VTMNX vs. VBTLX
VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VTMNX is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, VTMNX returned 10.06%/yr vs 1.30%/yr for VBTLX. Their -0.11 correlation means they have often moved in opposite directions in the past. VTMNX charges 0.03%/yr vs 0.04%/yr for VBTLX.
Performance
VTMNX vs. VBTLX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMNX achieves a 14.63% return, which is significantly higher than VBTLX's -0.70% return. Over the past 10 years, VTMNX has outperformed VBTLX with an annualized return of 10.06%, while VBTLX has yielded a comparatively lower 1.30% annualized return.
VTMNX
- 1D
- 3.11%
- 1M
- 0.75%
- 6M
- 8.12%
- YTD
- 14.63%
- 1Y
- 30.66%
- 3Y*
- 17.91%
- 5Y*
- 9.92%
- 10Y*
- 10.06%
- ALL TIME*
- 6.04%
VBTLX
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -0.93%
- YTD
- -0.70%
- 1Y
- 1.67%
- 3Y*
- 3.69%
- 5Y*
- -0.45%
- 10Y*
- 1.30%
- ALL TIME*
- 3.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VTMNX vs. VBTLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 14.63% | 35.16% | 2.99% | 17.82% | -15.36% | 11.40% | 10.26% | 22.13% | -14.51% | 26.45% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | -0.70% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Correlation
The correlation between VTMNX and VBTLX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | -0.11 |
The correlation between VTMNX and VBTLX shifts across timeframes, from -0.11 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VTMNX vs. VBTLX — Risk / Return Rank
VTMNX
VBTLX
VTMNX vs. VBTLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.
| VTMNX | VBTLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.13 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 0.99 | +1.51 |
| Martin ratioReturn relative to average drawdown | 9.36 | 2.48 | +6.88 |
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Drawdowns
VTMNX vs. VBTLX - Drawdown Comparison
The maximum VTMNX drawdown since its inception was -60.57%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VTMNX and VBTLX.
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Drawdown Indicators
| VTMNX | VBTLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.57% | -18.81% | -41.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.69% | -2.89% | -8.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.16% | -4.86% | -8.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.71% | -18.14% | -11.57% |
Max Drawdown (10Y)Largest decline over 10 years | -35.60% | -18.81% | -16.79% |
Current DrawdownCurrent decline from peak | -1.68% | -3.27% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -13.15% | -2.67% | -10.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 1.15% | +1.97% |
Volatility
VTMNX vs. VBTLX - Volatility Comparison
Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 5.76% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 0.96%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMNX | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.76% | 0.96% | +4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.81% | 2.97% | +11.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.84% | 3.82% | +13.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 6.01% | +10.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.39% | 4.98% | +11.41% |
VTMNX vs. VBTLX - Expense Ratio Comparison
VTMNX has a 0.03% expense ratio, which is lower than VBTLX'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
VTMNX vs. VBTLX - Dividend Comparison
VTMNX's dividend yield for the trailing twelve months is around 2.55%, less than VBTLX's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.72% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 2.55% | 3.22% | 3.36% | 3.15% | 2.91% | 3.16% | 2.04% | 3.05% | 3.35% | 2.77% | 3.06% | 2.92% |
Frequently Asked Questions
VTMNX and VBTLX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTMNX has higher volatility (5.76%) compared to VBTLX (0.96%). In terms of maximum drawdown, VTMNX dropped -60.57% vs VBTLX's -18.81%.
VTMNX currently has the higher Sharpe Ratio (1.74 vs 0.75), 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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