VIITX vs. MSTBX
VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and MSTBX (Morningstar Defensive Bond Fund) are both Short-Term Bond funds. Over the past 5 years, VIITX returned 1.33%/yr vs 2.21%/yr for MSTBX. Their correlation of 0.81 means they have usually moved in the same direction. VIITX charges 0.02%/yr vs 0.52%/yr for MSTBX.
Performance
VIITX vs. MSTBX - Performance Comparison
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Returns By Period
In the year-to-date period, VIITX achieves a 0.41% return, which is significantly higher than MSTBX's -0.28% return.
VIITX
- 1D
- 0.17%
- 1M
- -0.35%
- 6M
- 0.12%
- YTD
- 0.41%
- 1Y
- 2.88%
- 3Y*
- 4.94%
- 5Y*
- 1.33%
- 10Y*
- 2.04%
- ALL TIME*
- 2.23%
MSTBX
- 1D
- 0.10%
- 1M
- -0.31%
- 6M
- -0.38%
- YTD
- -0.28%
- 1Y
- 0.84%
- 3Y*
- 4.53%
- 5Y*
- 2.21%
- 10Y*
- —
- ALL TIME*
- 2.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VIITX vs. MSTBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VIITX Vanguard Institutional Intermediate-Term Bond Fund | 0.41% | 7.23% | 3.67% | 5.31% | -7.99% | -1.02% | 6.17% | 6.44% | 1.99% |
MSTBX Morningstar Defensive Bond Fund | -0.28% | 5.19% | 4.52% | 7.16% | -4.73% | 0.84% | 4.75% | 3.53% | 0.39% |
Correlation
The correlation between VIITX and MSTBX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.81 |
The correlation between VIITX and MSTBX shifts across timeframes, from 0.73 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VIITX vs. MSTBX — Risk / Return Rank
VIITX
MSTBX
VIITX vs. MSTBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and Morningstar Defensive Bond Fund (MSTBX). 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 | MSTBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.15 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.25 | +0.33 |
| Martin ratioReturn relative to average drawdown | 4.38 | 2.89 | +1.49 |
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Drawdowns
VIITX vs. MSTBX - Drawdown Comparison
The maximum VIITX drawdown since its inception was -11.86%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for VIITX and MSTBX.
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Drawdown Indicators
| VIITX | MSTBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.86% | -6.31% | -5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -1.41% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -2.89% | -1.42% | -1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -11.71% | -6.31% | -5.40% |
Max Drawdown (10Y)Largest decline over 10 years | -11.86% | — | — |
Current DrawdownCurrent decline from peak | -1.02% | -1.08% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -1.02% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.56% | +0.12% |
Volatility
VIITX vs. MSTBX - Volatility Comparison
Vanguard Institutional Intermediate-Term Bond Fund (VIITX) has a higher volatility of 0.74% compared to Morningstar Defensive Bond Fund (MSTBX) at 0.70%. This indicates that VIITX's price experiences larger fluctuations and is considered to be riskier than MSTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIITX | MSTBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.70% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 1.53% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.19% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 2.41% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 2.10% | +0.97% |
VIITX vs. MSTBX - Expense Ratio Comparison
VIITX has a 0.02% expense ratio, which is lower than MSTBX's 0.52% expense ratio.
Dividends
VIITX vs. MSTBX - Dividend Comparison
VIITX's dividend yield for the trailing twelve months is around 4.61%, more than MSTBX's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTBX Morningstar Defensive Bond Fund | 2.09% | 2.79% | 4.23% | 3.80% | 2.64% | 2.64% | 3.17% | 2.69% | 0.29% | 0.00% | 0.00% | 0.00% |
VIITX Vanguard Institutional Intermediate-Term Bond Fund | 4.61% | 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 MSTBX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIITX has higher volatility (0.74%) compared to MSTBX (0.70%). In terms of maximum drawdown, VIITX dropped -11.86% vs MSTBX's -6.31%.
VIITX currently has the higher Sharpe Ratio (1.23 vs 0.81), 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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