VIPSX vs. EARRX

Last updated Jun 25, 2026

VIPSX (Vanguard Inflation-Protected Securities Fund Investor Shares) and EARRX (Eaton Vance Short Duration Inflation-Protected Income Fund Class A) are both Inflation-Protected Bonds funds. Over the past 10 years, VIPSX returned 2.39%/yr vs 3.59%/yr for EARRX. A 0.60 correlation means they provide meaningful diversification when combined. VIPSX charges 0.20%/yr vs 0.85%/yr for EARRX.

Performance

VIPSX vs. EARRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIPSX having a 0.65% return and EARRX slightly higher at 0.68%. Over the past 10 years, VIPSX has underperformed EARRX with an annualized return of 2.39%, while EARRX has yielded a comparatively higher 3.59% annualized return.

VIPSX

• 1D: 0.00%
• 1M: -0.00%
• YTD: 0.65%
• 6M: 0.57%
• 1Y: 3.26%
• 3Y*: 3.52%
• 5Y*: 0.81%
• 10Y*: 2.39%

EARRX

• 1D: -0.10%
• 1M: -0.40%
• YTD: 0.68%
• 6M: 0.62%
• 1Y: 2.58%
• 3Y*: 5.02%
• 5Y*: 3.48%
• 10Y*: 3.59%

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

VIPSX vs. EARRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	0.65%	6.77%	1.74%	3.73%	-12.04%	5.57%	10.90%	8.06%	-1.48%	2.81%
EARRX Eaton Vance Short Duration Inflation-Protected Income Fund Class A	0.68%	5.46%	5.39%	5.95%	-3.22%	7.50%	5.05%	5.29%	-0.49%	1.81%

Correlation

The correlation between VIPSX and EARRX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.60

The correlation between VIPSX and EARRX shifts across timeframes, from 0.60 (all time) to 0.72 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VIPSX vs. EARRX — Risk / Return Rank

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

VIPSX

VIPSX Risk / Return Rank: 19
VIPSX Sharpe Ratio Rank: 16
VIPSX Sortino Ratio Rank: 16
VIPSX Omega Ratio Rank: 14
VIPSX Calmar Ratio Rank: 25
VIPSX Martin Ratio Rank: 23

EARRX

EARRX Risk / Return Rank: 47
EARRX Sharpe Ratio Rank: 37
EARRX Sortino Ratio Rank: 38
EARRX Omega Ratio Rank: 47
EARRX Calmar Ratio Rank: 55
EARRX Martin Ratio Rank: 57

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.

VIPSX vs. EARRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX). 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.

	VIPSX	EARRX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.59	-0.58
Sortino ratio: Return per unit of downside risk	1.50	2.32	-0.82
Omega ratio: Gain probability vs. loss probability	1.18	1.33	-0.16
Calmar ratio: Return relative to maximum drawdown	1.71	2.64	-0.93
Martin ratio: Return relative to average drawdown	5.12	10.50	-5.38

VIPSX vs. EARRX - Sharpe Ratio Comparison

The current VIPSX Sharpe Ratio is 1.02, which is lower than the EARRX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of VIPSX and EARRX, 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

VIPSX vs. EARRX - Drawdown Comparison

The maximum VIPSX drawdown since its inception was -15.13%, which is greater than EARRX's maximum drawdown of -10.27%. Use the drawdown chart below to compare losses from any high point for VIPSX and EARRX.

Drawdown Indicators

	VIPSX	EARRX	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-10.27%	-4.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-0.98%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-1.18%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-14.55%	-6.39%	-8.16%
Max Drawdown (10Y) Largest decline over 10 years	-14.55%	-10.27%	-4.28%
Current Drawdown Current decline from peak	-1.04%	-0.98%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.23%	-1.08%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.25%	+0.42%

Volatility

VIPSX vs. EARRX - Volatility Comparison

Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) has a higher volatility of 1.23% compared to Eaton Vance Short Duration Inflation-Protected Income Fund Class A (EARRX) at 0.76%. This indicates that VIPSX's price experiences larger fluctuations and is considered to be riskier than EARRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIPSX	EARRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.76%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	1.30%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	1.63%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	2.78%	+3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	2.72%	+2.61%

VIPSX vs. EARRX - Expense Ratio Comparison

VIPSX has a 0.20% expense ratio, which is lower than EARRX's 0.85% expense ratio.

Dividends

VIPSX vs. EARRX - Dividend Comparison

VIPSX's dividend yield for the trailing twelve months is around 4.43%, more than EARRX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EARRX Eaton Vance Short Duration Inflation-Protected Income Fund Class A	3.86%	4.36%	3.83%	4.24%	4.82%	3.32%	2.02%	2.46%	2.67%	1.90%	2.00%	1.73%
VIPSX Vanguard Inflation-Protected Securities Fund Investor Shares	4.43%	4.64%	4.07%	4.20%	8.34%	5.03%	1.28%	2.22%	3.03%	2.32%	3.38%	0.77%

Frequently Asked Questions

Can I hold both VIPSX and EARRX in my portfolio?

VIPSX and EARRX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIPSX or EARRX?

VIPSX has higher volatility (1.23%) compared to EARRX (0.76%). In terms of maximum drawdown, VIPSX dropped -15.13% vs EARRX's -10.27%.

Which has better risk-adjusted returns?

EARRX currently has the higher Sharpe Ratio (1.59 vs 1.02), 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.