VIITX vs. VFIAX
VIITX (Vanguard Institutional Intermediate-Term Bond Fund) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VIITX is a Short-Term Bond fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VIITX returned 2.13%/yr vs 15.63%/yr for VFIAX. At a correlation of -0.02, they often move in opposite directions. VIITX charges 0.02%/yr vs 0.04%/yr for VFIAX.
Performance
VIITX vs. VFIAX - Performance Comparison
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Returns By Period
In the year-to-date period, VIITX achieves a 0.56% return, which is significantly lower than VFIAX's 11.69% return. Over the past 10 years, VIITX has underperformed VFIAX with an annualized return of 2.13%, while VFIAX has yielded a comparatively higher 15.63% 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%
VFIAX
- 1D
- 0.13%
- 1M
- 5.80%
- YTD
- 11.69%
- 6M
- 11.73%
- 1Y
- 28.95%
- 3Y*
- 22.72%
- 5Y*
- 14.24%
- 10Y*
- 15.63%
VIITX vs. VFIAX - 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% |
VFIAX Vanguard 500 Index Fund Admiral Shares | 11.69% | 17.83% | 24.97% | 26.24% | -18.16% | 28.65% | 18.32% | 31.46% | -4.45% | 21.78% |
Correlation
The correlation between VIITX and VFIAX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2015 | -0.02 |
The correlation between VIITX and VFIAX shifts across timeframes, from -0.02 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VIITX vs. VFIAX — Risk / Return Rank
VIITX
VFIAX
VIITX vs. VFIAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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 | VFIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.46 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.35 | -0.64 |
| Martin ratioReturn relative to average drawdown | 8.89 | 15.66 | -6.77 |
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 | VFIAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 2.52 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.85 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.87 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.47 | +0.29 |
Drawdowns
VIITX vs. VFIAX - Drawdown Comparison
The maximum VIITX drawdown since its inception was -11.86%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VIITX and VFIAX.
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Drawdown Indicators
| VIITX | VFIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.86% | -55.20% | +43.34% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -8.90% | +7.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -18.75% | +15.43% |
Max Drawdown (5Y)Largest decline over 5 years | -11.86% | -24.53% | +12.67% |
Max Drawdown (10Y)Largest decline over 10 years | -11.86% | -33.83% | +21.97% |
Current DrawdownCurrent decline from peak | -0.87% | 0.00% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -9.40% | +7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 1.90% | -1.32% |
Volatility
VIITX vs. VFIAX - Volatility Comparison
The current volatility for Vanguard Institutional Intermediate-Term Bond Fund (VIITX) is 0.87%, while Vanguard 500 Index Fund Admiral Shares (VFIAX) has a volatility of 2.82%. This indicates that VIITX experiences smaller price fluctuations and is considered to be less risky than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIITX | VFIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.82% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 8.98% | -7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.49% | 11.86% | -9.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 16.90% | -13.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 18.07% | -15.01% |
VIITX vs. VFIAX - Expense Ratio Comparison
VIITX has a 0.02% expense ratio, which is lower than VFIAX'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. VFIAX - Dividend Comparison
VIITX's dividend yield for the trailing twelve months is around 4.57%, more than VFIAX's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFIAX Vanguard 500 Index Fund Admiral Shares | 1.01% | 1.12% | 1.24% | 1.45% | 1.68% | 1.24% | 1.53% | 1.87% | 2.05% | 1.78% | 2.02% | 2.10% |
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
VIITX and VFIAX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFIAX has higher volatility (2.82%) compared to VIITX (0.87%). In terms of maximum drawdown, VIITX dropped -11.86% vs VFIAX's -55.20%.
VFIAX currently has the higher Sharpe Ratio (2.52 vs 2.07), 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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