VIPIX vs. VBTIX

Last updated Jun 24, 2026

VIPIX (Vanguard Inflation-Protected Securities Fund Institutional Shares) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both mutual funds - VIPIX is a Inflation-Protected Bonds fund managed by Vanguard, while VBTIX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VIPIX returned 2.51%/yr vs 1.50%/yr for VBTIX. A 0.77 correlation means they provide meaningful diversification when combined. VIPIX charges 0.07%/yr vs 0.03%/yr for VBTIX.

Performance

VIPIX vs. VBTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) 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, VIPIX achieves a 0.63% return, which is significantly higher than VBTIX's 0.12% return. Over the past 10 years, VIPIX has outperformed VBTIX with an annualized return of 2.51%, while VBTIX has yielded a comparatively lower 1.50% annualized return.

VIPIX

• 1D: -0.42%
• 1M: 0.00%
• YTD: 0.63%
• 6M: 0.84%
• 1Y: 3.52%
• 3Y*: 3.65%
• 5Y*: 0.90%
• 10Y*: 2.51%

VBTIX

• 1D: -0.31%
• 1M: 0.66%
• YTD: 0.12%
• 6M: 0.45%
• 1Y: 4.16%
• 3Y*: 3.95%
• 5Y*: 0.04%
• 10Y*: 1.50%

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

VIPIX vs. VBTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	0.63%	6.98%	1.85%	3.85%	-11.93%	5.73%	11.05%	8.18%	-1.40%	2.97%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	0.12%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%

Correlation

The correlation between VIPIX and VBTIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 15, 2003	0.77

The correlation between VIPIX and VBTIX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

VIPIX vs. VBTIX — Risk / Return Rank

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

VIPIX

VIPIX Risk / Return Rank: 20
VIPIX Sharpe Ratio Rank: 16
VIPIX Sortino Ratio Rank: 16
VIPIX Omega Ratio Rank: 14
VIPIX Calmar Ratio Rank: 27
VIPIX Martin Ratio Rank: 24

VBTIX

VBTIX Risk / Return Rank: 18
VBTIX Sharpe Ratio Rank: 18
VBTIX Sortino Ratio Rank: 19
VBTIX Omega Ratio Rank: 17
VBTIX Calmar Ratio Rank: 20
VBTIX Martin Ratio Rank: 17

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. VBTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) 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.

	VIPIX	VBTIX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.12	-0.08
Sortino ratio: Return per unit of downside risk	1.57	1.69	-0.12
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.83	1.52	+0.31
Martin ratio: Return relative to average drawdown	5.46	4.30	+1.15

VIPIX vs. VBTIX - Sharpe Ratio Comparison

The current VIPIX Sharpe Ratio is 1.04, which is comparable to the VBTIX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of VIPIX 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

VIPIX vs. VBTIX - Drawdown Comparison

The maximum VIPIX drawdown since its inception was -15.04%, smaller than the maximum VBTIX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for VIPIX and VBTIX.

Drawdown Indicators

	VIPIX	VBTIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-18.90%	+3.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-2.89%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-5.99%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-18.13%	+3.80%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-18.90%	+4.57%
Current Drawdown Current decline from peak	-1.06%	-2.55%	+1.49%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.32%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.02%	-0.35%

Volatility

VIPIX vs. VBTIX - Volatility Comparison

Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) has a higher volatility of 1.30% compared to Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) at 1.17%. This indicates that VIPIX'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

	VIPIX	VBTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.17%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	2.88%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	3.92%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	6.02%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	4.99%	+0.38%

VIPIX vs. VBTIX - Expense Ratio Comparison

VIPIX has a 0.07% expense ratio, which is higher than VBTIX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIPIX vs. VBTIX - Dividend Comparison

VIPIX's dividend yield for the trailing twelve months is around 4.56%, more than VBTIX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	4.01%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	4.56%	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 VBTIX in my portfolio?

VIPIX and VBTIX have a correlation of 0.78, 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 VBTIX?

VIPIX has higher volatility (1.30%) compared to VBTIX (1.17%). In terms of maximum drawdown, VIPIX dropped -15.04% vs VBTIX's -18.90%.

Which has better risk-adjusted returns?

VBTIX currently has the higher Sharpe Ratio (1.12 vs 1.04), 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.