VLGIX vs. VBLLX

Last updated Jun 24, 2026

VLGIX (Vanguard Long-Term Treasury Index Fund Institutional Shares) and VBLLX (Vanguard Long-Term Bond Index Fund Institutional Shares) are both mutual funds - VLGIX is a Government Bonds fund managed by Vanguard, while VBLLX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VLGIX returned -1.18%/yr vs 0.75%/yr for VBLLX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

VLGIX vs. VBLLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLGIX achieves a 0.12% return, which is significantly lower than VBLLX's 0.27% return. Over the past 10 years, VLGIX has underperformed VBLLX with an annualized return of -1.18%, while VBLLX has yielded a comparatively higher 0.75% annualized return.

VLGIX

• 1D: -0.68%
• 1M: 1.96%
• YTD: 0.12%
• 6M: 0.20%
• 1Y: 3.92%
• 3Y*: -0.66%
• 5Y*: -5.52%
• 10Y*: -1.18%

VBLLX

• 1D: -0.67%
• 1M: 1.69%
• YTD: 0.27%
• 6M: 0.57%
• 1Y: 5.13%
• 3Y*: 1.61%
• 5Y*: -3.83%
• 10Y*: 0.75%

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

VLGIX vs. VBLLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLGIX Vanguard Long-Term Treasury Index Fund Institutional Shares	0.12%	5.46%	-6.11%	3.67%	-29.45%	-5.06%	17.72%	14.31%	-1.59%	8.64%
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares	0.27%	6.60%	-4.12%	7.13%	-27.20%	-3.08%	16.27%	19.15%	-4.71%	10.89%

Correlation

The correlation between VLGIX and VBLLX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.98

The correlation between VLGIX and VBLLX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

VLGIX vs. VBLLX — Risk / Return Rank

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

VLGIX

VLGIX Risk / Return Rank: 7
VLGIX Sharpe Ratio Rank: 7
VLGIX Sortino Ratio Rank: 6
VLGIX Omega Ratio Rank: 6
VLGIX Calmar Ratio Rank: 7
VLGIX Martin Ratio Rank: 7

VBLLX

VBLLX Risk / Return Rank: 9
VBLLX Sharpe Ratio Rank: 9
VBLLX Sortino Ratio Rank: 8
VBLLX Omega Ratio Rank: 8
VBLLX Calmar Ratio Rank: 10
VBLLX 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.

VLGIX vs. VBLLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX). 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.

	VLGIX	VBLLX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.67	-0.17
Sortino ratio: Return per unit of downside risk	0.78	1.01	-0.24
Omega ratio: Gain probability vs. loss probability	1.09	1.12	-0.03
Calmar ratio: Return relative to maximum drawdown	0.62	0.91	-0.29
Martin ratio: Return relative to average drawdown	1.53	2.27	-0.74

VLGIX vs. VBLLX - Sharpe Ratio Comparison

The current VLGIX Sharpe Ratio is 0.50, which is comparable to the VBLLX Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of VLGIX and VBLLX, 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

VLGIX vs. VBLLX - Drawdown Comparison

The maximum VLGIX drawdown since its inception was -46.23%, which is greater than VBLLX's maximum drawdown of -38.42%. Use the drawdown chart below to compare losses from any high point for VLGIX and VBLLX.

Drawdown Indicators

	VLGIX	VBLLX	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-38.42%	-7.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-5.98%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-14.90%	-2.75%
Max Drawdown (5Y) Largest decline over 5 years	-41.00%	-36.29%	-4.71%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-38.42%	-7.81%
Current Drawdown Current decline from peak	-36.19%	-24.66%	-11.53%
Average Drawdown Average peak-to-trough decline	-15.09%	-9.24%	-5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.40%	+0.42%

Volatility

VLGIX vs. VBLLX - Volatility Comparison

Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) have volatilities of 2.14% and 2.08%, 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

	VLGIX	VBLLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	2.08%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	5.88%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	8.11%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.52%	12.86%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	11.59%	+2.13%

VLGIX vs. VBLLX - Expense Ratio Comparison

Both VLGIX and VBLLX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VLGIX vs. VBLLX - Dividend Comparison

VLGIX's dividend yield for the trailing twelve months is around 4.57%, less than VBLLX's 4.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares	4.78%	4.66%	4.64%	3.75%	4.16%	2.89%	5.84%	3.62%	3.82%	3.69%	4.19%	4.98%
VLGIX Vanguard Long-Term Treasury Index Fund Institutional Shares	4.57%	4.43%	4.67%	3.31%	2.83%	1.78%	2.15%	2.46%	2.73%	2.57%	2.70%	2.82%

Frequently Asked Questions

Can I hold both VLGIX and VBLLX in my portfolio?

With a correlation of 0.97, VLGIX and VBLLX 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, VLGIX or VBLLX?

VLGIX has higher volatility (2.14%) compared to VBLLX (2.08%). In terms of maximum drawdown, VLGIX dropped -46.23% vs VBLLX's -38.42%.

Which has better risk-adjusted returns?

VBLLX currently has the higher Sharpe Ratio (0.67 vs 0.50), 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.