VUSXX vs. VTBIX

Last updated Jun 16, 2026

VUSXX (Vanguard Treasury Money Market Fund) and VTBIX (Vanguard Total Bond Market II Index Fund Investor Shares) are both mutual funds - VUSXX is a Money Market fund actively managed by Vanguard, while VTBIX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, VUSXX returned 1.56%/yr vs -0.16%/yr for VTBIX. At a 0.15 correlation, their price movements are largely independent. VUSXX charges 0.07%/yr vs 0.09%/yr for VTBIX.

Performance

VUSXX vs. VTBIX - 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 II Index Fund Investor Shares (VTBIX). 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 VTBIX's 0.19% return.

VUSXX

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

VTBIX

• 1D: -0.11%
• 1M: 1.09%
• YTD: 0.19%
• 6M: 0.74%
• 1Y: 4.70%
• 3Y*: 3.98%
• 5Y*: -0.16%
• 10Y*: 1.40%

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

VUSXX vs. VTBIX - 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%
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	0.19%	7.11%	1.25%	5.03%	-13.18%	1.10%

Correlation

The correlation between VUSXX and VTBIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.15

The correlation between VUSXX and VTBIX shifts across timeframes, from 0.15 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VUSXX vs. VTBIX — Risk / Return Rank

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

VUSXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VTBIX

VTBIX Risk / Return Rank: 20
VTBIX Sharpe Ratio Rank: 20
VTBIX Sortino Ratio Rank: 21
VTBIX Omega Ratio Rank: 18
VTBIX Calmar Ratio Rank: 22
VTBIX Martin Ratio Rank: 19

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. VTBIX - 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 II Index Fund Investor Shares (VTBIX). 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.

	VUSXX	VTBIX	Difference
Sharpe ratio: Return per unit of total volatility	3.68	1.11	+2.57
Sortino ratio: Return per unit of downside risk	—	1.68	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.50	—
Martin ratio: Return relative to average drawdown	—	4.30	—

VUSXX vs. VTBIX - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.68, which is higher than the VTBIX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of VUSXX and VTBIX, 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

VUSXX vs. VTBIX - Drawdown Comparison

The maximum VUSXX drawdown since its inception was 0.00%, smaller than the maximum VTBIX drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for VUSXX and VTBIX.

Drawdown Indicators

	VUSXX	VTBIX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-18.72%	+18.72%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-2.84%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-5.98%	+5.98%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-18.11%	+18.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.72%	—
Current Drawdown Current decline from peak	0.00%	-3.10%	+3.10%
Average Drawdown Average peak-to-trough decline	0.00%	-4.42%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.99%	-0.99%

Volatility

VUSXX vs. VTBIX - Volatility Comparison

The current volatility for Vanguard Treasury Money Market Fund (VUSXX) is 0.31%, while Vanguard Total Bond Market II Index Fund Investor Shares (VTBIX) has a volatility of 1.35%. This indicates that VUSXX experiences smaller price fluctuations and is considered to be less risky than VTBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSXX	VTBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	1.35%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	0.73%	2.84%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	3.89%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	5.95%	-5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.74%	4.92%	-4.18%

VUSXX vs. VTBIX - Expense Ratio Comparison

VUSXX has a 0.07% expense ratio, which is lower than VTBIX's 0.09% 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

VUSXX vs. VTBIX - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTBIX Vanguard Total Bond Market II Index Fund Investor Shares	3.99%	3.88%	3.70%	2.53%	2.47%	1.75%	3.20%	2.72%	2.51%	2.43%	2.48%	2.64%
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 VTBIX in my portfolio?

VUSXX and VTBIX have a correlation of 0.30, 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 VTBIX?

VTBIX has higher volatility (1.35%) compared to VUSXX (0.31%). In terms of maximum drawdown, VUSXX dropped 0.00% vs VTBIX's -18.72%.

Which has better risk-adjusted returns?

VUSXX currently has the higher Sharpe Ratio (3.68 vs 1.11), 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.