VFSIX vs. VTAPX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX).

VFSIX is managed by Vanguard. It was launched on Sep 30, 1997. VTAPX is managed by Vanguard. It was launched on Oct 16, 2012.

Performance

VFSIX vs. VTAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX). The values are adjusted to include any dividend payments, if applicable.

VFSIX vs. VTAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	-0.38%	6.89%	5.12%	5.88%	-5.72%	-0.59%	5.28%	5.88%	1.00%	2.15%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	0.97%	6.03%	4.73%	4.59%	-2.84%	5.26%	4.97%	4.85%	0.53%	0.82%

Returns By Period

In the year-to-date period, VFSIX achieves a -0.38% return, which is significantly lower than VTAPX's 0.97% return. Over the past 10 years, VFSIX has underperformed VTAPX with an annualized return of 2.59%, while VTAPX has yielded a comparatively higher 3.05% annualized return.

VFSIX

• 1D: 0.19%
• 1M: -1.42%
• YTD: -0.38%
• 6M: 0.78%
• 1Y: 4.38%
• 3Y*: 5.16%
• 5Y*: 2.28%
• 10Y*: 2.59%

VTAPX

• 1D: 0.28%
• 1M: 0.04%
• YTD: 0.97%
• 6M: 1.31%
• 1Y: 3.86%
• 3Y*: 4.67%
• 5Y*: 3.48%
• 10Y*: 3.05%

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

VFSIX vs. VTAPX - Expense Ratio Comparison

VFSIX has a 0.07% expense ratio, which is higher than VTAPX's 0.06% 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%.

VFSIX

Vanguard Short-Term Investment-Grade Fund Institutional Shares

VTAPX

Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares

Return for Risk

VFSIX vs. VTAPX — Risk / Return Rank

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

VFSIX

VFSIX Risk / Return Rank: 93
VFSIX Sharpe Ratio Rank: 91
VFSIX Sortino Ratio Rank: 95
VFSIX Omega Ratio Rank: 92
VFSIX Calmar Ratio Rank: 94
VFSIX Martin Ratio Rank: 94

VTAPX

VTAPX Risk / Return Rank: 96
VTAPX Sharpe Ratio Rank: 95
VTAPX Sortino Ratio Rank: 96
VTAPX Omega Ratio Rank: 94
VTAPX Calmar Ratio Rank: 98
VTAPX Martin Ratio Rank: 96

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.

VFSIX vs. VTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX). 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.

	VFSIX	VTAPX	Difference
Sharpe ratio Return per unit of total volatility	1.94	2.28	-0.34
Sortino ratio Return per unit of downside risk	3.20	3.41	-0.22
Omega ratio Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio Return relative to maximum drawdown	2.98	4.65	-1.68
Martin ratio Return relative to average drawdown	12.10	14.74	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFSIX vs. VTAPX - Sharpe Ratio Comparison

The current VFSIX Sharpe Ratio is 1.94, which is comparable to the VTAPX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VFSIX and VTAPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFSIX	VTAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.28	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.31	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.05	1.37	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.04	+0.48

Correlation

The correlation between VFSIX and VTAPX is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VFSIX vs. VTAPX - Dividend Comparison

VFSIX's dividend yield for the trailing twelve months is around 4.32%, more than VTAPX's 3.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	4.32%	4.61%	4.19%	2.88%	2.06%	1.81%	2.35%	2.95%	2.80%	2.13%	2.17%	2.12%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	3.55%	3.78%	2.68%	2.84%	6.82%	4.67%	1.19%	1.94%	2.45%	1.52%	0.76%	0.00%

Drawdowns

VFSIX vs. VTAPX - Drawdown Comparison

The maximum VFSIX drawdown since its inception was -9.21%, which is greater than VTAPX's maximum drawdown of -5.33%. Use the drawdown chart below to compare losses from any high point for VFSIX and VTAPX.

Drawdown Indicators

	VFSIX	VTAPX	Difference
Max Drawdown Largest peak-to-trough decline	-9.21%	-5.33%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-0.92%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-5.33%	-3.88%
Max Drawdown (10Y) Largest decline over 10 years	-9.21%	-5.33%	-3.88%
Current Drawdown Current decline from peak	-1.42%	-0.28%	-1.14%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.04%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.29%	+0.13%

Volatility

VFSIX vs. VTAPX - Volatility Comparison

Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) has a higher volatility of 0.75% compared to Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) at 0.59%. This indicates that VFSIX's price experiences larger fluctuations and is considered to be riskier than VTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSIX	VTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.59%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	0.96%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	1.79%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	2.67%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.47%	2.23%	+0.24%