VIITX vs. MFHQX

Last updated Jun 3, 2026

VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and MFHQX (BlackRock Total Return Fund) are both mutual funds - VIITX is a Short-Term Bond fund managed by Vanguard, while MFHQX is a Intermediate Core-Plus Bond fund managed by BlackRock. Over the past 10 years, VIITX returned 2.13%/yr vs 0.99%/yr for MFHQX. Their correlation of 0.89 suggests significant overlap in exposure. VIITX charges 0.02%/yr vs 1.45%/yr for MFHQX.

Performance

VIITX vs. MFHQX - Performance Comparison

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

Returns By Period

In the year-to-date period, VIITX achieves a 0.52% return, which is significantly higher than MFHQX's 0.20% return. Over the past 10 years, VIITX has outperformed MFHQX with an annualized return of 2.13%, while MFHQX has yielded a comparatively lower 0.99% annualized return.

VIITX

• 1D: -0.13%
• 1M: 0.06%
• YTD: 0.52%
• 6M: 0.80%
• 1Y: 5.07%
• 3Y*: 4.91%
• 5Y*: 1.48%
• 10Y*: 2.13%

MFHQX

• 1D: -0.10%
• 1M: 0.29%
• YTD: 0.20%
• 6M: 0.31%
• 1Y: 5.34%
• 3Y*: 3.07%
• 5Y*: -0.85%
• 10Y*: 0.99%

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

VIITX vs. MFHQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIITX Vanguard Institutional Intermediate-Term Bond Fund	0.52%	7.23%	3.67%	5.31%	-7.99%	-1.02%	6.17%	6.44%	0.87%	2.00%
MFHQX BlackRock Total Return Fund	0.20%	7.16%	0.09%	4.60%	-15.06%	-1.65%	7.85%	8.74%	-1.86%	3.07%

Correlation

The correlation between VIITX and MFHQX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015	0.89

The correlation between VIITX and MFHQX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

VIITX vs. MFHQX — Risk / Return Rank

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

VIITX

VIITX Risk / Return Rank: 47
VIITX Sharpe Ratio Rank: 46
VIITX Sortino Ratio Rank: 50
VIITX Omega Ratio Rank: 47
VIITX Calmar Ratio Rank: 49
VIITX Martin Ratio Rank: 42

MFHQX

MFHQX Risk / Return Rank: 14
MFHQX Sharpe Ratio Rank: 15
MFHQX Sortino Ratio Rank: 14
MFHQX Omega Ratio Rank: 16
MFHQX Calmar Ratio Rank: 14
MFHQX Martin Ratio Rank: 11

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. MFHQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and BlackRock Total Return Fund (MFHQX). 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	MFHQX	Difference
Sharpe ratio Return per unit of total volatility	1.99	1.13	+0.86
Sortino ratio Return per unit of downside risk	2.99	1.56	+1.43
Omega ratio Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	2.71	1.32	+1.39
Martin ratio Return relative to average drawdown	8.93	3.49	+5.44
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. MFHQX - Sharpe Ratio Comparison

The current VIITX Sharpe Ratio is 1.99, which is higher than the MFHQX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of VIITX and MFHQX, 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	MFHQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.13	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	-0.14	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.20	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.41	+0.34

Drawdowns

VIITX vs. MFHQX - Drawdown Comparison

The maximum VIITX drawdown since its inception was -11.86%, smaller than the maximum MFHQX drawdown of -20.45%. Use the drawdown chart below to compare losses from any high point for VIITX and MFHQX.

Drawdown Indicators

	VIITX	MFHQX	Difference
Max Drawdown Largest peak-to-trough decline	-11.86%	-20.45%	+8.59%
Max Drawdown (1Y) Largest decline over 1 year	-1.89%	-4.31%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-3.32%	-7.12%	+3.80%
Max Drawdown (5Y) Largest decline over 5 years	-11.86%	-20.21%	+8.35%
Max Drawdown (10Y) Largest decline over 10 years	-11.86%	-20.31%	+8.45%
Current Drawdown Current decline from peak	-0.91%	-6.09%	+5.18%
Average Drawdown Average peak-to-trough decline	-2.13%	-4.25%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	1.63%	-1.06%

Volatility

VIITX vs. MFHQX - Volatility Comparison

The current volatility for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) is 0.87%, while BlackRock Total Return Fund (MFHQX) has a volatility of 1.46%. This indicates that VIITX experiences smaller price fluctuations and is considered to be less risky than MFHQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIITX	MFHQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.46%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	3.52%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	4.58%	-2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	6.25%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	5.10%	-2.04%

VIITX vs. MFHQX - Expense Ratio Comparison

VIITX has a 0.02% expense ratio, which is lower than MFHQX's 1.45% expense ratio.

Dividends

VIITX vs. MFHQX - Dividend Comparison

VIITX's dividend yield for the trailing twelve months is around 4.57%, more than MFHQX's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFHQX BlackRock Total Return Fund	3.70%	3.83%	3.28%	2.85%	1.95%	1.50%	5.22%	2.20%	2.33%	1.99%	1.82%	2.40%
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 MFHQX in my portfolio?

VIITX and MFHQX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIITX or MFHQX?

MFHQX has higher volatility (1.46%) compared to VIITX (0.87%). In terms of maximum drawdown, VIITX dropped -11.86% vs MFHQX's -20.45%.

Which has better risk-adjusted returns?

VIITX currently has the higher Sharpe Ratio (1.99 vs 1.13), 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.