VIITX vs VTBNX
Vanguard Institutional Intermediate Term Bond Fund Institutional Plus Class vs Vanguard Total Bond Market II Index Fund Institutional Shares
Which is better, VIITX or VTBNX?
Intermediate Term Bond against Long Term High Quality.
The two have moved almost in lockstep, correlation 0.98.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | VIITX | VTBNX |
|---|---|---|
| Expense Ratio | 0.02%Tie | 0.02%Tie |
| AUM | - | $207.3B |
| Dividend Yield | 4.60% | 4.16% |
| Holdings | 2,710 | 15,871 |
| YTD Price Return | -4.34% | -5.20% |
| 1Y Price Return | -4.39% | -5.49% |
| 3Y Price Return (annualized) | +0.21% | +0.33% |
| 5Y Price Return (annualized) | -2.66% | -3.83% |
| Volatility (annualized) | 4.3%Best | 6.4% |
| Max Drawdown | -14.4%Best | -20.8% |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Fixed Income | Fixed Income |
| Style | Intermediate Term Bond | Long Term High Quality |
| Inception | Dec 1, 1997 | Feb 17, 2009 |
Not shown on this pair: $10,000 over 5 years, Top 10 Weight.
A price return is not the return of a fund that pays its income out. The coupon or distribution never appears in the price, so the return rows carry no winner here. VIITX currently yields 4.60% and VTBNX 4.16%.
Volatility and max drawdown are measured over the window both funds cover: Oct 12, 2021 to Oct 8, 2026 (5 years).
VIITX vs VTBNX Performance
Vanguard Institutional Intermediate Term Bond Fund Institutional Plus Class (VIITX) is a mutual fund from Vanguard (US) and Vanguard Total Bond Market II Index Fund Institutional Shares (VTBNX) is a mutual fund from Vanguard (US). Over the past year VIITX's price moved -4.39% and VTBNX's -5.49%, before the income each one paid out.
Over three years, VIITX compounded at +0.21% per year against +0.33% for VTBNX; over five years the annualized figures are -2.66% and -3.83% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTBNX has been the more volatile fund, with annualized monthly volatility of 6.4% compared with 4.3% for VIITX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.4% for VIITX and -20.8% for VTBNX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
VIITX charges 0.02% per year while VTBNX charges 0.02%. On a $10,000 position that is $2 vs $2 annually. On income, VIITX currently yields 4.60% against 4.16% for VTBNX.
Holdings Overlap
We hold position weights for 691 holdings in VIITX and 12,623 in VTBNX, totalling 32.7% and 61.9% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 446 positions appear in both.
446 positions in common, counted across the 691 positions we hold weights for in VIITX and 12,623 in VTBNX, against full books of 2,710 and 15,871.
Top Shared Holdings
| Stock | Weight in VIITX | Weight in VTBNX | Difference |
|---|---|---|---|
| T 3.5 01/31/28Us Treasury N/B 3.375 01/31/2028 | 0.77% | 0.38% | 0.39% |
| T 4.25 06/30/29United States Treasuryu.S. Treasury Notes | 0.52% | 0.22% | 0.30% |
| T 4.5 05/31/29Treasury Note (Otr) 4.5% May 31, 2029 | 0.50% | 0.17% | 0.33% |
| T 3.5 09/30/29United States Treasury Note/Bond 3.5 2029-09-30 | 0.45% | 0.20% | 0.25% |
| T 4.25 05/15/35Us Treas Nts 4.25% 05/15/35 | 0.28% | 0.37% | 0.09% |
| T 1 07/31/28United States Treasuryu.S. Treasury Notes 07/31/2028 | 0.46% | 0.18% | 0.28% |
| T 3.625 08/31/29United States Treasury Note/Bond - When Issued 3.63% 31Aug2029 | 0.40% | 0.21% | 0.19% |
| T 3.875 07/15/28Treasury Note (Otr) 3.88% Jul 15, 2028 | 0.20% | 0.24% | 0.04% |
| T 1.375 10/31/28Treasury Note (Otr) 1.38% Oct 31, 2028 | 0.29% | 0.14% | 0.15% |
| T 3.5 04/30/30United States Treasury Note | 0.32% | 0.11% | 0.21% |
You are not choosing between two funds in isolation.
Whichever of VIITX and VTBNX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, VIITX or VTBNX?
VIITX has an expense ratio of 0.02% while VTBNX charges 0.02%. At the precision these are quoted to, they cost the same.
Which is riskier, VIITX or VTBNX?
VTBNX has been the more volatile fund at 6.4% annualized versus 4.3% for VIITX. Worst drawdown: VIITX -14.4% vs VTBNX -20.8%.
Should I hold both VIITX and VTBNX?
VIITX and VTBNX have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, VIITX or VTBNX?
VIITX yields 4.60% while VTBNX yields 4.16%, so VIITX currently pays the higher dividend yield.
Is VTBNX better than VIITX?
The two have moved almost in lockstep, correlation 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.