VTAPX vs. RFEU

Last updated Aug 4, 2026

VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) and RFEU (First Trust RiverFront Dynamic Europe 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 RFEU is a Europe Equities fund actively managed by First Trust. VTAPX is passively managed, while RFEU is actively managed. Over the past 10 years, VTAPX returned 3.09%/yr vs 7.22%/yr for RFEU. Their 0.12 correlation means their historical movements had little consistent relationship. VTAPX charges 0.06%/yr vs 0.83%/yr for RFEU.

Performance

VTAPX vs. RFEU - 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 First Trust RiverFront Dynamic Europe ETF (RFEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTAPX achieves a 1.81% return, which is significantly higher than RFEU's 1.50% return. Over the past 10 years, VTAPX has underperformed RFEU with an annualized return of 3.09%, while RFEU has yielded a comparatively higher 7.22% annualized return.

VTAPX

• 1D: 0.00%
• 1M: 0.24%
• 6M: 1.44%
• YTD: 1.81%
• 1Y: 3.07%
• 3Y*: 5.10%
• 5Y*: 3.05%
• 10Y*: 3.09%
• ALL TIME*: 2.21%

RFEU

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.50%
• 1Y: 15.37%
• 3Y*: 11.66%
• 5Y*: 2.74%
• 10Y*: 7.22%
• ALL TIME*: 7.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RFEU First Trust RiverFront Dynamic Europe ETF	$0.00	$0.00	$0.00
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	$0.00	$0.00	$0.00

VTAPX vs. RFEU - 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	1.81%	6.03%	4.73%	4.59%	-2.84%	5.26%	4.97%	4.85%	0.53%	0.82%
RFEU First Trust RiverFront Dynamic Europe ETF	1.50%	30.78%	-1.78%	16.19%	-24.17%	22.83%	6.25%	23.21%	-17.57%	26.58%

Correlation

The correlation between VTAPX and RFEU is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since Apr 14, 2016	0.12

Return for Risk

VTAPX vs. RFEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTAPX

VTAPX Risk / Return Rank: 91
VTAPX Sharpe Ratio Rank: 88
VTAPX Sortino Ratio Rank: 91
VTAPX Omega Ratio Rank: 88
VTAPX Calmar Ratio Rank: 96
VTAPX Martin Ratio Rank: 93

RFEU

RFEU Risk / Return Rank: 92
RFEU Sharpe Ratio Rank: 91
RFEU Sortino Ratio Rank: 93
RFEU Omega Ratio Rank: 96
RFEU Calmar Ratio Rank: 85
RFEU Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTAPX vs. RFEU - 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 First Trust RiverFront Dynamic Europe ETF (RFEU). 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	RFEU	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.42	-0.22
Sortino ratio: Return per unit of downside risk	3.46	3.68	-0.22
Omega ratio: Gain probability vs. loss probability	1.46	1.67	-0.21
Calmar ratio: Return relative to maximum drawdown	4.59	3.51	+1.08
Martin ratio: Return relative to average drawdown	14.34	17.19	-2.85

VTAPX vs. RFEU - Sharpe Ratio Comparison

The current VTAPX Sharpe Ratio is 2.20, which is comparable to the RFEU Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VTAPX and RFEU, 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. RFEU - Drawdown Comparison

The maximum VTAPX drawdown since its inception was -5.33%, smaller than the maximum RFEU drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for VTAPX and RFEU.

Drawdown Indicators

	VTAPX	RFEU	Difference
Max Drawdown Largest peak-to-trough decline	-5.33%	-39.74%	+34.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.75%	-4.83%	+4.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.92%	-13.48%	+12.56%
Max Drawdown (5Y) Largest decline over 5 years	-5.33%	-35.92%	+30.59%
Max Drawdown (10Y) Largest decline over 10 years	-5.33%	-39.74%	+34.41%
Current Drawdown Current decline from peak	-0.28%	-0.11%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.02%	-9.47%	+8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	1.30%	-1.06%

Volatility

VTAPX vs. RFEU - Volatility Comparison

Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) has a higher volatility of 0.40% compared to First Trust RiverFront Dynamic Europe ETF (RFEU) at 0.00%. This indicates that VTAPX's price experiences larger fluctuations and is considered to be riskier than RFEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTAPX	RFEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.00%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.25%	1.26%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	7.02%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	16.67%	-14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.24%	17.43%	-15.19%

VTAPX vs. RFEU - Expense Ratio Comparison

VTAPX has a 0.06% expense ratio, which is lower than RFEU's 0.83% expense ratio.

Dividends

VTAPX vs. RFEU - Dividend Comparison

VTAPX's dividend yield for the trailing twelve months is around 4.12%, more than RFEU's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RFEU First Trust RiverFront Dynamic Europe ETF	1.37%	2.87%	5.45%	3.37%	4.98%	1.82%	2.32%	3.08%	2.84%	1.35%	3.16%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	4.12%	3.78%	2.68%	2.84%	6.82%	4.67%	1.19%	1.94%	2.45%	1.52%	0.76%

Frequently Asked Questions

Can I hold both VTAPX and RFEU in my portfolio?

VTAPX and RFEU have a correlation of 0.08, 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 RFEU?

VTAPX has higher volatility (0.40%) compared to RFEU (0.00%). In terms of maximum drawdown, VTAPX dropped -5.33% vs RFEU's -39.74%.

Which has better risk-adjusted returns?

RFEU currently has the higher Sharpe Ratio (2.42 vs 2.20), 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.