VIITX vs. DFLEX
VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and DFLEX (DoubleLine Flexible Income Fund) are both mutual funds - VIITX is a Short-Term Bond fund managed by Vanguard, while DFLEX is a Nontraditional Bonds fund managed by DoubleLine. Over the past 10 years, VIITX returned 2.12%/yr vs 3.73%/yr for DFLEX. A 0.55 correlation means they provide meaningful diversification when combined. VIITX charges 0.02%/yr vs 0.74%/yr for DFLEX.
Performance
VIITX vs. DFLEX - Performance Comparison
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Returns By Period
In the year-to-date period, VIITX achieves a 0.61% return, which is significantly lower than DFLEX's 1.72% return. Over the past 10 years, VIITX has underperformed DFLEX with an annualized return of 2.12%, while DFLEX has yielded a comparatively higher 3.73% annualized return.
VIITX
- 1D
- 0.19%
- 1M
- 0.53%
- YTD
- 0.61%
- 6M
- 0.75%
- 1Y
- 4.57%
- 3Y*
- 4.98%
- 5Y*
- 1.51%
- 10Y*
- 2.12%
DFLEX
- 1D
- 0.11%
- 1M
- 0.57%
- YTD
- 1.72%
- 6M
- 1.83%
- 1Y
- 5.42%
- 3Y*
- 7.36%
- 5Y*
- 3.19%
- 10Y*
- 3.73%
VIITX vs. DFLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIITX Vanguard Institutional Intermediate-Term Bond Fund | 0.61% | 7.23% | 3.67% | 5.31% | -7.99% | -1.02% | 6.17% | 6.44% | 0.87% | 2.00% |
DFLEX DoubleLine Flexible Income Fund | 1.72% | 6.58% | 8.65% | 7.84% | -8.48% | 3.79% | 2.93% | 7.21% | 0.10% | 5.27% |
Correlation
The correlation between VIITX and DFLEX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2015 | 0.55 |
The correlation between VIITX and DFLEX shifts across timeframes, from 0.55 (all time) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VIITX vs. DFLEX — Risk / Return Rank
VIITX
DFLEX
VIITX vs. DFLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and DoubleLine Flexible Income Fund (DFLEX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VIITX | DFLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 2.19 | -0.83 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 6.10 | -3.62 |
| Martin ratioReturn relative to average drawdown | 7.65 | 27.31 | -19.65 |
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Drawdowns
VIITX vs. DFLEX - Drawdown Comparison
The maximum VIITX drawdown since its inception was -11.86%, smaller than the maximum DFLEX drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for VIITX and DFLEX.
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Drawdown Indicators
| VIITX | DFLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.86% | -17.29% | +5.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -0.91% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -1.15% | -2.17% |
Max Drawdown (5Y)Largest decline over 5 years | -11.86% | -11.00% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -11.86% | -17.29% | +5.43% |
Current DrawdownCurrent decline from peak | -0.82% | -0.11% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -1.55% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.20% | +0.41% |
Volatility
VIITX vs. DFLEX - Volatility Comparison
Vanguard Institutional Intermediate-Term Bond Fund (VIITX) has a higher volatility of 0.87% compared to DoubleLine Flexible Income Fund (DFLEX) at 0.55%. This indicates that VIITX's price experiences larger fluctuations and is considered to be riskier than DFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIITX | DFLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.55% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.92% | 1.07% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 1.37% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.85% | 1.93% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 2.73% | +0.34% |
VIITX vs. DFLEX - Expense Ratio Comparison
VIITX has a 0.02% expense ratio, which is lower than DFLEX's 0.74% expense ratio.
Dividends
VIITX vs. DFLEX - Dividend Comparison
VIITX's dividend yield for the trailing twelve months is around 4.56%, less than DFLEX's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 5.53% | 5.68% | 6.05% | 5.95% | 4.72% | 3.86% | 3.96% | 4.46% | 4.46% | 3.82% | 3.75% | 4.32% |
VIITX Vanguard Institutional Intermediate-Term Bond Fund | 4.56% | 4.51% | 4.71% | 3.61% | 2.14% | 2.20% | 2.87% | 2.69% | 2.62% | 2.04% | 2.95% | 0.57% |
Frequently Asked Questions
VIITX and DFLEX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIITX has higher volatility (0.87%) compared to DFLEX (0.55%). In terms of maximum drawdown, VIITX dropped -11.86% vs DFLEX's -17.29%.
DFLEX currently has the higher Sharpe Ratio (4.06 vs 1.89), 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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