VFIRX vs. PRGMX
VFIRX (Vanguard Short-Term Treasury Fund Admiral Shares) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, VFIRX returned 1.66%/yr vs 1.10%/yr for PRGMX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VFIRX charges 0.10%/yr vs 0.58%/yr for PRGMX.
Performance
VFIRX vs. PRGMX - Performance Comparison
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Returns By Period
In the year-to-date period, VFIRX achieves a 0.35% return, which is significantly higher than PRGMX's -0.48% return. Over the past 10 years, VFIRX has outperformed PRGMX with an annualized return of 1.66%, while PRGMX has yielded a comparatively lower 1.10% annualized return.
VFIRX
- 1D
- -0.10%
- 1M
- -0.31%
- 6M
- 0.14%
- YTD
- 0.35%
- 1Y
- 2.18%
- 3Y*
- 4.18%
- 5Y*
- 1.54%
- 10Y*
- 1.66%
- ALL TIME*
- 2.39%
PRGMX
- 1D
- -0.49%
- 1M
- -1.59%
- 6M
- -0.91%
- YTD
- -0.48%
- 1Y
- 3.56%
- 3Y*
- 4.59%
- 5Y*
- 0.39%
- 10Y*
- 1.10%
- ALL TIME*
- 3.84%
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 |
VFIRX vs. PRGMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares | 0.35% | 5.47% | 3.85% | 3.66% | -4.61% | -0.80% | 4.06% | 3.71% | 1.47% | 0.40% |
PRGMX T. Rowe Price GNMA Fund | -0.48% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
Correlation
The correlation between VFIRX and PRGMX is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001 | 0.72 |
The correlation between VFIRX and PRGMX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
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Return for Risk
VFIRX vs. PRGMX — Risk / Return Rank
VFIRX
PRGMX
VFIRX vs. PRGMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and T. Rowe Price GNMA Fund (PRGMX). 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.
| VFIRX | PRGMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.50 | +0.43 |
| Martin ratioReturn relative to average drawdown | 5.74 | 4.11 | +1.63 |
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Drawdowns
VFIRX vs. PRGMX - Drawdown Comparison
The maximum VFIRX drawdown since its inception was -6.73%, smaller than the maximum PRGMX drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for VFIRX and PRGMX.
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Drawdown Indicators
| VFIRX | PRGMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.73% | -18.22% | +11.49% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -3.00% | +1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -6.22% | +4.82% |
Max Drawdown (5Y)Largest decline over 5 years | -6.57% | -17.21% | +10.64% |
Max Drawdown (10Y)Largest decline over 10 years | -6.73% | -18.22% | +11.49% |
Current DrawdownCurrent decline from peak | -0.64% | -2.63% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -2.23% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.09% | -0.62% |
Volatility
VFIRX vs. PRGMX - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) is 0.47%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.23%. This indicates that VFIRX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VFIRX | PRGMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 1.23% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 1.59% | 3.39% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.06% | 4.25% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.69% | 6.43% | -3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.13% | 4.80% | -2.67% |
VFIRX vs. PRGMX - Expense Ratio Comparison
VFIRX has a 0.10% expense ratio, which is lower than PRGMX's 0.58% expense ratio.
Dividends
VFIRX vs. PRGMX - Dividend Comparison
VFIRX's dividend yield for the trailing twelve months is around 3.51%, less than PRGMX's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | 4.45% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares | 3.51% | 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
VFIRX and PRGMX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRGMX has higher volatility (1.23%) compared to VFIRX (0.47%). In terms of maximum drawdown, VFIRX dropped -6.73% vs PRGMX's -18.22%.
VFIRX currently has the higher Sharpe Ratio (1.33 vs 1.06), 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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