VSBSX vs. VSBIX
VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds from Vanguard. Over the past 10 years, VSBSX returned 1.75%/yr vs 1.77%/yr for VSBIX. Their correlation of 0.90 suggests significant overlap in exposure. VSBSX charges 0.07%/yr vs 0.05%/yr for VSBIX.
Performance
VSBSX vs. VSBIX - Performance Comparison
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Returns By Period
In the year-to-date period, VSBSX achieves a 0.45% return, which is significantly lower than VSBIX's 0.48% return. Both investments have delivered pretty close results over the past 10 years, with VSBSX having a 1.75% annualized return and VSBIX not far ahead at 1.77%.
VSBSX
- 1D
- -0.05%
- 1M
- 0.06%
- YTD
- 0.45%
- 6M
- 0.78%
- 1Y
- 3.25%
- 3Y*
- 4.26%
- 5Y*
- 1.86%
- 10Y*
- 1.75%
VSBIX
- 1D
- -0.04%
- 1M
- 0.03%
- YTD
- 0.48%
- 6M
- 0.81%
- 1Y
- 3.27%
- 3Y*
- 4.27%
- 5Y*
- 1.87%
- 10Y*
- 1.77%
VSBSX vs. VSBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 0.45% | 5.08% | 4.39% | 4.23% | -3.87% | -0.69% | 3.09% | 3.51% | 1.52% | 0.35% |
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 0.48% | 5.11% | 4.37% | 4.28% | -3.87% | -0.67% | 3.11% | 3.53% | 1.52% | 0.40% |
Correlation
The correlation between VSBSX and VSBIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.90 |
The correlation between VSBSX and VSBIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
VSBSX vs. VSBIX — Risk / Return Rank
VSBSX
VSBIX
VSBSX vs. VSBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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.
| VSBSX | VSBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.58 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 4.28 | -0.19 |
| Martin ratioReturn relative to average drawdown | 16.83 | 17.60 | -0.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSBSX | VSBIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 2.73 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.96 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.14 | 1.16 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 1.09 | -0.02 |
Drawdowns
VSBSX vs. VSBIX - Drawdown Comparison
The maximum VSBSX drawdown since its inception was -5.77%, roughly equal to the maximum VSBIX drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for VSBSX and VSBIX.
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Drawdown Indicators
| VSBSX | VSBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.77% | -5.74% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.84% | -0.81% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.84% | -0.81% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -5.77% | -5.74% | -0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -5.77% | -5.74% | -0.03% |
Current DrawdownCurrent decline from peak | -0.27% | -0.24% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -0.59% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.20% | 0.00% |
Volatility
VSBSX vs. VSBIX - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) is 0.36%, while Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) has a volatility of 0.39%. This indicates that VSBSX experiences smaller price fluctuations and is considered to be less risky than VSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSBSX | VSBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 0.39% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 0.86% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 1.27% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 1.95% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.54% | 1.53% | +0.01% |
VSBSX vs. VSBIX - Expense Ratio Comparison
VSBSX has a 0.07% expense ratio, which is higher than VSBIX'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
VSBSX vs. VSBIX - Dividend Comparison
VSBSX's dividend yield for the trailing twelve months is around 3.85%, which matches VSBIX's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 3.87% | 3.99% | 4.52% | 3.31% | 1.14% | 0.65% | 1.74% | 2.28% | 1.81% | 1.11% | 0.80% | 0.74% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 3.85% | 3.98% | 4.50% | 3.29% | 1.12% | 0.63% | 1.72% | 2.26% | 1.80% | 1.10% | 0.76% | 0.71% |
Frequently Asked Questions
With a correlation of 0.91, VSBSX and VSBIX 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.
VSBIX has higher volatility (0.39%) compared to VSBSX (0.36%). In terms of maximum drawdown, VSBSX dropped -5.77% vs VSBIX's -5.74%.
VSBIX currently has the higher Sharpe Ratio (2.73 vs 2.68), 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.
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