VTAPX vs. VTP

Last updated Jun 4, 2026

VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) and VTP (Vanguard Total Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds from Vanguard. A 0.72 correlation means they provide meaningful diversification when combined. VTAPX charges 0.06%/yr vs 0.05%/yr for VTP.

Performance

VTAPX vs. VTP - 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 Inflation-Protected Securities ETF (VTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTAPX achieves a 2.05% return, which is significantly higher than VTP's 1.55% return.

VTAPX

• 1D: 0.00%
• 1M: 0.04%
• YTD: 2.05%
• 6M: 2.04%
• 1Y: 4.69%
• 3Y*: 5.23%
• 5Y*: 3.38%
• 10Y*: 3.13%

VTP

• 1D: -0.16%
• 1M: -0.08%
• YTD: 1.55%
• 6M: 1.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VTAPX vs. VTP - Yearly Performance Comparison

	2026 (YTD)	2025
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	2.05%	1.84%
VTP Vanguard Total Inflation-Protected Securities ETF	1.55%	2.27%

Correlation

The correlation between VTAPX and VTP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.72

Return for Risk

VTAPX vs. VTP — Risk / Return Rank

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

VTAPX

VTAPX Risk / Return Rank: 94
VTAPX Sharpe Ratio Rank: 91
VTAPX Sortino Ratio Rank: 95
VTAPX Omega Ratio Rank: 90
VTAPX Calmar Ratio Rank: 96
VTAPX Martin Ratio Rank: 97

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. VTP - 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 Inflation-Protected Securities ETF (VTP). 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	VTP	Difference
Sharpe ratio: Return per unit of total volatility	3.03	—	—
Sortino ratio: Return per unit of downside risk	5.02	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	6.45	—	—
Martin ratio: Return relative to average drawdown	25.59	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VTAPX	VTP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.31	-0.24

Drawdowns

VTAPX vs. VTP - Drawdown Comparison

The maximum VTAPX drawdown since its inception was -5.33%, which is greater than VTP's maximum drawdown of -1.92%. Use the drawdown chart below to compare losses from any high point for VTAPX and VTP.

Drawdown Indicators

	VTAPX	VTP	Difference
Max Drawdown Largest peak-to-trough decline	-5.33%	-1.92%	-3.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.33%	—	—
Current Drawdown Current decline from peak	-0.04%	-0.30%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.03%	-0.52%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	—	—

Volatility

Volatility by Period

	VTAPX	VTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	3.26%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	3.26%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.23%	3.26%	-1.03%

VTAPX vs. VTP - Expense Ratio Comparison

VTAPX has a 0.06% expense ratio, which is higher than VTP'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

VTAPX vs. VTP - Dividend Comparison

VTAPX's dividend yield for the trailing twelve months is around 3.55%, more than VTP's 1.61% 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%
VTP Vanguard Total Inflation-Protected Securities ETF	1.61%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTAPX and VTP in my portfolio?

VTAPX and VTP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.