VIPSX vs. VAIPX

Last updated Jun 25, 2026

VIPSX (Vanguard Inflation-Protected Securities Fund Investor Shares) and VAIPX (Vanguard Inflation-Protected Securities Fund Admiral Shares) are both Inflation-Protected Bonds funds from Vanguard. Over the past 10 years, VIPSX returned 2.39%/yr vs 2.49%/yr for VAIPX. With a 0.99 correlation, they move nearly in lockstep. VIPSX charges 0.20%/yr vs 0.10%/yr for VAIPX.

Performance

VIPSX vs. VAIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIPSX achieves a 0.65% return, which is significantly lower than VAIPX's 0.69% return. Both investments have delivered pretty close results over the past 10 years, with VIPSX having a 2.39% annualized return and VAIPX not far ahead at 2.49%.

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%

VAIPX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.69%
• 6M: 0.65%
• 1Y: 3.38%
• 3Y*: 3.62%
• 5Y*: 0.92%
• 10Y*: 2.49%

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

VIPSX vs. VAIPX - 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%
VAIPX Vanguard Inflation-Protected Securities Fund Admiral Shares	0.69%	6.87%	1.85%	3.83%	-11.92%	5.69%	10.96%	8.16%	-1.39%	2.91%

Correlation

The correlation between VIPSX and VAIPX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 10, 2005	0.99

The correlation between VIPSX and VAIPX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

VIPSX vs. VAIPX — 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

VAIPX

VAIPX Risk / Return Rank: 20
VAIPX Sharpe Ratio Rank: 17
VAIPX Sortino Ratio Rank: 17
VAIPX Omega Ratio Rank: 15
VAIPX Calmar Ratio Rank: 25
VAIPX Martin Ratio Rank: 24

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. VAIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX). 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	VAIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.05	-0.04
Sortino ratio: Return per unit of downside risk	1.50	1.57	-0.07
Omega ratio: Gain probability vs. loss probability	1.18	1.18	-0.01
Calmar ratio: Return relative to maximum drawdown	1.71	1.72	-0.01
Martin ratio: Return relative to average drawdown	5.12	5.34	-0.21

VIPSX vs. VAIPX - Sharpe Ratio Comparison

The current VIPSX Sharpe Ratio is 1.02, which is comparable to the VAIPX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VIPSX and VAIPX, 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. VAIPX - Drawdown Comparison

The maximum VIPSX drawdown since its inception was -15.13%, roughly equal to the maximum VAIPX drawdown of -15.04%. Use the drawdown chart below to compare losses from any high point for VIPSX and VAIPX.

Drawdown Indicators

	VIPSX	VAIPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-15.04%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.05%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-4.52%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-14.55%	-14.40%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-14.55%	-14.40%	-0.15%
Current Drawdown Current decline from peak	-1.04%	-1.03%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.23%	-3.80%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.66%	+0.01%

Volatility

VIPSX vs. VAIPX - Volatility Comparison

Vanguard Inflation-Protected Securities Fund Investor Shares (VIPSX) and Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) have volatilities of 1.23% and 1.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIPSX	VAIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.19%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	2.45%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	3.35%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	5.98%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	5.32%	+0.01%

VIPSX vs. VAIPX - Expense Ratio Comparison

VIPSX has a 0.20% expense ratio, which is higher than VAIPX's 0.10% 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

VIPSX vs. VAIPX - Dividend Comparison

VIPSX's dividend yield for the trailing twelve months is around 4.43%, less than VAIPX's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VAIPX Vanguard Inflation-Protected Securities Fund Admiral Shares	4.53%	4.74%	4.17%	4.31%	8.45%	5.13%	1.38%	2.29%	3.12%	2.41%	3.49%	0.88%
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 VAIPX in my portfolio?

With a correlation of 0.98, VIPSX and VAIPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIPSX or VAIPX?

VIPSX has higher volatility (1.23%) compared to VAIPX (1.19%). In terms of maximum drawdown, VIPSX dropped -15.13% vs VAIPX's -15.04%.

Which has better risk-adjusted returns?

VAIPX currently has the higher Sharpe Ratio (1.05 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.