VIPIX vs. TRBFX

Last updated Jun 4, 2026

VIPIX (Vanguard Inflation-Protected Securities Fund Institutional Shares) and TRBFX (T. Rowe Price Limited Duration Inflation Focused Bond Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, VIPIX returned 2.67%/yr vs 2.93%/yr for TRBFX. A 0.67 correlation means they provide meaningful diversification when combined. VIPIX charges 0.07%/yr vs 0.41%/yr for TRBFX.

Performance

VIPIX vs. TRBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) and T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIPIX achieves a 1.59% return, which is significantly lower than TRBFX's 1.76% return. Over the past 10 years, VIPIX has underperformed TRBFX with an annualized return of 2.67%, while TRBFX has yielded a comparatively higher 2.93% annualized return.

VIPIX

• 1D: -0.11%
• 1M: 0.11%
• YTD: 1.59%
• 6M: 1.20%
• 1Y: 5.29%
• 3Y*: 4.06%
• 5Y*: 1.18%
• 10Y*: 2.67%

TRBFX

• 1D: 0.00%
• 1M: -0.11%
• YTD: 1.76%
• 6M: 1.77%
• 1Y: 4.67%
• 3Y*: 4.95%
• 5Y*: 2.52%
• 10Y*: 2.93%

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

VIPIX vs. TRBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	1.59%	6.98%	1.85%	3.85%	-11.93%	5.73%	11.05%	8.18%	-1.40%	2.97%
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	1.76%	6.34%	4.60%	3.01%	-5.19%	5.77%	5.65%	6.53%	0.28%	0.80%

Correlation

The correlation between VIPIX and TRBFX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 7, 2015	0.67

The correlation between VIPIX and TRBFX shifts across timeframes, from 0.53 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VIPIX vs. TRBFX — Risk / Return Rank

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

VIPIX

VIPIX Risk / Return Rank: 33
VIPIX Sharpe Ratio Rank: 28
VIPIX Sortino Ratio Rank: 31
VIPIX Omega Ratio Rank: 26
VIPIX Calmar Ratio Rank: 47
VIPIX Martin Ratio Rank: 35

TRBFX

TRBFX Risk / Return Rank: 19
TRBFX Sharpe Ratio Rank: 12
TRBFX Sortino Ratio Rank: 12
TRBFX Omega Ratio Rank: 48
TRBFX Calmar Ratio Rank: 14
TRBFX Martin Ratio Rank: 9

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.

VIPIX vs. TRBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) and T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX). 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.

	VIPIX	TRBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	0.91	+0.59
Sortino ratio: Return per unit of downside risk	2.29	1.35	+0.94
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.60	1.32	+1.28
Martin ratio: Return relative to average drawdown	7.88	2.66	+5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIPIX vs. TRBFX - Sharpe Ratio Comparison

The current VIPIX Sharpe Ratio is 1.49, which is higher than the TRBFX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of VIPIX and TRBFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIPIX	TRBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	0.91	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.49	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.73	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.72	-0.10

Drawdowns

VIPIX vs. TRBFX - Drawdown Comparison

The maximum VIPIX drawdown since its inception was -15.04%, which is greater than TRBFX's maximum drawdown of -7.33%. Use the drawdown chart below to compare losses from any high point for VIPIX and TRBFX.

Drawdown Indicators

	VIPIX	TRBFX	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-7.33%	-7.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-3.48%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-3.51%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-7.33%	-7.00%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-7.33%	-7.00%
Current Drawdown Current decline from peak	-0.12%	-1.36%	+1.24%
Average Drawdown Average peak-to-trough decline	-3.35%	-1.42%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.70%	-1.04%

Volatility

VIPIX vs. TRBFX - Volatility Comparison

Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) has a higher volatility of 1.03% compared to T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) at 0.61%. This indicates that VIPIX's price experiences larger fluctuations and is considered to be riskier than TRBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIPIX	TRBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.61%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	4.76%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	5.06%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	5.15%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	4.01%	+1.36%

VIPIX vs. TRBFX - Expense Ratio Comparison

VIPIX has a 0.07% expense ratio, which is lower than TRBFX's 0.41% expense ratio.

Dividends

VIPIX vs. TRBFX - Dividend Comparison

VIPIX's dividend yield for the trailing twelve months is around 4.52%, less than TRBFX's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	4.79%	4.95%	4.48%	3.64%	6.11%	4.99%	1.38%	3.27%	2.34%	1.61%	1.10%	0.00%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	4.52%	4.77%	4.20%	4.34%	8.49%	5.16%	1.41%	2.32%	3.15%	2.45%	3.50%	0.91%

Frequently Asked Questions

Can I hold both VIPIX and TRBFX in my portfolio?

VIPIX and TRBFX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIPIX or TRBFX?

VIPIX has higher volatility (1.03%) compared to TRBFX (0.61%). In terms of maximum drawdown, VIPIX dropped -15.04% vs TRBFX's -7.33%.

Which has better risk-adjusted returns?

VIPIX currently has the higher Sharpe Ratio (1.49 vs 0.91), 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.