VTIP vs. VTSPX
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and VTSPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares) are both Inflation-Protected Bonds funds from Vanguard. Over the past 10 years, VTIP returned 3.14%/yr vs 3.16%/yr for VTSPX. Their correlation of 0.89 suggests significant overlap in exposure. VTIP charges 0.03%/yr vs 0.04%/yr for VTSPX.
Performance
VTIP vs. VTSPX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VTIP having a 2.05% return and VTSPX slightly higher at 2.06%. Both investments have delivered pretty close results over the past 10 years, with VTIP having a 3.14% annualized return and VTSPX not far ahead at 3.16%.
VTIP
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.05%
- 6M
- 2.03%
- 1Y
- 4.70%
- 3Y*
- 5.26%
- 5Y*
- 3.37%
- 10Y*
- 3.14%
VTSPX
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.06%
- 6M
- 2.05%
- 1Y
- 4.72%
- 3Y*
- 5.26%
- 5Y*
- 3.40%
- 10Y*
- 3.16%
VTIP vs. VTSPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 2.05% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
VTSPX Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares | 2.06% | 6.06% | 4.75% | 4.61% | -2.82% | 5.32% | 4.99% | 4.82% | 0.59% | 0.83% |
Correlation
The correlation between VTIP and VTSPX is 0.92, 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 | 0.92 |
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 3, 2013 | 0.89 |
The correlation between VTIP and VTSPX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
VTIP vs. VTSPX — Risk / Return Rank
VTIP
VTSPX
VTIP vs. VTSPX - 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 Institutional Shares (VTSPX). 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.
| VTIP | VTSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.67 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 6.75 | 6.50 | +0.25 |
| Martin ratioReturn relative to average drawdown | 26.06 | 25.54 | +0.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTIP | VTSPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.15 | 3.06 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.22 | 1.28 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.15 | 1.42 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 1.08 | -0.19 |
Drawdowns
VTIP vs. VTSPX - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, which is greater than VTSPX's maximum drawdown of -5.35%. Use the drawdown chart below to compare losses from any high point for VTIP and VTSPX.
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Drawdown Indicators
| VTIP | VTSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -5.35% | -0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.70% | -0.72% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -0.92% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | -5.35% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | -5.35% | -0.92% |
Current DrawdownCurrent decline from peak | -0.02% | -0.04% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -1.01% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.18% | 0.00% |
Volatility
VTIP vs. VTSPX - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.43%, while Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares (VTSPX) has a volatility of 0.57%. This indicates that VTIP experiences smaller price fluctuations and is considered to be less risky than VTSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTIP | VTSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.57% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 1.12% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 1.52% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.77% | 2.67% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 2.23% | +0.51% |
VTIP vs. VTSPX - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than VTSPX's 0.04% 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. VTSPX - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.58%, which matches VTSPX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.58% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
VTSPX Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares | 3.59% | 3.81% | 2.70% | 2.86% | 6.84% | 4.69% | 1.21% | 1.96% | 2.47% | 1.52% | 0.80% |
Frequently Asked Questions
With a correlation of 0.92, VTIP and VTSPX 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.
VTSPX has higher volatility (0.57%) compared to VTIP (0.43%). In terms of maximum drawdown, VTIP dropped -6.27% vs VTSPX's -5.35%.
VTIP currently has the higher Sharpe Ratio (3.15 vs 3.06), 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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