VTAPX vs. VTIP
VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds from Vanguard. Over the past 10 years, VTAPX returned 3.13%/yr vs 3.13%/yr for VTIP. Their correlation of 0.89 suggests significant overlap in exposure. VTAPX charges 0.06%/yr vs 0.03%/yr for VTIP.
Performance
VTAPX vs. VTIP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VTAPX having a 2.05% return and VTIP slightly lower at 1.97%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VTAPX at 3.13% and VTIP at 3.13%.
VTAPX
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 2.05%
- 6M
- 2.04%
- 1Y
- 4.60%
- 3Y*
- 5.23%
- 5Y*
- 3.35%
- 10Y*
- 3.13%
VTIP
- 1D
- -0.08%
- 1M
- 0.10%
- YTD
- 1.97%
- 6M
- 1.99%
- 1Y
- 4.51%
- 3Y*
- 5.18%
- 5Y*
- 3.35%
- 10Y*
- 3.13%
VTAPX vs. VTIP - 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 | 2.05% | 6.03% | 4.73% | 4.59% | -2.84% | 5.26% | 4.97% | 4.85% | 0.53% | 0.82% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.97% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
Correlation
The correlation between VTAPX and VTIP 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013 | 0.89 |
The correlation between VTAPX and VTIP has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
VTAPX vs. VTIP — Risk / Return Rank
VTAPX
VTIP
VTAPX vs. VTIP - 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 Short-Term Inflation-Protected Securities ETF (VTIP). 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.
| VTAPX | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.63 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.56 | 6.48 | +0.08 |
| Martin ratioReturn relative to average drawdown | 26.05 | 25.53 | +0.52 |
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
| VTAPX | VTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.10 | 3.02 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.26 | 1.21 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.41 | 1.15 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 0.89 | +0.18 |
Drawdowns
VTAPX vs. VTIP - Drawdown Comparison
The maximum VTAPX drawdown since its inception was -5.33%, smaller than the maximum VTIP drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for VTAPX and VTIP.
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Drawdown Indicators
| VTAPX | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.33% | -6.27% | +0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.72% | -0.70% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.92% | -0.98% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -5.33% | -5.50% | +0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -5.33% | -6.27% | +0.94% |
Current DrawdownCurrent decline from peak | -0.04% | -0.10% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -1.03% | -1.04% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.18% | 0.00% |
Volatility
VTAPX vs. VTIP - Volatility Comparison
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) has a higher volatility of 0.56% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.42%. This indicates that VTAPX's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTAPX | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 0.42% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.11% | 1.03% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.52% | 1.50% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.67% | 2.77% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.23% | 2.74% | -0.51% |
VTAPX vs. VTIP - Expense Ratio Comparison
VTAPX has a 0.06% expense ratio, which is higher than VTIP's 0.03% 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
VTAPX vs. VTIP - Dividend Comparison
VTAPX's dividend yield for the trailing twelve months is around 3.55%, less than VTIP's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 3.55% | 3.78% | 2.68% | 2.84% | 6.82% | 4.67% | 1.19% | 1.94% | 2.45% | 1.52% | 0.76% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.59% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
With a correlation of 0.91, VTAPX and VTIP 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.
VTAPX has higher volatility (0.56%) compared to VTIP (0.42%). In terms of maximum drawdown, VTAPX dropped -5.33% vs VTIP's -6.27%.
VTAPX currently has the higher Sharpe Ratio (3.10 vs 3.02), 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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