VTIP vs. VTAPX

Last updated Jun 24, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) are both Inflation-Protected Bonds funds from Vanguard tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, VTIP returned 3.03%/yr vs 3.02%/yr for VTAPX. Their correlation of 0.89 suggests significant overlap in exposure. VTIP charges 0.03%/yr vs 0.06%/yr for VTAPX.

Performance

VTIP vs. VTAPX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VTIP having a 1.36% return and VTAPX slightly lower at 1.33%. Both investments have delivered pretty close results over the past 10 years, with VTIP having a 3.03% annualized return and VTAPX not far behind at 3.02%.

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%

VTAPX

• 1D: -0.12%
• 1M: -0.16%
• YTD: 1.33%
• 6M: 1.45%
• 1Y: 3.53%
• 3Y*: 4.98%
• 5Y*: 3.25%
• 10Y*: 3.02%

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

VTIP vs. VTAPX - 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%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	1.33%	6.03%	4.73%	4.59%	-2.84%	5.26%	4.97%	4.85%	0.53%	0.82%

Correlation

The correlation between VTIP and VTAPX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.89

The correlation between VTIP and VTAPX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

VTIP vs. VTAPX — Risk / Return Rank

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

VTIP

VTIP Risk / Return Rank: 83
VTIP Sharpe Ratio Rank: 74
VTIP Sortino Ratio Rank: 84
VTIP Omega Ratio Rank: 82
VTIP Calmar Ratio Rank: 88
VTIP Martin Ratio Rank: 87

VTAPX

VTAPX Risk / Return Rank: 84
VTAPX Sharpe Ratio Rank: 74
VTAPX Sortino Ratio Rank: 81
VTAPX Omega Ratio Rank: 79
VTAPX Calmar Ratio Rank: 93
VTAPX Martin Ratio Rank: 93

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. VTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX). 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	VTAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.29	-0.01
Sortino ratio: Return per unit of downside risk	3.58	3.53	+0.05
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	5.03	4.83	+0.21
Martin ratio: Return relative to average drawdown	17.90	18.18	-0.28

VTIP vs. VTAPX - Sharpe Ratio Comparison

The current VTIP Sharpe Ratio is 2.28, which is comparable to the VTAPX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VTIP and VTAPX, 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. VTAPX - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, which is greater than VTAPX's maximum drawdown of -5.33%. Use the drawdown chart below to compare losses from any high point for VTIP and VTAPX.

Drawdown Indicators

	VTIP	VTAPX	Difference
Max Drawdown Largest peak-to-trough decline	-6.27%	-5.33%	-0.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	-0.75%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-0.92%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-5.50%	-5.33%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-6.27%	-5.33%	-0.94%
Current Drawdown Current decline from peak	-0.69%	-0.75%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.04%	-1.03%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.20%	0.00%

Volatility

VTIP vs. VTAPX - Volatility Comparison

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) have volatilities of 0.65% and 0.68%, 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.

Volatility by Period

	VTIP	VTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.68%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	1.22%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	1.58%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	2.66%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	2.24%	+0.50%

VTIP vs. VTAPX - Expense Ratio Comparison

VTIP has a 0.03% expense ratio, which is lower than VTAPX's 0.06% 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

VTIP vs. VTAPX - Dividend Comparison

VTIP's dividend yield for the trailing twelve months is around 3.61%, which matches VTAPX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	3.58%	3.78%	2.68%	2.84%	6.82%	4.67%	1.19%	1.94%	2.45%	1.52%	0.76%
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%

Frequently Asked Questions

Can I hold both VTIP and VTAPX in my portfolio?

With a correlation of 0.91, VTIP and VTAPX 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.

Which is riskier, VTIP or VTAPX?

VTAPX has higher volatility (0.68%) compared to VTIP (0.65%). In terms of maximum drawdown, VTIP dropped -6.27% vs VTAPX's -5.33%.

Which has better risk-adjusted returns?

VTAPX currently has the higher Sharpe Ratio (2.29 vs 2.28), 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.