VIITX vs. VBTLX
VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VIITX is a Short-Term Bond fund managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VIITX returned 2.13%/yr vs 1.58%/yr for VBTLX. Their correlation of 0.92 suggests significant overlap in exposure. VIITX charges 0.02%/yr vs 0.04%/yr for VBTLX.
Performance
VIITX vs. VBTLX - Performance Comparison
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Returns By Period
In the year-to-date period, VIITX achieves a 0.56% return, which is significantly higher than VBTLX's 0.42% return. Over the past 10 years, VIITX has outperformed VBTLX with an annualized return of 2.13%, while VBTLX has yielded a comparatively lower 1.58% 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%
VBTLX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.35%
- 1Y
- 5.34%
- 3Y*
- 4.05%
- 5Y*
- 0.21%
- 10Y*
- 1.58%
VIITX vs. VBTLX - 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% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.42% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Correlation
The correlation between VIITX and VBTLX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | 0.92 |
The correlation between VIITX and VBTLX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
VIITX vs. VBTLX — Risk / Return Rank
VIITX
VBTLX
VIITX vs. VBTLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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 | VBTLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.86 | +0.86 |
| Martin ratioReturn relative to average drawdown | 8.89 | 5.58 | +3.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIITX | VBTLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 1.36 | +0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.04 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.32 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.76 | 0.00 |
Drawdowns
VIITX vs. VBTLX - Drawdown Comparison
The maximum VIITX drawdown since its inception was -11.86%, smaller than the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VIITX and VBTLX.
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Drawdown Indicators
| VIITX | VBTLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.86% | -18.81% | +6.95% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -2.89% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -6.00% | +2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -11.86% | -18.14% | +6.28% |
Max Drawdown (10Y)Largest decline over 10 years | -11.86% | -18.81% | +6.95% |
Current DrawdownCurrent decline from peak | -0.87% | -2.18% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -2.67% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.96% | -0.38% |
Volatility
VIITX vs. VBTLX - Volatility Comparison
The current volatility for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) is 0.87%, while Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a volatility of 1.38%. This indicates that VIITX experiences smaller price fluctuations and is considered to be less risky than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIITX | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.38% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 2.80% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.49% | 3.97% | -1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 6.01% | -2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 4.98% | -1.92% |
VIITX vs. VBTLX - Expense Ratio Comparison
VIITX has a 0.02% expense ratio, which is lower than VBTLX's 0.04% 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. VBTLX - Dividend Comparison
VIITX's dividend yield for the trailing twelve months is around 4.57%, more than VBTLX's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
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
With a correlation of 0.91, VIITX and VBTLX 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.
VBTLX has higher volatility (1.38%) compared to VIITX (0.87%). In terms of maximum drawdown, VIITX dropped -11.86% vs VBTLX's -18.81%.
VIITX currently has the higher Sharpe Ratio (2.07 vs 1.36), 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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