VFSTX vs. VFSIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Short-Term Investment-Grade Fund Investor Shares (VFSTX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX).

VFSTX is managed by Vanguard. It was launched on Oct 29, 1982. VFSIX is managed by Vanguard. It was launched on Sep 30, 1997.

Performance

VFSTX vs. VFSIX - Performance Comparison

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

VFSTX vs. VFSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFSTX Vanguard Short-Term Investment-Grade Fund Investor Shares	-0.40%	6.75%	4.98%	6.06%	-5.84%	-0.70%	5.16%	5.75%	0.87%	2.02%
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%

Returns By Period

In the year-to-date period, VFSTX achieves a -0.40% return, which is significantly lower than VFSIX's -0.38% return. Both investments have delivered pretty close results over the past 10 years, with VFSTX having a 2.49% annualized return and VFSIX not far ahead at 2.59%.

VFSTX

• 1D: 0.19%
• 1M: -1.42%
• YTD: -0.40%
• 6M: 0.73%
• 1Y: 4.26%
• 3Y*: 5.14%
• 5Y*: 2.21%
• 10Y*: 2.49%

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%

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

VFSTX vs. VFSIX - Expense Ratio Comparison

VFSTX has a 0.20% 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%.

VFSTX

Vanguard Short-Term Investment-Grade Fund Investor Shares

VFSIX

Vanguard Short-Term Investment-Grade Fund Institutional Shares

Return for Risk

VFSTX vs. VFSIX — Risk / Return Rank

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

VFSTX

VFSTX Risk / Return Rank: 93
VFSTX Sharpe Ratio Rank: 91
VFSTX Sortino Ratio Rank: 95
VFSTX Omega Ratio Rank: 91
VFSTX Calmar Ratio Rank: 93
VFSTX Martin Ratio Rank: 93

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

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.

VFSTX vs. VFSIX - Risk-Adjusted Trends Comparison

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

	VFSTX	VFSIX	Difference
Sharpe ratio Return per unit of total volatility	1.90	1.94	-0.04
Sortino ratio Return per unit of downside risk	3.11	3.20	-0.09
Omega ratio Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio Return relative to maximum drawdown	2.90	2.98	-0.08
Martin ratio Return relative to average drawdown	11.78	12.10	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFSTX vs. VFSIX - Sharpe Ratio Comparison

The current VFSTX Sharpe Ratio is 1.90, which is comparable to the VFSIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of VFSTX and VFSIX, 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

	VFSTX	VFSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.94	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.77	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.02	1.05	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	1.53	-0.02

Correlation

The correlation between VFSTX and VFSIX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VFSTX vs. VFSIX - Dividend Comparison

VFSTX's dividend yield for the trailing twelve months is around 4.20%, less than VFSIX's 4.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFSTX Vanguard Short-Term Investment-Grade Fund Investor Shares	4.20%	4.48%	4.06%	3.05%	1.93%	1.70%	2.24%	2.83%	2.68%	2.00%	2.04%	1.99%
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%

Drawdowns

VFSTX vs. VFSIX - Drawdown Comparison

The maximum VFSTX drawdown since its inception was -9.35%, roughly equal to the maximum VFSIX drawdown of -9.21%. Use the drawdown chart below to compare losses from any high point for VFSTX and VFSIX.

Drawdown Indicators

	VFSTX	VFSIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.35%	-9.21%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-1.71%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-9.35%	-9.21%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	-9.21%	-0.14%
Current Drawdown Current decline from peak	-1.42%	-1.42%	0.00%
Average Drawdown Average peak-to-trough decline	-1.12%	-0.79%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.42%	0.00%

Volatility

VFSTX vs. VFSIX - Volatility Comparison

Vanguard Short-Term Investment-Grade Fund Investor Shares (VFSTX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) have volatilities of 0.75% and 0.75%, 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

	VFSTX	VFSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.75%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	1.50%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	2.53%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	2.95%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.46%	2.47%	-0.01%