VTAPX vs. BNDX

Last updated Jun 23, 2026

VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - VTAPX is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, VTAPX returned 3.05%/yr vs 1.72%/yr for BNDX. At a 0.40 correlation, their price movements are largely independent. VTAPX charges 0.06%/yr vs 0.07%/yr for BNDX.

Performance

VTAPX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTAPX achieves a 1.45% return, which is significantly higher than BNDX's 1.04% return. Over the past 10 years, VTAPX has outperformed BNDX with an annualized return of 3.05%, while BNDX has yielded a comparatively lower 1.72% annualized return.

VTAPX

• 1D: 0.04%
• 1M: -0.04%
• YTD: 1.45%
• 6M: 1.53%
• 1Y: 3.73%
• 3Y*: 5.04%
• 5Y*: 3.35%
• 10Y*: 3.05%

BNDX

• 1D: -0.17%
• 1M: 0.67%
• YTD: 1.04%
• 6M: 1.23%
• 1Y: 2.08%
• 3Y*: 4.14%
• 5Y*: 0.42%
• 10Y*: 1.72%

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

VTAPX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	1.45%	6.03%	4.73%	4.59%	-2.84%	5.26%	4.97%	4.85%	0.53%	0.82%
BNDX Vanguard Total International Bond ETF	1.04%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%

Correlation

The correlation between VTAPX and BNDX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013	0.40

The correlation between VTAPX and BNDX shifts across timeframes, from 0.27 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VTAPX vs. BNDX — Risk / Return Rank

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

VTAPX

VTAPX Risk / Return Rank: 89
VTAPX Sharpe Ratio Rank: 82
VTAPX Sortino Ratio Rank: 87
VTAPX Omega Ratio Rank: 83
VTAPX Calmar Ratio Rank: 95
VTAPX Martin Ratio Rank: 95

BNDX

BNDX Risk / Return Rank: 17
BNDX Sharpe Ratio Rank: 18
BNDX Sortino Ratio Rank: 16
BNDX Omega Ratio Rank: 16
BNDX Calmar Ratio Rank: 17
BNDX Martin Ratio Rank: 18

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.

VTAPX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) and Vanguard Total International Bond ETF (BNDX). 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.

	VTAPX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	0.61	+1.87
Sortino ratio: Return per unit of downside risk	3.83	0.88	+2.95
Omega ratio: Gain probability vs. loss probability	1.51	1.11	+0.40
Calmar ratio: Return relative to maximum drawdown	5.46	0.71	+4.75
Martin ratio: Return relative to average drawdown	20.22	1.97	+18.25

VTAPX vs. BNDX - Sharpe Ratio Comparison

The current VTAPX Sharpe Ratio is 2.48, which is higher than the BNDX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of VTAPX and BNDX, 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

VTAPX vs. BNDX - Drawdown Comparison

The maximum VTAPX drawdown since its inception was -5.33%, smaller than the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VTAPX and BNDX.

Drawdown Indicators

	VTAPX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.33%	-16.23%	+10.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.72%	-2.93%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-0.92%	-2.93%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-5.33%	-15.86%	+10.53%
Max Drawdown (10Y) Largest decline over 10 years	-5.33%	-16.23%	+10.90%
Current Drawdown Current decline from peak	-0.63%	-1.00%	+0.37%
Average Drawdown Average peak-to-trough decline	-1.03%	-3.10%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	1.06%	-0.87%

Volatility

VTAPX vs. BNDX - Volatility Comparison

The current volatility for Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) is 0.67%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 0.96%. This indicates that VTAPX experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTAPX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.96%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.21%	2.97%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	3.46%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	4.89%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.24%	4.10%	-1.86%

VTAPX vs. BNDX - Expense Ratio Comparison

VTAPX has a 0.06% expense ratio, which is lower than BNDX's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTAPX vs. BNDX - Dividend Comparison

VTAPX's dividend yield for the trailing twelve months is around 3.58%, less than BNDX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.47%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	3.58%	3.78%	2.68%	2.84%	6.82%	4.67%	1.19%	1.94%	2.45%	1.52%	0.76%	0.00%

Frequently Asked Questions

Can I hold both VTAPX and BNDX in my portfolio?

VTAPX and BNDX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTAPX or BNDX?

BNDX has higher volatility (0.96%) compared to VTAPX (0.67%). In terms of maximum drawdown, VTAPX dropped -5.33% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

VTAPX currently has the higher Sharpe Ratio (2.48 vs 0.61), 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.