VTIP vs. IGHG
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, VTIP returned 3.03%/yr vs 4.84%/yr for IGHG. At a correlation of -0.06, they often move in opposite directions. VTIP charges 0.03%/yr vs 0.30%/yr for IGHG.
Performance
VTIP vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, VTIP achieves a 1.36% return, which is significantly lower than IGHG's 2.12% return. Over the past 10 years, VTIP has underperformed IGHG with an annualized return of 3.03%, while IGHG has yielded a comparatively higher 4.84% annualized return.
VTIP
- 1D
- 0.02%
- 1M
- -0.22%
- YTD
- 1.36%
- 6M
- 1.50%
- 1Y
- 3.58%
- 3Y*
- 5.00%
- 5Y*
- 3.28%
- 10Y*
- 3.03%
IGHG
- 1D
- 0.04%
- 1M
- 0.02%
- YTD
- 2.12%
- 6M
- 1.98%
- 1Y
- 5.86%
- 3Y*
- 8.33%
- 5Y*
- 5.15%
- 10Y*
- 4.84%
VTIP vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.36% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.12% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
Correlation
The correlation between VTIP and IGHG is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013 | -0.06 |
The correlation between VTIP and IGHG shifts across timeframes, from -0.19 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VTIP vs. IGHG — Risk / Return Rank
VTIP
IGHG
VTIP vs. IGHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and ProShares Investment Grade-Interest Rate Hedged (IGHG). 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 | IGHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.33 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 5.03 | 3.36 | +1.67 |
| Martin ratioReturn relative to average drawdown | 17.90 | 11.87 | +6.03 |
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Drawdowns
VTIP vs. IGHG - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum IGHG drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for VTIP and IGHG.
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Drawdown Indicators
| VTIP | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -25.16% | +18.89% |
Max Drawdown (1Y)Largest decline over 1 year | -0.71% | -1.75% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -3.74% | +2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | -8.75% | +3.25% |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | -25.16% | +18.89% |
Current DrawdownCurrent decline from peak | -0.69% | -0.21% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -2.29% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.50% | -0.30% |
Volatility
VTIP vs. IGHG - Volatility Comparison
Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) has a higher volatility of 0.65% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.58%. This indicates that VTIP's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTIP | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.58% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.17% | 2.46% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 3.40% | -1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.77% | 5.02% | -2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 7.45% | -4.71% |
VTIP vs. IGHG - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than IGHG's 0.30% expense ratio.
Dividends
VTIP vs. IGHG - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.61%, less than IGHG's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.12% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.61% | 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
VTIP and IGHG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTIP has higher volatility (0.65%) compared to IGHG (0.58%). In terms of maximum drawdown, VTIP dropped -6.27% vs IGHG's -25.16%.
On 10-year performance, IGHG leads with 4.84% vs 3.03% for VTIP. On fees, VTIP is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.84% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.30% for IGHG.
IGHG has the higher dividend yield at 5.12%, compared with 3.61% for VTIP.
VTIP is categorized as Inflation-Protected Bonds, while IGHG is Corporate Bonds. VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.03% for VTIP and 0.30% for IGHG.
VTIP currently has the higher Sharpe Ratio (2.28 vs 1.73), 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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