VINIX vs. VBTIX

Last updated Jun 13, 2026

VINIX (Vanguard Institutional Index Fund Institutional Shares) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both mutual funds - VINIX is a S&P 500 fund tracking the S&P 500 Index, while VBTIX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VINIX returned 15.50%/yr vs 1.54%/yr for VBTIX. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.04% expense ratio.

Performance

VINIX vs. VBTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Institutional Index Fund Institutional Shares (VINIX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VINIX achieves a 8.58% return, which is significantly higher than VBTIX's 0.43% return. Over the past 10 years, VINIX has outperformed VBTIX with an annualized return of 15.50%, while VBTIX has yielded a comparatively lower 1.54% annualized return.

VINIX

• 1D: 1.75%
• 1M: -1.31%
• YTD: 8.58%
• 6M: 8.93%
• 1Y: 25.16%
• 3Y*: 21.46%
• 5Y*: 13.46%
• 10Y*: 15.50%

VBTIX

• 1D: 0.52%
• 1M: 0.55%
• YTD: 0.43%
• 6M: 0.97%
• 1Y: 4.92%
• 3Y*: 4.06%
• 5Y*: 0.06%
• 10Y*: 1.54%

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

VINIX vs. VBTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VINIX Vanguard Institutional Index Fund Institutional Shares	8.58%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	0.43%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%

Correlation

The correlation between VINIX and VBTIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 18, 1995	-0.12

The correlation between VINIX and VBTIX shifts across timeframes, from -0.12 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VINIX vs. VBTIX — Risk / Return Rank

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

VINIX

VINIX Risk / Return Rank: 73
VINIX Sharpe Ratio Rank: 72
VINIX Sortino Ratio Rank: 68
VINIX Omega Ratio Rank: 68
VINIX Calmar Ratio Rank: 73
VINIX Martin Ratio Rank: 83

VBTIX

VBTIX Risk / Return Rank: 30
VBTIX Sharpe Ratio Rank: 31
VBTIX Sortino Ratio Rank: 33
VBTIX Omega Ratio Rank: 30
VBTIX Calmar Ratio Rank: 32
VBTIX Martin Ratio Rank: 26

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.

VINIX vs. VBTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Index Fund Institutional Shares (VINIX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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.

	VINIX	VBTIX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.26	+0.71
Sortino ratio: Return per unit of downside risk	2.67	1.90	+0.77
Omega ratio: Gain probability vs. loss probability	1.36	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	2.74	1.71	+1.03
Martin ratio: Return relative to average drawdown	12.44	4.95	+7.49

VINIX vs. VBTIX - Sharpe Ratio Comparison

The current VINIX Sharpe Ratio is 1.97, which is higher than the VBTIX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VINIX and VBTIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VINIX vs. VBTIX - Drawdown Comparison

The maximum VINIX drawdown since its inception was -55.19%, which is greater than VBTIX's maximum drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for VINIX and VBTIX.

Drawdown Indicators

	VINIX	VBTIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-18.90%	-36.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-2.89%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-5.99%	-12.76%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-18.13%	-6.38%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-18.90%	-14.89%
Current Drawdown Current decline from peak	-2.79%	-2.25%	-0.54%
Average Drawdown Average peak-to-trough decline	-8.52%	-2.32%	-6.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.00%	+0.95%

Volatility

VINIX vs. VBTIX - Volatility Comparison

Vanguard Institutional Index Fund Institutional Shares (VINIX) has a higher volatility of 4.43% compared to Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) at 1.33%. This indicates that VINIX's price experiences larger fluctuations and is considered to be riskier than VBTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VINIX	VBTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	1.33%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	2.85%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	3.93%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	6.02%	+10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	4.99%	+13.10%

VINIX vs. VBTIX - Expense Ratio Comparison

Both VINIX and VBTIX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VINIX vs. VBTIX - Dividend Comparison

VINIX's dividend yield for the trailing twelve months is around 2.46%, less than VBTIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	3.99%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.46%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both VINIX and VBTIX in my portfolio?

VINIX and VBTIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VINIX or VBTIX?

VINIX has higher volatility (4.43%) compared to VBTIX (1.33%). In terms of maximum drawdown, VINIX dropped -55.19% vs VBTIX's -18.90%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (1.97 vs 1.26), 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.