13

Drawdowns

VFIJX vs. VBTIX - Drawdown Comparison

The maximum VFIJX drawdown since its inception was -16.06%, smaller than the maximum VBTIX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for VFIJX and VBTIX.

Drawdown Indicators

	VFIJX	VBTIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.06%	-18.90%	+2.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-2.89%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-5.99%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-18.13%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	-16.06%	-18.90%	+2.84%
Current Drawdown Current decline from peak	-1.35%	-2.25%	+0.90%
Average Drawdown Average peak-to-trough decline	-1.74%	-2.32%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.96%	-0.11%

Volatility

VFIJX vs. VBTIX - Volatility Comparison

Vanguard GNMA Fund Admiral Shares (VFIJX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) have volatilities of 1.38% and 1.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFIJX	VBTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.38%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.80%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	3.97%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	6.02%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	4.98%	-0.28%

VFIJX vs. VBTIX - Expense Ratio Comparison

VFIJX has a 0.11% expense ratio, which is higher than VBTIX'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

VFIJX vs. VBTIX - Dividend Comparison

VFIJX's dividend yield for the trailing twelve months is around 3.78%, less than VBTIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	3.99%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%
VFIJX Vanguard GNMA Fund Admiral Shares	3.78%	3.72%	3.67%	3.34%	2.45%	0.73%	1.98%	2.86%	3.00%	2.73%	3.11%	2.94%

Frequently Asked Questions

Can I hold both VFIJX and VBTIX in my portfolio?

With a correlation of 0.93, VFIJX and VBTIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VFIJX or VBTIX?

VBTIX has higher volatility (1.38%) compared to VFIJX (1.38%). In terms of maximum drawdown, VFIJX dropped -16.06% vs VBTIX's -18.90%.

Which has better risk-adjusted returns?

VFIJX currently has the higher Sharpe Ratio (1.63 vs 1.36), 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.