VIITX vs. VBIRX
VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both Short-Term Bond funds from Vanguard. Over the past 10 years, VIITX returned 2.04%/yr vs 1.86%/yr for VBIRX. Their correlation of 0.84 means they have usually moved in the same direction. VIITX charges 0.02%/yr vs 0.06%/yr for VBIRX.
Performance
VIITX vs. VBIRX - 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 VBIRX's 0.14% return. Over the past 10 years, VIITX has outperformed VBIRX with an annualized return of 2.04%, while VBIRX has yielded a comparatively lower 1.86% annualized 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%
VBIRX
- 1D
- 0.10%
- 1M
- -0.29%
- 6M
- 0.10%
- YTD
- 0.14%
- 1Y
- 2.10%
- 3Y*
- 4.33%
- 5Y*
- 1.54%
- 10Y*
- 1.86%
- ALL TIME*
- 2.58%
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. VBIRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIITX Vanguard Institutional Intermediate-Term Bond Fund | 0.41% | 7.23% | 3.67% | 5.31% | -7.99% | -1.02% | 6.17% | 6.44% | 0.87% | 2.00% |
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares | 0.14% | 6.09% | 3.75% | 4.87% | -5.63% | -1.20% | 4.69% | 4.86% | 1.37% | 1.18% |
Correlation
The correlation between VIITX and VBIRX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2015 | 0.84 |
The correlation between VIITX and VBIRX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
VIITX vs. VBIRX — Risk / Return Rank
VIITX
VBIRX
VIITX vs. VBIRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). 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 | VBIRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 1.37 | +0.21 |
| Martin ratioReturn relative to average drawdown | 4.38 | 3.81 | +0.56 |
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Drawdowns
VIITX vs. VBIRX - Drawdown Comparison
The maximum VIITX drawdown since its inception was -11.86%, which is greater than VBIRX's maximum drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for VIITX and VBIRX.
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Drawdown Indicators
| VIITX | VBIRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.86% | -8.69% | -3.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -1.54% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -2.89% | -1.55% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -11.71% | -8.47% | -3.24% |
Max Drawdown (10Y)Largest decline over 10 years | -11.86% | -8.69% | -3.17% |
Current DrawdownCurrent decline from peak | -1.02% | -0.79% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -2.11% | -0.98% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.55% | +0.13% |
Volatility
VIITX vs. VBIRX - Volatility Comparison
Vanguard Institutional Intermediate-Term Bond Fund (VIITX) has a higher volatility of 0.74% compared to Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) at 0.48%. This indicates that VIITX's price experiences larger fluctuations and is considered to be riskier than VBIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIITX | VBIRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.48% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 1.65% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.14% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 2.98% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 2.40% | +0.67% |
VIITX vs. VBIRX - Expense Ratio Comparison
VIITX has a 0.02% expense ratio, which is lower than VBIRX's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VIITX vs. VBIRX - Dividend Comparison
VIITX's dividend yield for the trailing twelve months is around 4.61%, more than VBIRX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares | 3.69% | 3.83% | 3.37% | 2.41% | 1.46% | 1.22% | 1.77% | 2.24% | 2.03% | 1.66% | 1.50% | 1.41% |
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 VBIRX have a correlation of 0.83, 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 VBIRX (0.48%). In terms of maximum drawdown, VIITX dropped -11.86% vs VBIRX's -8.69%.
VIITX currently has the higher Sharpe Ratio (1.23 vs 0.99), 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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