VTIPX vs. VTAPX
VTIPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares) and VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) are both Inflation-Protected Bonds funds from Vanguard. Over the past 10 years, VTIPX returned 3.05%/yr vs 3.13%/yr for VTAPX. With a 0.97 correlation, they move nearly in lockstep. VTIPX charges 0.14%/yr vs 0.06%/yr for VTAPX.
Performance
VTIPX vs. VTAPX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VTIPX having a 1.99% return and VTAPX slightly higher at 2.05%. Both investments have delivered pretty close results over the past 10 years, with VTIPX having a 3.05% annualized return and VTAPX not far ahead at 3.13%.
VTIPX
- 1D
- 0.00%
- 1M
- -0.00%
- YTD
- 1.99%
- 6M
- 1.96%
- 1Y
- 4.60%
- 3Y*
- 5.15%
- 5Y*
- 3.29%
- 10Y*
- 3.05%
VTAPX
- 1D
- 0.00%
- 1M
- 0.04%
- YTD
- 2.05%
- 6M
- 2.04%
- 1Y
- 4.69%
- 3Y*
- 5.23%
- 5Y*
- 3.38%
- 10Y*
- 3.13%
VTIPX vs. VTAPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIPX Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares | 1.99% | 5.96% | 4.65% | 4.51% | -2.93% | 5.21% | 4.85% | 4.74% | 0.49% | 0.72% |
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 2.05% | 6.03% | 4.73% | 4.59% | -2.84% | 5.26% | 4.97% | 4.85% | 0.53% | 0.82% |
Correlation
The correlation between VTIPX and VTAPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013 | 0.97 |
The correlation between VTIPX and VTAPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
VTIPX vs. VTAPX — Risk / Return Rank
VTIPX
VTAPX
VTIPX vs. VTAPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) 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.
| VTIPX | VTAPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.65 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 6.27 | 6.45 | -0.18 |
| Martin ratioReturn relative to average drawdown | 24.45 | 25.59 | -1.14 |
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
| VTIPX | VTAPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.97 | 3.03 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.24 | 1.27 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.38 | 1.41 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 1.07 | -0.04 |
Drawdowns
VTIPX vs. VTAPX - Drawdown Comparison
The maximum VTIPX drawdown since its inception was -5.36%, roughly equal to the maximum VTAPX drawdown of -5.33%. Use the drawdown chart below to compare losses from any high point for VTIPX and VTAPX.
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Drawdown Indicators
| VTIPX | VTAPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.36% | -5.33% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.72% | -0.72% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.95% | -0.92% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -5.36% | -5.33% | -0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -5.36% | -5.33% | -0.03% |
Current DrawdownCurrent decline from peak | -0.04% | -0.04% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -1.03% | -0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.18% | 0.00% |
Volatility
VTIPX vs. VTAPX - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) is 0.53%, while Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) has a volatility of 0.57%. This indicates that VTIPX experiences smaller price fluctuations and is considered to be less risky than VTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTIPX | VTAPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.57% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 1.11% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 1.52% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 2.67% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.22% | 2.23% | -0.01% |
VTIPX vs. VTAPX - Expense Ratio Comparison
VTIPX has a 0.14% expense ratio, which is higher than VTAPX's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VTIPX vs. VTAPX - Dividend Comparison
VTIPX's dividend yield for the trailing twelve months is around 3.48%, less than VTAPX's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 3.55% | 3.78% | 2.68% | 2.84% | 6.82% | 4.67% | 1.19% | 1.94% | 2.45% | 1.52% | 0.76% |
VTIPX Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares | 3.48% | 3.70% | 2.60% | 2.76% | 6.74% | 4.59% | 1.11% | 1.88% | 2.37% | 1.50% | 0.55% |
Frequently Asked Questions
With a correlation of 0.96, VTIPX 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.
VTAPX has higher volatility (0.57%) compared to VTIPX (0.53%). In terms of maximum drawdown, VTIPX dropped -5.36% vs VTAPX's -5.33%.
VTAPX currently has the higher Sharpe Ratio (3.03 vs 2.97), 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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