VTBNX vs. VBIUX
VTBNX (Vanguard Total Bond Market II Index Fund) and VBIUX (Vanguard Intermediate-Term Bond Index Fund Institutional Plus) are both Total Bond Market funds from Vanguard. Over the past 10 years, VTBNX returned 1.55%/yr vs 1.89%/yr for VBIUX. With a 0.96 correlation, they move nearly in lockstep. VTBNX charges 0.02%/yr vs 0.04%/yr for VBIUX.
Performance
VTBNX vs. VBIUX - Performance Comparison
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Returns By Period
In the year-to-date period, VTBNX achieves a 0.33% return, which is significantly higher than VBIUX's -0.04% return. Over the past 10 years, VTBNX has underperformed VBIUX with an annualized return of 1.55%, while VBIUX has yielded a comparatively higher 1.89% annualized return.
VTBNX
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 0.33%
- 6M
- 0.25%
- 1Y
- 5.21%
- 3Y*
- 4.01%
- 5Y*
- 0.20%
- 10Y*
- 1.55%
VBIUX
- 1D
- 0.00%
- 1M
- 0.37%
- YTD
- -0.04%
- 6M
- -0.25%
- 1Y
- 5.09%
- 3Y*
- 4.29%
- 5Y*
- 0.29%
- 10Y*
- 1.89%
VTBNX vs. VBIUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTBNX Vanguard Total Bond Market II Index Fund | 0.33% | 7.18% | 1.32% | 5.68% | -13.12% | -1.82% | 7.39% | 8.71% | -0.27% | 3.62% |
VBIUX Vanguard Intermediate-Term Bond Index Fund Institutional Plus | -0.04% | 8.60% | 1.56% | 5.53% | -13.24% | -2.64% | 9.83% | 10.23% | -0.13% | 3.90% |
Correlation
The correlation between VTBNX and VBIUX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2016 | 0.96 |
The correlation between VTBNX and VBIUX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
VTBNX vs. VBIUX — Risk / Return Rank
VTBNX
VBIUX
VTBNX vs. VBIUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund (VTBNX) and Vanguard Intermediate-Term Bond Index Fund Institutional Plus (VBIUX). 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.
| VTBNX | VBIUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 1.54 | +0.31 |
| Martin ratioReturn relative to average drawdown | 5.53 | 4.54 | +0.99 |
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
| VTBNX | VBIUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.34 | 1.24 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.05 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.35 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.47 | -0.09 |
Drawdowns
VTBNX vs. VBIUX - Drawdown Comparison
The maximum VTBNX drawdown since its inception was -18.71%, roughly equal to the maximum VBIUX drawdown of -19.18%. Use the drawdown chart below to compare losses from any high point for VTBNX and VBIUX.
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Drawdown Indicators
| VTBNX | VBIUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.71% | -19.18% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.33% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -6.05% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -18.05% | -18.83% | +0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -18.71% | -19.18% | +0.47% |
Current DrawdownCurrent decline from peak | -2.21% | -1.83% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -4.09% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.12% | -0.17% |
Volatility
VTBNX vs. VBIUX - Volatility Comparison
Vanguard Total Bond Market II Index Fund (VTBNX) and Vanguard Intermediate-Term Bond Index Fund Institutional Plus (VBIUX) have volatilities of 1.33% and 1.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTBNX | VBIUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.37% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.98% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 4.15% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 6.39% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 5.38% | -0.45% |
VTBNX vs. VBIUX - Expense Ratio Comparison
VTBNX has a 0.02% expense ratio, which is lower than VBIUX's 0.04% 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
VTBNX vs. VBIUX - Dividend Comparison
VTBNX's dividend yield for the trailing twelve months is around 4.06%, less than VBIUX's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIUX Vanguard Intermediate-Term Bond Index Fund Institutional Plus | 4.24% | 4.04% | 3.82% | 2.59% | 2.42% | 3.08% | 2.95% | 2.76% | 2.89% | 2.77% | 3.09% | 3.14% |
VTBNX Vanguard Total Bond Market II Index Fund | 4.06% | 3.95% | 3.77% | 3.13% | 2.54% | 1.82% | 3.12% | 2.79% | 2.56% | 2.52% | 2.55% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, VTBNX and VBIUX 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.
VBIUX has higher volatility (1.37%) compared to VTBNX (1.33%). In terms of maximum drawdown, VTBNX dropped -18.71% vs VBIUX's -19.18%.
VTBNX currently has the higher Sharpe Ratio (1.34 vs 1.24), 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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