VMVAX vs. VBITX

Last updated Jul 18, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and VBITX (Vanguard Short-Term Bond Index Fund Institutional Shares) are both mutual funds - VMVAX is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while VBITX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VMVAX returned 10.71%/yr vs 1.86%/yr for VBITX. At a correlation of -0.09, they often move in opposite directions. VMVAX charges 0.07%/yr vs 0.05%/yr for VBITX.

Performance

VMVAX vs. VBITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and Vanguard Short-Term Bond Index Fund Institutional Shares (VBITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVAX achieves a 15.89% return, which is significantly higher than VBITX's 0.35% return. Over the past 10 years, VMVAX has outperformed VBITX with an annualized return of 10.71%, while VBITX has yielded a comparatively lower 1.86% annualized return.

VMVAX

• 1D: 1.19%
• 1M: 4.40%
• 6M: 10.95%
• YTD: 15.89%
• 1Y: 24.48%
• 3Y*: 15.44%
• 5Y*: 10.46%
• 10Y*: 10.71%

VBITX

• 1D: -0.10%
• 1M: 0.34%
• 6M: 0.65%
• YTD: 0.35%
• 1Y: 3.27%
• 3Y*: 4.37%
• 5Y*: 1.57%
• 10Y*: 1.86%

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

VMVAX vs. VBITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	15.89%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%
VBITX Vanguard Short-Term Bond Index Fund Institutional Shares	0.35%	6.11%	3.77%	4.43%	-5.61%	-1.18%	4.72%	4.89%	1.38%	1.20%

Correlation

The correlation between VMVAX and VBITX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	-0.09

The correlation between VMVAX and VBITX shifts across timeframes, from -0.09 (all time) to 0.16 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VMVAX vs. VBITX — Risk / Return Rank

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

VMVAX

VMVAX Risk / Return Rank: 84
VMVAX Sharpe Ratio Rank: 82
VMVAX Sortino Ratio Rank: 82
VMVAX Omega Ratio Rank: 77
VMVAX Calmar Ratio Rank: 89
VMVAX Martin Ratio Rank: 90

VBITX

VBITX Risk / Return Rank: 41
VBITX Sharpe Ratio Rank: 37
VBITX Sortino Ratio Rank: 51
VBITX Omega Ratio Rank: 41
VBITX Calmar Ratio Rank: 42
VBITX Martin Ratio Rank: 34

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.

VMVAX vs. VBITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and Vanguard Short-Term Bond Index Fund Institutional Shares (VBITX). 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.

	VMVAX	VBITX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.45	+0.79
Sortino ratio: Return per unit of downside risk	3.24	2.39	+0.85
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	3.68	2.13	+1.55
Martin ratio: Return relative to average drawdown	14.06	6.34	+7.72

VMVAX vs. VBITX - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.24, which is higher than the VBITX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of VMVAX and VBITX, 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

VMVAX vs. VBITX - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, which is greater than VBITX's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for VMVAX and VBITX.

Drawdown Indicators

	VMVAX	VBITX	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-8.65%	-34.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-1.54%	-5.41%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-1.54%	-16.86%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-8.61%	-11.14%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-8.65%	-34.42%
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-4.34%	-1.18%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.52%	+1.29%

Volatility

VMVAX vs. VBITX - Volatility Comparison

Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) has a higher volatility of 2.93% compared to Vanguard Short-Term Bond Index Fund Institutional Shares (VBITX) at 0.67%. This indicates that VMVAX's price experiences larger fluctuations and is considered to be riskier than VBITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVAX	VBITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	0.67%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	1.71%	+6.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	2.28%	+9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	2.98%	+12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	2.41%	+16.27%

VMVAX vs. VBITX - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is higher than VBITX's 0.05% 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

VMVAX vs. VBITX - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.82%, less than VBITX's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBITX Vanguard Short-Term Bond Index Fund Institutional Shares	4.04%	3.85%	3.39%	1.99%	1.48%	1.24%	1.80%	2.26%	2.03%	1.69%	1.52%	1.44%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.82%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both VMVAX and VBITX in my portfolio?

VMVAX and VBITX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVAX or VBITX?

VMVAX has higher volatility (2.93%) compared to VBITX (0.67%). In terms of maximum drawdown, VMVAX dropped -43.07% vs VBITX's -8.65%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.24 vs 1.45), 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.