VTINX vs. VUBFX

Last updated Aug 2, 2026

VTINX (Vanguard Target Retirement Income Fund) and VUBFX (Vanguard Ultra-Short-Term Bond Fund Investor Shares) are both mutual funds - VTINX is a Target Retirement Date fund managed by Vanguard, while VUBFX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VTINX returned 5.01%/yr vs 2.65%/yr for VUBFX. Their 0.20 correlation means their historical movements had little consistent relationship. VTINX charges 0.08%/yr vs 0.20%/yr for VUBFX.

Performance

VTINX vs. VUBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement Income Fund (VTINX) and Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTINX achieves a 3.59% return, which is significantly higher than VUBFX's 1.93% return. Over the past 10 years, VTINX has outperformed VUBFX with an annualized return of 5.01%, while VUBFX has yielded a comparatively lower 2.65% annualized return.

VTINX

• 1D: 0.71%
• 1M: -0.49%
• 6M: 2.34%
• YTD: 3.59%
• 1Y: 8.49%
• 3Y*: 8.36%
• 5Y*: 3.66%
• 10Y*: 5.01%
• ALL TIME*: 5.18%

VUBFX

• 1D: 0.10%
• 1M: 0.30%
• 6M: 1.53%
• YTD: 1.93%
• 1Y: 3.96%
• 3Y*: 5.24%
• 5Y*: 3.50%
• 10Y*: 2.65%
• ALL TIME*: 2.60%

*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)
VTINX Vanguard Target Retirement Income Fund	$0.00	$0.00	$0.00
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	$0.00	$0.00	$0.00

VTINX vs. VUBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTINX Vanguard Target Retirement Income Fund	3.59%	11.31%	6.66%	10.66%	-12.75%	5.24%	10.02%	13.16%	-1.98%	7.46%
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	1.93%	5.04%	5.99%	5.43%	-0.53%	0.03%	1.95%	3.34%	1.94%	1.23%

Correlation

The correlation between VTINX and VUBFX is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.34
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.20

The correlation between VTINX and VUBFX shifts across timeframes, from 0.20 (all time) to 0.34 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VTINX vs. VUBFX — Risk / Return Rank

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

VTINX

VTINX Risk / Return Rank: 68
VTINX Sharpe Ratio Rank: 69
VTINX Sortino Ratio Rank: 68
VTINX Omega Ratio Rank: 69
VTINX Calmar Ratio Rank: 62
VTINX Martin Ratio Rank: 70

VUBFX

VUBFX Risk / Return Rank: 99
VUBFX Sharpe Ratio Rank: 100
VUBFX Sortino Ratio Rank: 99
VUBFX Omega Ratio Rank: 99
VUBFX Calmar Ratio Rank: 99
VUBFX Martin Ratio Rank: 100

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.

VTINX vs. VUBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement Income Fund (VTINX) and Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX). 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.

	VTINX	VUBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	5.05	-3.49
Sortino ratio: Return per unit of downside risk	2.25	10.11	-7.86
Omega ratio: Gain probability vs. loss probability	1.29	3.36	-2.07
Calmar ratio: Return relative to maximum drawdown	2.02	13.96	-11.94
Martin ratio: Return relative to average drawdown	8.36	73.43	-65.08

VTINX vs. VUBFX - Sharpe Ratio Comparison

The current VTINX Sharpe Ratio is 1.56, which is lower than the VUBFX Sharpe Ratio of 5.05. The chart below compares the historical Sharpe Ratios of VTINX and VUBFX, 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

VTINX vs. VUBFX - Drawdown Comparison

The maximum VTINX drawdown since its inception was -19.96%, which is greater than VUBFX's maximum drawdown of -1.86%. Use the drawdown chart below to compare losses from any high point for VTINX and VUBFX.

Drawdown Indicators

	VTINX	VUBFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.96%	-1.86%	-18.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.14%	-0.30%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-4.28%	-0.30%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.02%	-1.86%	-15.16%
Max Drawdown (10Y) Largest decline over 10 years	-17.02%	-1.86%	-15.16%
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-2.19%	-0.17%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.06%	+0.94%

Volatility

VTINX vs. VUBFX - Volatility Comparison

Vanguard Target Retirement Income Fund (VTINX) has a higher volatility of 1.66% compared to Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX) at 0.33%. This indicates that VTINX's price experiences larger fluctuations and is considered to be riskier than VUBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTINX	VUBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	0.33%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	0.63%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	5.38%	0.83%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	1.00%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	0.84%	+4.92%

VTINX vs. VUBFX - Expense Ratio Comparison

VTINX has a 0.08% expense ratio, which is lower than VUBFX's 0.20% 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

VTINX vs. VUBFX - Dividend Comparison

VTINX's dividend yield for the trailing twelve months is around 4.73%, more than VUBFX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTINX Vanguard Target Retirement Income Fund	4.73%	5.02%	5.89%	4.01%	3.08%	8.63%	3.42%	2.62%	4.19%	1.56%	2.27%	3.53%
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	3.99%	4.62%	5.42%	4.06%	1.28%	0.43%	1.52%	2.58%	2.13%	1.43%	0.98%	0.00%

Frequently Asked Questions

Can I hold both VTINX and VUBFX in my portfolio?

VTINX and VUBFX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTINX or VUBFX?

VTINX has higher volatility (1.66%) compared to VUBFX (0.33%). In terms of maximum drawdown, VTINX dropped -19.96% vs VUBFX's -1.86%.

Which has better risk-adjusted returns?

VUBFX currently has the higher Sharpe Ratio (5.05 vs 1.56), 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.