VTIPX vs. VTSPX
VTIPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares) 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, VTIPX returned 2.96%/yr vs 3.07%/yr for VTSPX. With a 0.97 correlation, they move nearly in lockstep. VTIPX charges 0.14%/yr vs 0.04%/yr for VTSPX.
Performance
VTIPX vs. VTSPX - Performance Comparison
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Returns By Period
In the year-to-date period, VTIPX achieves a 1.39% return, which is significantly lower than VTSPX's 1.46% return. Both investments have delivered pretty close results over the past 10 years, with VTIPX having a 2.96% annualized return and VTSPX not far ahead at 3.07%.
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%
VTSPX
- 1D
- 0.04%
- 1M
- -0.04%
- YTD
- 1.46%
- 6M
- 1.58%
- 1Y
- 3.77%
- 3Y*
- 5.06%
- 5Y*
- 3.37%
- 10Y*
- 3.07%
VTIPX vs. VTSPX - 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% |
VTSPX Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares | 1.46% | 6.06% | 4.75% | 4.61% | -2.82% | 5.32% | 4.99% | 4.82% | 0.59% | 0.83% |
Correlation
The correlation between VTIPX and VTSPX is 0.97 - 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 | 0.97 |
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 2, 2013 | 0.97 |
The correlation between VTIPX and VTSPX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
VTIPX vs. VTSPX — Risk / Return Rank
VTIPX
VTSPX
VTIPX vs. VTSPX - 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 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.
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 | VTSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.53 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.28 | 5.51 | -0.23 |
| Martin ratioReturn relative to average drawdown | 19.50 | 20.25 | -0.76 |
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Drawdowns
VTIPX vs. VTSPX - Drawdown Comparison
The maximum VTIPX drawdown since its inception was -5.36%, roughly equal to the maximum VTSPX drawdown of -5.35%. Use the drawdown chart below to compare losses from any high point for VTIPX and VTSPX.
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Drawdown Indicators
| VTIPX | VTSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.36% | -5.35% | -0.01% |
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% | -5.35% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -5.36% | -5.35% | -0.01% |
Current DrawdownCurrent decline from peak | -0.63% | -0.63% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.11% | -1.01% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.19% | 0.00% |
Volatility
VTIPX vs. VTSPX - Volatility Comparison
Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares (VTIPX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares (VTSPX) have volatilities of 0.64% and 0.67%, 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.
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Volatility by Period
| VTIPX | VTSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 0.67% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.19% | 1.22% | -0.03% |
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% | 2.66% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.23% | 2.24% | -0.01% |
VTIPX vs. VTSPX - Expense Ratio Comparison
VTIPX has a 0.14% expense ratio, which is higher than VTSPX's 0.04% 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. VTSPX - Dividend Comparison
VTIPX's dividend yield for the trailing twelve months is around 3.50%, less than VTSPX's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTSPX Vanguard Short-Term Inflation-Protected Securities Index Fund Institutional Shares | 3.61% | 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 0.97, VTIPX 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 (0.67%) compared to VTIPX (0.64%). In terms of maximum drawdown, VTIPX dropped -5.36% vs VTSPX's -5.35%.
VTSPX currently has the higher Sharpe Ratio (2.50 vs 2.44), 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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