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VTIP vs. USD=X
Performance
Return for Risk
Drawdowns
Volatility

VTIP vs. USD=X

Last updated Jun 13, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) is Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while USD=X (USD Cash) is a currency. Over the past 10 years, VTIP returned 3.09%/yr vs 0.00%/yr for USD=X.

Performance

VTIP vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTIP vs. USD=X - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

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Vanguard Short-Term Inflation-Protected Securities ETF

USD Cash

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Often compared with USD=X:
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Return for Risk

VTIP vs. USD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTIP
VTIP Risk / Return Rank: 9595
Overall Rank
VTIP Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
VTIP Sortino Ratio Rank: 9696
Sortino Ratio Rank
VTIP Omega Ratio Rank: 9595
Omega Ratio Rank
VTIP Calmar Ratio Rank: 9595
Calmar Ratio Rank
VTIP Martin Ratio Rank: 9595
Martin Ratio Rank
USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and USD Cash (USD=X). 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.

VTIPUSD=XDifference
Sharpe ratioReturn per unit of total volatility
3.07

—

—

Sortino ratioReturn per unit of downside risk
5.24

—

—

Omega ratioGain probability vs. loss probability

1.65

—

—

Calmar ratioReturn relative to maximum drawdown

6.57

—

—

Martin ratioReturn relative to average drawdown

25.36

—

—

VTIP vs. USD=X - Sharpe Ratio Comparison

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Drawdowns

VTIP vs. USD=X - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTIP and USD=X.

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Drawdown Indicators

VTIPUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-6.27%

0.00%

-6.27%

Max Drawdown (1Y)

Largest decline over 1 year

-0.70%

0.00%

-0.70%

Max Drawdown (3Y)

Largest decline over 3 years

-0.98%

0.00%

-0.98%

Max Drawdown (5Y)

Largest decline over 5 years

-5.50%

0.00%

-5.50%

Max Drawdown (10Y)

Largest decline over 10 years

-6.27%

0.00%

-6.27%

Current Drawdown

Current decline from peak

-0.22%

0.00%

-0.22%

Average Drawdown

Average peak-to-trough decline

-1.04%

0.00%

-1.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.18%

0.00%

+0.18%

Volatility

VTIP vs. USD=X - Volatility Comparison

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) has a higher volatility of 0.40% compared to USD Cash (USD=X) at 0.00%. This indicates that VTIP's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTIPUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.40%

0.00%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

1.04%

0.00%

+1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

1.50%

0.00%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.77%

0.00%

+2.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.74%

0.00%

+2.74%

Frequently Asked Questions

VTIP has higher volatility (0.40%) compared to USD=X (0.00%). In terms of maximum drawdown, VTIP dropped -6.27% vs USD=X's 0.00%.

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