VIITX vs. FPNIX

Last updated Jun 4, 2026

VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and FPNIX (FPA New Income Fund) are both Short-Term Bond funds. Over the past 10 years, VIITX returned 2.13%/yr vs 2.83%/yr for FPNIX. A 0.73 correlation means they provide meaningful diversification when combined. VIITX charges 0.02%/yr vs 0.45%/yr for FPNIX.

Performance

VIITX vs. FPNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and FPA New Income Fund (FPNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIITX achieves a 0.56% return, which is significantly higher than FPNIX's -0.02% return. Over the past 10 years, VIITX has underperformed FPNIX with an annualized return of 2.13%, while FPNIX has yielded a comparatively higher 2.83% annualized return.

VIITX

• 1D: 0.05%
• 1M: 0.29%
• YTD: 0.56%
• 6M: 0.76%
• 1Y: 5.12%
• 3Y*: 4.93%
• 5Y*: 1.50%
• 10Y*: 2.13%

FPNIX

• 1D: 0.00%
• 1M: 0.12%
• YTD: -0.02%
• 6M: 0.14%
• 1Y: 4.16%
• 3Y*: 5.34%
• 5Y*: 2.94%
• 10Y*: 2.83%

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

VIITX vs. FPNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIITX Vanguard Institutional Intermediate-Term Bond Fund	0.56%	7.23%	3.67%	5.31%	-7.99%	-1.02%	6.17%	6.44%	0.87%	2.00%
FPNIX FPA New Income Fund	-0.02%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.67%

Correlation

The correlation between VIITX and FPNIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015	0.73

The correlation between VIITX and FPNIX shifts across timeframes, from 0.73 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VIITX vs. FPNIX — Risk / Return Rank

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

VIITX

VIITX Risk / Return Rank: 50
VIITX Sharpe Ratio Rank: 50
VIITX Sortino Ratio Rank: 55
VIITX Omega Ratio Rank: 51
VIITX Calmar Ratio Rank: 51
VIITX Martin Ratio Rank: 41

FPNIX

FPNIX Risk / Return Rank: 36
FPNIX Sharpe Ratio Rank: 38
FPNIX Sortino Ratio Rank: 40
FPNIX Omega Ratio Rank: 43
FPNIX Calmar Ratio Rank: 32
FPNIX Martin Ratio Rank: 25

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.

VIITX vs. FPNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and FPA New Income Fund (FPNIX). 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.

	VIITX	FPNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.79	+0.28
Sortino ratio: Return per unit of downside risk	3.11	2.65	+0.46
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.72	2.12	+0.60
Martin ratio: Return relative to average drawdown	8.89	6.23	+2.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIITX vs. FPNIX - Sharpe Ratio Comparison

The current VIITX Sharpe Ratio is 2.07, which is comparable to the FPNIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VIITX and FPNIX, 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

	VIITX	FPNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.79	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.21	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	1.49	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.02	-0.26

Drawdowns

VIITX vs. FPNIX - Drawdown Comparison

The maximum VIITX drawdown since its inception was -11.86%, smaller than the maximum FPNIX drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for VIITX and FPNIX.

Drawdown Indicators

	VIITX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-22.95%	+11.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.89%	-1.97%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-3.32%	-1.97%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-4.67%	-7.19%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-4.67%	-7.19%
Current Drawdown Current decline from peak	-0.87%	-1.35%	+0.48%
Average Drawdown Average peak-to-trough decline	-2.13%	-1.86%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.67%	-0.09%

Volatility

VIITX vs. FPNIX - Volatility Comparison

Vanguard Institutional Intermediate-Term Bond Fund (VIITX) has a higher volatility of 0.87% compared to FPA New Income Fund (FPNIX) at 0.75%. This indicates that VIITX's price experiences larger fluctuations and is considered to be riskier than FPNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIITX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.75%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	1.67%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	2.34%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	2.44%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	1.90%	+1.16%

VIITX vs. FPNIX - Expense Ratio Comparison

VIITX has a 0.02% expense ratio, which is lower than FPNIX's 0.45% expense ratio.

Dividends

VIITX vs. FPNIX - Dividend Comparison

VIITX's dividend yield for the trailing twelve months is around 4.57%, more than FPNIX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPNIX FPA New Income Fund	3.82%	3.36%	4.39%	3.37%	2.13%	1.24%	2.17%	2.63%	3.10%	2.84%	2.31%	1.87%
VIITX Vanguard Institutional Intermediate-Term Bond Fund	4.57%	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

Can I hold both VIITX and FPNIX in my portfolio?

With a correlation of 0.90, VIITX and FPNIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIITX or FPNIX?

VIITX has higher volatility (0.87%) compared to FPNIX (0.75%). In terms of maximum drawdown, VIITX dropped -11.86% vs FPNIX's -22.95%.

Which has better risk-adjusted returns?

VIITX currently has the higher Sharpe Ratio (2.07 vs 1.79), 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.