VTIP vs. AQMIX

Last updated Jun 13, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and AQMIX (AQR Managed Futures Strategy Fund) are both funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while AQMIX is a Systematic Trend fund managed by AQR Funds. Over the past 10 years, VTIP returned 3.09%/yr vs 4.69%/yr for AQMIX. At a correlation of -0.10, they often move in opposite directions. VTIP charges 0.03%/yr vs 1.25%/yr for AQMIX.

Performance

VTIP vs. AQMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and AQR Managed Futures Strategy Fund (AQMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTIP achieves a 1.85% return, which is significantly lower than AQMIX's 11.18% return. Over the past 10 years, VTIP has underperformed AQMIX with an annualized return of 3.09%, while AQMIX has yielded a comparatively higher 4.69% annualized return.

VTIP

• 1D: -0.04%
• 1M: -0.22%
• YTD: 1.85%
• 6M: 1.95%
• 1Y: 4.57%
• 3Y*: 5.25%
• 5Y*: 3.37%
• 10Y*: 3.09%

AQMIX

• 1D: -0.37%
• 1M: -2.21%
• YTD: 11.18%
• 6M: 13.01%
• 1Y: 24.10%
• 3Y*: 12.13%
• 5Y*: 12.71%
• 10Y*: 4.69%

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

VTIP vs. AQMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	1.85%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%
AQMIX AQR Managed Futures Strategy Fund	11.18%	14.62%	8.13%	2.08%	35.47%	-1.04%	-0.43%	1.92%	-8.88%	-0.97%

Correlation

The correlation between VTIP and AQMIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 16, 2012	-0.10

The correlation between VTIP and AQMIX shifts across timeframes, from -0.24 (5 years) to -0.01 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VTIP vs. AQMIX — Risk / Return Rank

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

VTIP

VTIP Risk / Return Rank: 95
VTIP Sharpe Ratio Rank: 94
VTIP Sortino Ratio Rank: 96
VTIP Omega Ratio Rank: 95
VTIP Calmar Ratio Rank: 95
VTIP Martin Ratio Rank: 95

AQMIX

AQMIX Risk / Return Rank: 93
AQMIX Sharpe Ratio Rank: 94
AQMIX Sortino Ratio Rank: 89
AQMIX Omega Ratio Rank: 86
AQMIX Calmar Ratio Rank: 98
AQMIX Martin Ratio Rank: 98

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.

VTIP vs. AQMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and AQR Managed Futures Strategy Fund (AQMIX). 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.

	VTIP	AQMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.07	2.83	+0.24
Sortino ratio: Return per unit of downside risk	5.24	3.86	+1.38
Omega ratio: Gain probability vs. loss probability	1.65	1.50	+0.15
Calmar ratio: Return relative to maximum drawdown	6.57	8.20	-1.63
Martin ratio: Return relative to average drawdown	25.36	26.10	-0.74

VTIP vs. AQMIX - Sharpe Ratio Comparison

The current VTIP Sharpe Ratio is 3.07, which is comparable to the AQMIX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of VTIP and AQMIX, 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

VTIP vs. AQMIX - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum AQMIX drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for VTIP and AQMIX.

Drawdown Indicators

	VTIP	AQMIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.27%	-26.52%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.70%	-3.02%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-13.57%	+12.59%
Max Drawdown (5Y) Largest decline over 5 years	-5.50%	-13.57%	+8.07%
Max Drawdown (10Y) Largest decline over 10 years	-6.27%	-23.34%	+17.07%
Current Drawdown Current decline from peak	-0.22%	-2.30%	+2.08%
Average Drawdown Average peak-to-trough decline	-1.04%	-9.99%	+8.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.94%	-0.76%

Volatility

VTIP vs. AQMIX - Volatility Comparison

The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.40%, while AQR Managed Futures Strategy Fund (AQMIX) has a volatility of 2.41%. This indicates that VTIP experiences smaller price fluctuations and is considered to be less risky than AQMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIP	AQMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	2.41%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	6.72%	-5.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	8.74%	-7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	11.62%	-8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	10.37%	-7.63%

VTIP vs. AQMIX - Expense Ratio Comparison

VTIP has a 0.03% expense ratio, which is lower than AQMIX's 1.25% expense ratio.

Dividends

VTIP vs. AQMIX - Dividend Comparison

VTIP's dividend yield for the trailing twelve months is around 3.59%, more than AQMIX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQMIX AQR Managed Futures Strategy Fund	2.03%	2.26%	3.83%	8.39%	12.76%	6.94%	5.31%	3.13%	0.00%	0.00%	0.02%	6.51%
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%	0.00%

Frequently Asked Questions

Can I hold both VTIP and AQMIX in my portfolio?

VTIP and AQMIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIP or AQMIX?

AQMIX has higher volatility (2.41%) compared to VTIP (0.40%). In terms of maximum drawdown, VTIP dropped -6.27% vs AQMIX's -26.52%.

Which has better risk-adjusted returns?

VTIP currently has the higher Sharpe Ratio (3.07 vs 2.83), 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.