VFISX vs. VFIRX

Last updated Jun 3, 2026

VFISX (Vanguard Short-Term Treasury Fund Investor Shares) and VFIRX (Vanguard Short-Term Treasury Fund Admiral Shares) are both Government Bonds funds from Vanguard. Over the past 10 years, VFISX returned 1.61%/yr vs 1.72%/yr for VFIRX. With a 1.00 correlation, they move nearly in lockstep. VFISX charges 0.20%/yr vs 0.10%/yr for VFIRX.

Performance

VFISX vs. VFIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Treasury Fund Investor Shares (VFISX) 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, VFISX achieves a 0.50% return, which is significantly lower than VFIRX's 0.54% return. Over the past 10 years, VFISX has underperformed VFIRX with an annualized return of 1.61%, while VFIRX has yielded a comparatively higher 1.72% annualized return.

VFISX

• 1D: 0.00%
• 1M: 0.01%
• YTD: 0.50%
• 6M: 0.80%
• 1Y: 3.48%
• 3Y*: 4.05%
• 5Y*: 1.43%
• 10Y*: 1.61%

VFIRX

• 1D: 0.00%
• 1M: 0.02%
• YTD: 0.54%
• 6M: 0.86%
• 1Y: 3.58%
• 3Y*: 4.16%
• 5Y*: 1.53%
• 10Y*: 1.72%

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

VFISX vs. VFIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFISX Vanguard Short-Term Treasury Fund Investor Shares	0.50%	5.36%	3.75%	3.54%	-4.71%	-0.88%	3.95%	3.60%	1.36%	0.38%
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	0.54%	5.47%	3.85%	3.66%	-4.61%	-0.80%	4.06%	3.71%	1.47%	0.40%

Correlation

The correlation between VFISX and VFIRX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 14, 2001	1.00

The correlation between VFISX and VFIRX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VFISX vs. VFIRX — Risk / Return Rank

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

VFISX

VFISX Risk / Return Rank: 42
VFISX Sharpe Ratio Rank: 32
VFISX Sortino Ratio Rank: 46
VFISX Omega Ratio Rank: 40
VFISX Calmar Ratio Rank: 50
VFISX Martin Ratio Rank: 42

VFIRX

VFIRX Risk / Return Rank: 44
VFIRX Sharpe Ratio Rank: 33
VFIRX Sortino Ratio Rank: 48
VFIRX Omega Ratio Rank: 42
VFIRX Calmar Ratio Rank: 53
VFIRX Martin Ratio Rank: 45

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.

VFISX vs. VFIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Fund Investor Shares (VFISX) 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.

	VFISX	VFIRX	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.68	-0.04
Sortino ratio Return per unit of downside risk	2.85	2.94	-0.09
Omega ratio Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio Return relative to maximum drawdown	2.73	2.81	-0.08
Martin ratio Return relative to average drawdown	9.17	9.53	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFISX vs. VFIRX - Sharpe Ratio Comparison

The current VFISX Sharpe Ratio is 1.65, which is comparable to the VFIRX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of VFISX 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.

Sharpe Ratios by Period

	VFISX	VFIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.68	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.58	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.81	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.16	+0.37

Drawdowns

VFISX vs. VFIRX - Drawdown Comparison

The maximum VFISX drawdown since its inception was -6.86%, roughly equal to the maximum VFIRX drawdown of -6.73%. Use the drawdown chart below to compare losses from any high point for VFISX and VFIRX.

Drawdown Indicators

	VFISX	VFIRX	Difference
Max Drawdown Largest peak-to-trough decline	-6.86%	-6.73%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	-1.40%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-1.40%	-1.40%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-6.86%	-6.73%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-6.86%	-6.73%	-0.13%
Current Drawdown Current decline from peak	-0.49%	-0.46%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.71%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.41%	+0.01%

Volatility

VFISX vs. VFIRX - Volatility Comparison

Vanguard Short-Term Treasury Fund Investor Shares (VFISX) and Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) have volatilities of 0.60% and 0.60%, 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

	VFISX	VFIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.60%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.52%	1.53%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	2.08%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	2.68%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.11%	2.13%	-0.02%

VFISX vs. VFIRX - Expense Ratio Comparison

VFISX has a 0.20% 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

VFISX vs. VFIRX - Dividend Comparison

VFISX's dividend yield for the trailing twelve months is around 3.74%, less than VFIRX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	3.84%	3.99%	4.49%	4.07%	2.03%	0.60%	2.30%	2.49%	2.21%	1.25%	1.28%	0.93%
VFISX Vanguard Short-Term Treasury Fund Investor Shares	3.74%	3.89%	4.38%	3.95%	1.93%	0.52%	2.20%	2.39%	2.10%	1.15%	1.18%	0.83%

Frequently Asked Questions

Can I hold both VFISX and VFIRX in my portfolio?

With a correlation of 1.00, VFISX and VFIRX 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, VFISX or VFIRX?

VFIRX has higher volatility (0.60%) compared to VFISX (0.60%). In terms of maximum drawdown, VFISX dropped -6.86% vs VFIRX's -6.73%.

Which has better risk-adjusted returns?

VFIRX currently has the higher Sharpe Ratio (1.68 vs 1.65), 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.