VTBIX vs. VTINX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) and Vanguard Target Retirement Income Fund (VTINX).

VTBIX is managed by Vanguard. VTINX is managed by Vanguard. It was launched on Oct 27, 2003.

Performance

VTBIX vs. VTINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) and Vanguard Target Retirement Income Fund (VTINX). The values are adjusted to include any dividend payments, if applicable.

VTBIX vs. VTINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	-0.40%	7.11%	1.25%	5.03%	-13.18%	-1.88%	7.47%	8.62%	-0.32%	3.53%
VTINX Vanguard Target Retirement Income Fund	-0.46%	11.31%	6.66%	10.66%	-12.75%	5.24%	10.02%	13.16%	-1.98%	7.46%

Returns By Period

In the year-to-date period, VTBIX achieves a -0.40% return, which is significantly higher than VTINX's -0.46% return. Over the past 10 years, VTBIX has underperformed VTINX with an annualized return of 1.47%, while VTINX has yielded a comparatively higher 4.94% annualized return.

VTBIX

• 1D: 0.21%
• 1M: -1.65%
• YTD: -0.40%
• 6M: 0.38%
• 1Y: 3.55%
• 3Y*: 3.21%
• 5Y*: 0.02%
• 10Y*: 1.47%

VTINX

• 1D: 0.96%
• 1M: -2.70%
• YTD: -0.46%
• 6M: 0.80%
• 1Y: 9.06%
• 3Y*: 7.86%
• 5Y*: 3.59%
• 10Y*: 4.94%

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

VTBIX vs. VTINX - Expense Ratio Comparison

VTBIX has a 0.09% expense ratio, which is higher than VTINX's 0.08% 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%.

VTBIX

Vanguard Total Bond Market II Index Fund Investor Shares

VTINX

Vanguard Target Retirement Income Fund

Return for Risk

VTBIX vs. VTINX — Risk / Return Rank

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

VTBIX

VTBIX Risk / Return Rank: 43
VTBIX Sharpe Ratio Rank: 40
VTBIX Sortino Ratio Rank: 38
VTBIX Omega Ratio Rank: 27
VTBIX Calmar Ratio Rank: 68
VTBIX Martin Ratio Rank: 42

VTINX

VTINX Risk / Return Rank: 86
VTINX Sharpe Ratio Rank: 85
VTINX Sortino Ratio Rank: 87
VTINX Omega Ratio Rank: 83
VTINX Calmar Ratio Rank: 87
VTINX Martin Ratio Rank: 88

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.

VTBIX vs. VTINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) and Vanguard Target Retirement Income Fund (VTINX). 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.

	VTBIX	VTINX	Difference
Sharpe ratio Return per unit of total volatility	0.89	1.67	-0.78
Sortino ratio Return per unit of downside risk	1.28	2.39	-1.11
Omega ratio Gain probability vs. loss probability	1.15	1.34	-0.18
Calmar ratio Return relative to maximum drawdown	1.62	2.29	-0.66
Martin ratio Return relative to average drawdown	4.54	9.59	-5.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTBIX vs. VTINX - Sharpe Ratio Comparison

The current VTBIX Sharpe Ratio is 0.89, which is lower than the VTINX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of VTBIX and VTINX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VTBIX	VTINX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.67	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.60	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.87	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.90	-0.64

Correlation

The correlation between VTBIX and VTINX is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VTBIX vs. VTINX - Dividend Comparison

VTBIX's dividend yield for the trailing twelve months is around 3.61%, less than VTINX's 5.05% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	3.61%	3.88%	3.70%	2.53%	2.47%	1.75%	3.20%	2.72%	2.51%	2.43%	2.48%	2.64%
VTINX Vanguard Target Retirement Income Fund	5.05%	5.02%	5.89%	4.01%	3.08%	8.63%	3.42%	2.62%	4.19%	1.56%	2.27%	3.53%

Drawdowns

VTBIX vs. VTINX - Drawdown Comparison

The maximum VTBIX drawdown since its inception was -18.72%, smaller than the maximum VTINX drawdown of -19.96%. Use the drawdown chart below to compare losses from any high point for VTBIX and VTINX.

Drawdown Indicators

	VTBIX	VTINX	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-19.96%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-4.14%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	-17.02%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-18.72%	-17.02%	-1.70%
Current Drawdown Current decline from peak	-3.67%	-3.04%	-0.63%
Average Drawdown Average peak-to-trough decline	-4.43%	-2.21%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.99%	-0.04%

Volatility

VTBIX vs. VTINX - Volatility Comparison

The current volatility for Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) is 1.52%, while Vanguard Target Retirement Income Fund (VTINX) has a volatility of 2.50%. This indicates that VTBIX experiences smaller price fluctuations and is considered to be less risky than VTINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTBIX	VTINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	2.50%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	3.59%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	5.60%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.91%	6.01%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	5.69%	-0.78%