VGIVX vs. AMUSX

Last updated Jun 5, 2026

VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) and AMUSX (American Funds U.S. Government Securities Fund) are both Government Bonds funds. Over the past 10 years, VGIVX returned 3.63%/yr vs 1.11%/yr for AMUSX. At a 0.42 correlation, their price movements are largely independent. VGIVX charges 0.18%/yr vs 0.61%/yr for AMUSX.

Performance

VGIVX vs. AMUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and American Funds U.S. Government Securities Fund (AMUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIVX achieves a 1.43% return, which is significantly higher than AMUSX's -0.60% return. Over the past 10 years, VGIVX has outperformed AMUSX with an annualized return of 3.63%, while AMUSX has yielded a comparatively lower 1.11% annualized return.

VGIVX

• 1D: -0.26%
• 1M: 0.75%
• YTD: 1.43%
• 6M: 1.80%
• 1Y: 10.59%
• 3Y*: 9.69%
• 5Y*: 2.27%
• 10Y*: 3.63%

AMUSX

• 1D: -0.25%
• 1M: -0.14%
• YTD: -0.60%
• 6M: -0.35%
• 1Y: 3.33%
• 3Y*: 3.06%
• 5Y*: -0.24%
• 10Y*: 1.11%

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

VGIVX vs. AMUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	1.43%	13.05%	6.31%	10.48%	-16.72%	-2.41%	5.83%	14.03%	-2.72%	8.47%
AMUSX American Funds U.S. Government Securities Fund	-0.60%	7.55%	0.63%	2.79%	-11.50%	-0.84%	9.44%	5.03%	0.64%	1.54%

Correlation

The correlation between VGIVX and AMUSX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.42

The correlation between VGIVX and AMUSX shifts across timeframes, from 0.42 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VGIVX vs. AMUSX — Risk / Return Rank

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

VGIVX

VGIVX Risk / Return Rank: 73
VGIVX Sharpe Ratio Rank: 83
VGIVX Sortino Ratio Rank: 88
VGIVX Omega Ratio Rank: 82
VGIVX Calmar Ratio Rank: 55
VGIVX Martin Ratio Rank: 57

AMUSX

AMUSX Risk / Return Rank: 14
AMUSX Sharpe Ratio Rank: 14
AMUSX Sortino Ratio Rank: 14
AMUSX Omega Ratio Rank: 13
AMUSX Calmar Ratio Rank: 14
AMUSX Martin Ratio Rank: 14

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.

VGIVX vs. AMUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and American Funds U.S. Government Securities Fund (AMUSX). 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.

	VGIVX	AMUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.00	+1.70
Sortino ratio: Return per unit of downside risk	4.29	1.51	+2.78
Omega ratio: Gain probability vs. loss probability	1.55	1.18	+0.37
Calmar ratio: Return relative to maximum drawdown	2.83	1.21	+1.62
Martin ratio: Return relative to average drawdown	11.32	3.77	+7.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGIVX vs. AMUSX - Sharpe Ratio Comparison

The current VGIVX Sharpe Ratio is 2.70, which is higher than the AMUSX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VGIVX and AMUSX, 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

	VGIVX	AMUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	1.00	+1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	-0.04	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.23	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.83	-0.14

Drawdowns

VGIVX vs. AMUSX - Drawdown Comparison

The maximum VGIVX drawdown since its inception was -26.79%, which is greater than AMUSX's maximum drawdown of -17.48%. Use the drawdown chart below to compare losses from any high point for VGIVX and AMUSX.

Drawdown Indicators

	VGIVX	AMUSX	Difference
Max Drawdown Largest peak-to-trough decline	-26.79%	-17.48%	-9.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-3.35%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-7.14%	-6.50%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.79%	-16.84%	-9.95%
Max Drawdown (10Y) Largest decline over 10 years	-26.79%	-17.48%	-9.31%
Current Drawdown Current decline from peak	-0.32%	-3.48%	+3.16%
Average Drawdown Average peak-to-trough decline	-4.70%	-2.75%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.07%	-0.09%

Volatility

VGIVX vs. AMUSX - Volatility Comparison

Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and American Funds U.S. Government Securities Fund (AMUSX) have volatilities of 1.56% and 1.50%, 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

	VGIVX	AMUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	1.50%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	2.84%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	4.06%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	6.06%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	4.86%	+1.50%

VGIVX vs. AMUSX - Expense Ratio Comparison

VGIVX has a 0.18% expense ratio, which is lower than AMUSX's 0.61% expense ratio.

Dividends

VGIVX vs. AMUSX - Dividend Comparison

VGIVX's dividend yield for the trailing twelve months is around 5.89%, more than AMUSX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMUSX American Funds U.S. Government Securities Fund	4.01%	3.97%	4.19%	3.44%	2.01%	1.05%	4.92%	2.79%	1.72%	1.32%	2.30%	2.84%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.89%	5.95%	6.58%	5.53%	5.32%	3.53%	4.21%	4.62%	4.62%	4.67%	4.76%	4.55%

Frequently Asked Questions

Can I hold both VGIVX and AMUSX in my portfolio?

VGIVX and AMUSX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGIVX or AMUSX?

VGIVX has higher volatility (1.56%) compared to AMUSX (1.50%). In terms of maximum drawdown, VGIVX dropped -26.79% vs AMUSX's -17.48%.

Which has better risk-adjusted returns?

VGIVX currently has the higher Sharpe Ratio (2.70 vs 1.00), 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.