VFIRX vs. VFSIX
VFIRX (Vanguard Short-Term Treasury Fund Admiral Shares) and VFSIX (Vanguard Short-Term Investment-Grade Fund Institutional Shares) are both mutual funds - VFIRX is a Government Bonds fund managed by Vanguard, while VFSIX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VFIRX returned 1.66%/yr vs 2.50%/yr for VFSIX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VFIRX charges 0.10%/yr vs 0.07%/yr for VFSIX.
Performance
VFIRX vs. VFSIX - Performance Comparison
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Returns By Period
In the year-to-date period, VFIRX achieves a 0.35% return, which is significantly lower than VFSIX's 0.45% return. Over the past 10 years, VFIRX has underperformed VFSIX with an annualized return of 1.66%, while VFSIX has yielded a comparatively higher 2.50% 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%
VFSIX
- 1D
- -0.10%
- 1M
- -0.58%
- 6M
- 0.07%
- YTD
- 0.45%
- 1Y
- 2.72%
- 3Y*
- 5.33%
- 5Y*
- 2.22%
- 10Y*
- 2.50%
- ALL TIME*
- 3.62%
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. VFSIX - 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% |
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares | 0.45% | 6.89% | 5.12% | 5.88% | -5.72% | -0.59% | 5.28% | 5.88% | 1.00% | 2.15% |
Correlation
The correlation between VFIRX and VFSIX is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2001 | 0.79 |
The correlation between VFIRX and VFSIX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
VFIRX vs. VFSIX — Risk / Return Rank
VFIRX
VFSIX
VFIRX vs. VFSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX). 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 | VFSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.89 | +0.04 |
| Martin ratioReturn relative to average drawdown | 5.74 | 7.07 | -1.33 |
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Drawdowns
VFIRX vs. VFSIX - Drawdown Comparison
The maximum VFIRX drawdown since its inception was -6.73%, smaller than the maximum VFSIX drawdown of -9.21%. Use the drawdown chart below to compare losses from any high point for VFIRX and VFSIX.
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Drawdown Indicators
| VFIRX | VFSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.73% | -9.21% | +2.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -1.71% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -1.71% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -6.57% | -9.18% | +2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -6.73% | -9.21% | +2.48% |
Current DrawdownCurrent decline from peak | -0.64% | -0.67% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -0.79% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.46% | +0.01% |
Volatility
VFIRX vs. VFSIX - Volatility Comparison
Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) have volatilities of 0.47% and 0.48%, 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.
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Volatility by Period
| VFIRX | VFSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.48% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.59% | 1.77% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.06% | 2.28% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.69% | 3.00% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.13% | 2.49% | -0.36% |
VFIRX vs. VFSIX - Expense Ratio Comparison
VFIRX has a 0.10% expense ratio, which is higher than VFSIX's 0.07% 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
VFIRX vs. VFSIX - Dividend Comparison
VFIRX's dividend yield for the trailing twelve months is around 3.51%, less than VFSIX's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares | 4.38% | 4.61% | 4.19% | 2.88% | 2.06% | 1.81% | 2.35% | 2.95% | 2.80% | 2.13% | 2.17% | 2.12% |
Frequently Asked Questions
VFIRX and VFSIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFSIX has higher volatility (0.48%) compared to VFIRX (0.47%). In terms of maximum drawdown, VFIRX dropped -6.73% vs VFSIX's -9.21%.
VFSIX currently has the higher Sharpe Ratio (1.43 vs 1.33), 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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