VTIPX vs. VTIP

Last updated Jun 23, 2026

VTIPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both Inflation-Protected Bonds funds from Vanguard. Over the past 10 years, VTIPX returned 2.96%/yr vs 3.03%/yr for VTIP. Their correlation of 0.89 suggests significant overlap in exposure. VTIPX charges 0.14%/yr vs 0.03%/yr for VTIP.

Performance

VTIPX vs. VTIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 VTIPX having a 1.39% return and VTIP slightly lower at 1.34%. Both investments have delivered pretty close results over the past 10 years, with VTIPX having a 2.96% annualized return and VTIP not far ahead at 3.03%.

VTIPX

• 1D: 0.00%
• 1M: -0.08%
• YTD: 1.39%
• 6M: 1.47%
• 1Y: 3.65%
• 3Y*: 4.94%
• 5Y*: 3.26%
• 10Y*: 2.96%

VTIP

• 1D: -0.18%
• 1M: -0.24%
• YTD: 1.34%
• 6M: 1.46%
• 1Y: 3.64%
• 3Y*: 5.00%
• 5Y*: 3.26%
• 10Y*: 3.03%

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

VTIPX vs. VTIP - 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	1.39%	5.96%	4.65%	4.51%	-2.93%	5.21%	4.85%	4.74%	0.49%	0.72%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	1.34%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%

Correlation

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

Return for Risk

VTIPX vs. VTIP — Risk / Return Rank

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

VTIPX

VTIPX Risk / Return Rank: 88
VTIPX Sharpe Ratio Rank: 81
VTIPX Sortino Ratio Rank: 87
VTIPX Omega Ratio Rank: 82
VTIPX Calmar Ratio Rank: 95
VTIPX Martin Ratio Rank: 94

VTIP

VTIP Risk / Return Rank: 84
VTIP Sharpe Ratio Rank: 75
VTIP Sortino Ratio Rank: 85
VTIP Omega Ratio Rank: 83
VTIP Calmar Ratio Rank: 89
VTIP Martin Ratio Rank: 88

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.

VTIPX vs. VTIP - 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 ETF (VTIP). 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.

	VTIPX	VTIP	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.32	+0.12
Sortino ratio: Return per unit of downside risk	3.86	3.64	+0.23
Omega ratio: Gain probability vs. loss probability	1.50	1.47	+0.03
Calmar ratio: Return relative to maximum drawdown	5.28	5.12	+0.16
Martin ratio: Return relative to average drawdown	19.50	18.66	+0.84

VTIPX vs. VTIP - Sharpe Ratio Comparison

The current VTIPX Sharpe Ratio is 2.44, which is comparable to the VTIP Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VTIPX and VTIP, 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

VTIPX vs. VTIP - Drawdown Comparison

The maximum VTIPX drawdown since its inception was -5.36%, smaller than the maximum VTIP drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for VTIPX and VTIP.

Drawdown Indicators

	VTIPX	VTIP	Difference
Max Drawdown Largest peak-to-trough decline	-5.36%	-6.27%	+0.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.72%	-0.71%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.95%	-0.98%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-5.36%	-5.50%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-5.36%	-6.27%	+0.91%
Current Drawdown Current decline from peak	-0.63%	-0.71%	+0.08%
Average Drawdown Average peak-to-trough decline	-1.11%	-1.04%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.20%	-0.01%

Volatility

VTIPX vs. VTIP - Volatility Comparison

Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) have volatilities of 0.64% and 0.65%, 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

	VTIPX	VTIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.65%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.19%	1.17%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	1.58%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	2.77%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.23%	2.74%	-0.51%

VTIPX vs. VTIP - Expense Ratio Comparison

VTIPX has a 0.14% expense ratio, which is higher than VTIP's 0.03% 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. VTIP - Dividend Comparison

VTIPX's dividend yield for the trailing twelve months is around 3.50%, less than VTIP's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
VTIPX Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares	3.50%	3.70%	2.60%	2.76%	6.74%	4.59%	1.11%	1.88%	2.37%	1.50%	0.55%

Frequently Asked Questions

Can I hold both VTIPX and VTIP in my portfolio?

With a correlation of 0.91, VTIPX and VTIP 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, VTIPX or VTIP?

VTIP has higher volatility (0.65%) compared to VTIPX (0.64%). In terms of maximum drawdown, VTIPX dropped -5.36% vs VTIP's -6.27%.

Which has better risk-adjusted returns?

VTIPX currently has the higher Sharpe Ratio (2.44 vs 2.32), 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.