VUSXX vs. VBTLX

Last updated Jun 5, 2026

VUSXX (Vanguard Treasury Money Market Fund) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VUSXX is a Money Market fund actively managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. VUSXX is actively managed, while VBTLX is passively managed. Over the past 5 years, VUSXX returned 1.56%/yr vs 0.10%/yr for VBTLX. At a 0.15 correlation, their price movements are largely independent. VUSXX charges 0.07%/yr vs 0.04%/yr for VBTLX.

Performance

VUSXX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Treasury Money Market Fund (VUSXX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VUSXX achieves a 1.51% return, which is significantly higher than VBTLX's 0.21% return.

VUSXX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.51%
• 6M: 1.84%
• 1Y: 3.98%
• 3Y*: 2.61%
• 5Y*: 1.56%
• 10Y*: —

VBTLX

• 1D: -0.21%
• 1M: 0.13%
• YTD: 0.21%
• 6M: 0.34%
• 1Y: 4.47%
• 3Y*: 3.97%
• 5Y*: 0.10%
• 10Y*: 1.56%

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

VUSXX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VUSXX Vanguard Treasury Money Market Fund	1.51%	4.25%	1.65%	0.43%	0.00%	0.00%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.21%	7.17%	1.26%	5.74%	-13.16%	0.79%

Correlation

The correlation between VUSXX and VBTLX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.15

The correlation between VUSXX and VBTLX shifts across timeframes, from 0.15 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VUSXX vs. VBTLX — Risk / Return Rank

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

VBTLX

VBTLX Risk / Return Rank: 21
VBTLX Sharpe Ratio Rank: 20
VBTLX Sortino Ratio Rank: 21
VBTLX Omega Ratio Rank: 19
VBTLX Calmar Ratio Rank: 23
VBTLX Martin Ratio Rank: 20

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.

VUSXX vs. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Treasury Money Market Fund (VUSXX) 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.

	VUSXX	VBTLX	Difference
Sharpe ratio: Return per unit of total volatility	3.68	1.30	+2.38
Sortino ratio: Return per unit of downside risk	—	1.96	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.78	—
Martin ratio: Return relative to average drawdown	—	5.33	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSXX vs. VBTLX - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.68, which is higher than the VBTLX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of VUSXX and VBTLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VUSXX	VBTLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	1.30	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.15	0.02	+2.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	0.76	+1.38

Drawdowns

VUSXX vs. VBTLX - Drawdown Comparison

The maximum VUSXX drawdown since its inception was 0.00%, smaller than the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VUSXX and VBTLX.

Drawdown Indicators

	VUSXX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-18.81%	+18.81%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-2.89%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-6.00%	+6.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-18.14%	+18.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.81%	—
Current Drawdown Current decline from peak	0.00%	-2.38%	+2.38%
Average Drawdown Average peak-to-trough decline	0.00%	-2.67%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.96%	-0.96%

Volatility

VUSXX vs. VBTLX - Volatility Comparison

The current volatility for Vanguard Treasury Money Market Fund (VUSXX) is 0.31%, while Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a volatility of 1.33%. This indicates that VUSXX experiences smaller price fluctuations and is considered to be less risky than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSXX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	1.33%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	2.78%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	3.96%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	6.01%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	4.98%	-4.23%

VUSXX vs. VBTLX - Expense Ratio Comparison

VUSXX has a 0.07% expense ratio, which is higher than VBTLX'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

VUSXX vs. VBTLX - Dividend Comparison

VUSXX's dividend yield for the trailing twelve months is around 3.89%, less than VBTLX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.99%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%
VUSXX Vanguard Treasury Money Market Fund	3.89%	4.15%	1.63%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VUSXX and VBTLX in my portfolio?

VUSXX and VBTLX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSXX or VBTLX?

VBTLX has higher volatility (1.33%) compared to VUSXX (0.31%). In terms of maximum drawdown, VUSXX dropped 0.00% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

VUSXX currently has the higher Sharpe Ratio (3.68 vs 1.30), 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.