VIPIX vs. VUSFX

Last updated Jun 23, 2026

VIPIX (Vanguard Inflation-Protected Securities Fund Institutional Shares) and VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) are both mutual funds - VIPIX is a Inflation-Protected Bonds fund managed by Vanguard, while VUSFX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VIPIX returned 2.62%/yr vs 2.71%/yr for VUSFX. At a 0.43 correlation, their price movements are largely independent. VIPIX charges 0.07%/yr vs 0.10%/yr for VUSFX.

Performance

VIPIX vs. VUSFX - 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 Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIPIX achieves a 1.05% return, which is significantly lower than VUSFX's 1.47% return. Both investments have delivered pretty close results over the past 10 years, with VIPIX having a 2.62% annualized return and VUSFX not far ahead at 2.71%.

VIPIX

• 1D: 0.21%
• 1M: 0.43%
• YTD: 1.05%
• 6M: 1.27%
• 1Y: 4.07%
• 3Y*: 3.84%
• 5Y*: 1.08%
• 10Y*: 2.62%

VUSFX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.47%
• 6M: 1.57%
• 1Y: 4.31%
• 3Y*: 5.42%
• 5Y*: 3.52%
• 10Y*: 2.71%

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

VIPIX vs. VUSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	1.05%	6.98%	1.85%	3.85%	-11.93%	5.73%	11.05%	8.18%	-1.40%	2.97%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.47%	5.11%	6.11%	5.53%	-0.38%	0.08%	2.10%	3.39%	2.10%	1.37%

Correlation

The correlation between VIPIX and VUSFX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.43

The correlation between VIPIX and VUSFX shifts across timeframes, from 0.43 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VIPIX vs. VUSFX — Risk / Return Rank

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

VIPIX

VIPIX Risk / Return Rank: 26
VIPIX Sharpe Ratio Rank: 22
VIPIX Sortino Ratio Rank: 23
VIPIX Omega Ratio Rank: 20
VIPIX Calmar Ratio Rank: 36
VIPIX Martin Ratio Rank: 30

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 99
VUSFX Calmar Ratio Rank: 99
VUSFX Martin Ratio Rank: 100

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. VUSFX - 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 Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). 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	VUSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	7.24	-6.00
Sortino ratio: Return per unit of downside risk	1.87	14.04	-12.17
Omega ratio: Gain probability vs. loss probability	1.22	4.29	-3.07
Calmar ratio: Return relative to maximum drawdown	2.16	17.57	-15.42
Martin ratio: Return relative to average drawdown	6.48	102.50	-96.02

VIPIX vs. VUSFX - Sharpe Ratio Comparison

The current VIPIX Sharpe Ratio is 1.24, which is lower than the VUSFX Sharpe Ratio of 7.24. The chart below compares the historical Sharpe Ratios of VIPIX and VUSFX, 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. VUSFX - Drawdown Comparison

The maximum VIPIX drawdown since its inception was -15.04%, which is greater than VUSFX's maximum drawdown of -1.71%. Use the drawdown chart below to compare losses from any high point for VIPIX and VUSFX.

Drawdown Indicators

	VIPIX	VUSFX	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-1.71%	-13.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-0.25%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-0.35%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	-14.33%	-1.71%	-12.62%
Max Drawdown (10Y) Largest decline over 10 years	-14.33%	-1.71%	-12.62%
Current Drawdown Current decline from peak	-0.64%	-0.10%	-0.54%
Average Drawdown Average peak-to-trough decline	-3.35%	-0.15%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.04%	+0.62%

Volatility

VIPIX vs. VUSFX - Volatility Comparison

Vanguard Inflation-Protected Securities Fund Institutional Shares (VIPIX) has a higher volatility of 1.24% compared to Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) at 0.19%. This indicates that VIPIX's price experiences larger fluctuations and is considered to be riskier than VUSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIPIX	VUSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.19%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	0.43%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	0.60%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	0.81%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	0.68%	+4.69%

VIPIX vs. VUSFX - Expense Ratio Comparison

VIPIX has a 0.07% expense ratio, which is lower than VUSFX's 0.10% 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

VIPIX vs. VUSFX - Dividend Comparison

VIPIX's dividend yield for the trailing twelve months is around 4.54%, which matches VUSFX's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIPIX Vanguard Inflation-Protected Securities Fund Institutional Shares	4.54%	4.77%	4.20%	4.34%	8.49%	5.16%	1.41%	2.32%	3.15%	2.45%	3.50%	0.91%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.53%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%	0.00%

Frequently Asked Questions

Can I hold both VIPIX and VUSFX in my portfolio?

VIPIX and VUSFX have a correlation of 0.52, 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 VUSFX?

VIPIX has higher volatility (1.24%) compared to VUSFX (0.19%). In terms of maximum drawdown, VIPIX dropped -15.04% vs VUSFX's -1.71%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.24 vs 1.24), 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.