VGAVX vs. VSGBX
VGAVX (Vanguard Emerging Markets Government Bond Index Fund Admiral Shares) and VSGBX (Vanguard Short-Term Federal Fund Investor Shares) are both mutual funds - VGAVX is a Government Bonds fund managed by Vanguard, while VSGBX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VGAVX returned 3.67%/yr vs 1.80%/yr for VSGBX. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
VGAVX vs. VSGBX - Performance Comparison
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Returns By Period
In the year-to-date period, VGAVX achieves a 1.35% return, which is significantly higher than VSGBX's 0.50% return. Over the past 10 years, VGAVX has outperformed VSGBX with an annualized return of 3.67%, while VSGBX has yielded a comparatively lower 1.80% annualized return.
VGAVX
- 1D
- -0.30%
- 1M
- 0.71%
- YTD
- 1.35%
- 6M
- 1.71%
- 1Y
- 10.46%
- 3Y*
- 9.62%
- 5Y*
- 2.22%
- 10Y*
- 3.67%
VSGBX
- 1D
- -0.10%
- 1M
- 0.02%
- YTD
- 0.50%
- 6M
- 0.82%
- 1Y
- 3.70%
- 3Y*
- 4.40%
- 5Y*
- 1.57%
- 10Y*
- 1.80%
VGAVX vs. VSGBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 1.35% | 12.98% | 6.27% | 10.44% | -16.68% | -1.74% | 5.82% | 14.01% | -2.77% | 8.45% |
VSGBX Vanguard Short-Term Federal Fund Investor Shares | 0.50% | 5.83% | 4.17% | 3.82% | -5.31% | -0.66% | 4.36% | 4.10% | 1.27% | 0.69% |
Correlation
The correlation between VGAVX and VSGBX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014 | 0.34 |
The correlation between VGAVX and VSGBX shifts across timeframes, from 0.34 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGAVX vs. VSGBX — Risk / Return Rank
VGAVX
VSGBX
VGAVX vs. VSGBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) and Vanguard Short-Term Federal Fund Investor Shares (VSGBX). 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.
| VGAVX | VSGBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.39 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 2.91 | -0.15 |
| Martin ratioReturn relative to average drawdown | 11.09 | 10.31 | +0.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VGAVX | VSGBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.66 | 1.84 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.59 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.84 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 1.64 | -0.96 |
Drawdowns
VGAVX vs. VSGBX - Drawdown Comparison
The maximum VGAVX drawdown since its inception was -26.77%, which is greater than VSGBX's maximum drawdown of -7.42%. Use the drawdown chart below to compare losses from any high point for VGAVX and VSGBX.
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Drawdown Indicators
| VGAVX | VSGBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.77% | -7.42% | -19.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -1.35% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -1.35% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -26.77% | -7.42% | -19.35% |
Max Drawdown (10Y)Largest decline over 10 years | -26.77% | -7.42% | -19.35% |
Current DrawdownCurrent decline from peak | -0.38% | -0.50% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -0.73% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.38% | +0.61% |
Volatility
VGAVX vs. VSGBX - Volatility Comparison
Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) has a higher volatility of 1.54% compared to Vanguard Short-Term Federal Fund Investor Shares (VSGBX) at 0.71%. This indicates that VGAVX's price experiences larger fluctuations and is considered to be riskier than VSGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGAVX | VSGBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.71% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 1.54% | +1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.13% | 2.14% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 2.67% | +3.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.37% | 2.16% | +4.21% |
VGAVX vs. VSGBX - Expense Ratio Comparison
Both VGAVX and VSGBX have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGAVX vs. VSGBX - Dividend Comparison
VGAVX's dividend yield for the trailing twelve months is around 5.81%, more than VSGBX's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 5.81% | 5.88% | 6.56% | 5.50% | 5.29% | 4.27% | 4.20% | 4.60% | 4.54% | 4.62% | 4.73% | 4.94% |
VSGBX Vanguard Short-Term Federal Fund Investor Shares | 3.85% | 3.69% | 3.47% | 3.32% | 1.67% | 1.37% | 1.68% | 2.32% | 1.92% | 1.35% | 1.33% | 1.20% |
Frequently Asked Questions
VGAVX and VSGBX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGAVX has higher volatility (1.54%) compared to VSGBX (0.71%). In terms of maximum drawdown, VGAVX dropped -26.77% vs VSGBX's -7.42%.
VGAVX currently has the higher Sharpe Ratio (2.66 vs 1.84), 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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