Which returned more over the last year, VTIP or VTP?

In the year to Oct 28, 2026, with distributions reinvested, VTIP returned +2.2% and VTP −0.8%.

Which is cheaper, VTIP or VTP?

VTIP is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

VTIP vs VTP: Differences, Returns & Fees

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On Jun 30, 2026 VTIP's duration was 2.3 years and VTP's 5.4; VTIP charges 0.03% to VTP's 0.05%.

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Net assets on Sep 30, 2026: $20.9bn for Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares and $250m for Vanguard Total Inflation-Protected Securities ETF.

VTIP on its own →VTP on its own →

At a glance

+2.2%

VTIP total return, 1 year

−0.8%

VTP total return, 1 year

0.03%

VTIP expense ratio

0.05%

VTP expense ratio

Pair scorecard

VTIP costs 0.02 points a year less; their one-year returns differ by 3.0 points; VTIP is far larger, $20.9bn against $250m.

VTIP vs VTP: Differences, Returns & Fees
Measure	VTIP	VTP
Return
Measure	VTIP	VTP
Total return, 1 year	+2.2%	−0.8%
Benchmark
Measure	VTIP	VTP
What it tracks	Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index	ICE U.S. Treasury Inflation Linked Bond Index
Cost and size
Measure	VTIP	VTP
Expense ratio	0.03%	0.05%
Net assets, as of Sep 30, 2026	$20.9bn	$250m
Holdings
Measure	VTIP	VTP
Holdings in common	49%

Holdings in common uses holdings dated Jun 30, 2026. Method

Risk and return

Jul 18, 2025 to Oct 23, 2026 · 66 weekly returns

VTIP VTP

Return

Total return edge VTIP +3.6% +2.2%

Annualized edge VTIP +2.8% +1.7%

Price return edge VTP −2.5% −2.2%

Risk

Volatility edge VTIP 1.5% 3.1%

Max drawdown edge VTIP −1.1% −3.8%

Risk-adjusted

Sharpe edge VTP (slight) −0.72 −0.68

Sortino edge VTP (slight) −0.93 −0.90

Calmar edge VTIP 2.65 0.45

Reading

VTIP returned more: +3.6% to +2.2%. VTIP swung less: 1.5% to 3.1%. VTIP fell less at its worst: −1.1% to −3.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: VTIP vs VTP: Differences, Returns & Fees
Measure	VTIP	VTP	Edge	How it is measured
Return
Total return	+3.6%	+2.2%	VTIP	Price change plus distributions, reinvested.
Annualized	+2.8%	+1.7%	VTIP	Total return as a yearly rate.
Price return	−2.5%	−2.2%	VTP	Price change alone, distributions left out.
Risk
Volatility	1.5%	3.1%	VTIP	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	1.1%	2.4%	VTIP	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−1.1%	−3.8%	VTIP	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.72	−0.68	VTP (slight)	Return above Treasury bills per unit of volatility.
Sortino	−0.93	−0.90	VTP (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	2.65	0.45	VTIP	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

49%

By the books each fund has filed, VTIP and VTP hold 49% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

49% in common

Positions both hold · largest shared weight first VTIP VTP

TSY INFL IX N/B, due Oct 15, 2030 5.39% 3.39%

TSY INFL IX N/B, due Apr 15, 2030 5.30% 3.38%

TSY INFL IX N/B, due Oct 15, 2029 5.33% 3.27%

TSY INFL IX N/B, due Apr 15, 2029 5.14% 3.16%

TSY INFL IX N/B, due Oct 15, 2028 4.97% 3.14%

TSY INFL IX N/B, due Oct 15, 2027 4.83% 3.05%

TSY INFL IX N/B, due Apr 15, 2028 4.70% 2.96%

TSY INFL IX N/B, due Jan 15, 2031 4.59% 2.89%

TSY INFL IX N/B, due Jul 15, 2030 4.42% 2.79%

TSY INFL IX N/B, due Jan 15, 2028 4.26% 2.69%

TSY INFL IX N/B, due Jul 15, 2027 4.20% 2.64%

TSY INFL IX N/B, due Jan 15, 2030 4.11% 2.60%

Only in one fund ↓

Only in VTIP

TSY INFL IX N/B, due Oct 15, 2026 4.83%

TSY INFL IX N/B, due Apr 15, 2027 4.74%

TSY INFL IX N/B, due Jul 15, 2026 4.29%

TSY INFL IX N/B, due Jan 15, 2027 3.86%

TSY INFL IX N/B, due Jan 15, 2027 1.96%

Only in VTP

TSY INFL IX N/B, due Jul 15, 2035 4.07%

TSY INFL IX N/B, due Jan 15, 2035 4.01%

TSY INFL IX N/B, due Jan 15, 2036 4.00%

TSY INFL IX N/B, due Jul 15, 2034 3.77%

TSY INFL IX N/B, due Jan 15, 2034 3.59%

TSY INFL IX N/B, due Jan 15, 2033 3.35%

TSY INFL IX N/B, due Jul 15, 2033 3.34%

TSY INFL IX N/B, due Jul 15, 2032 3.32%

Check overlap with more funds →

Side by side

VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares VTP Vanguard Total Inflation-Protected Securities ETF

Where it sits Bond ETF Bond ETF

Issuer Vanguard Vanguard

What it is Tracks an index of Short-Term Inflation-Protected Securities Tracks an index

Total return, 1 year +2.2% −0.8%

Its benchmark over the same days not measured −1.0% (TIP)

Gap to its benchmark not measured +0.2 pts vs TIP

Expense ratio 0.03% 0.05%

Holdings 26 49

Net assets, as of Sep 30, 2026 $20.9bn $250m

VTIP and VTP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-C85B49C814

VTIP and VTP do different jobs. What does each one do in a portfolio?

What each follows. VTIP follows Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index and VTP follows ICE U.S. Treasury Inflation Linked Bond Index.
Holdings in common. 49% of the weight is in the same securities (holdings dated Jun 30, 2026).
One-year total return. Over 1 year to Oct 28, 2026 VTIP returned +2.2% and VTP −0.8% with distributions reinvested, a gap of 3.0 points.

Data as of Oct 28, 2026.

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About each fund

VTIP

VTIP tracks an index of Short-Term Inflation-Protected Securities. Over the year to Oct 28, 2026 it returned +2.2% with distributions reinvested. The prospectus expense ratio is 0.03% a year.

VTP

VTP tracks an index. Over the year to Oct 28, 2026 it returned −0.8% with distributions reinvested, against −1.0% for its benchmark, the ICE U.S. Treasury Inflation Linked Bond Index. The prospectus expense ratio is 0.05% a year.

Questions people ask

Which returned more over the last year, VTIP or VTP?: In the year to Oct 28, 2026, with distributions reinvested, VTIP returned +2.2% and VTP −0.8%.
Which is cheaper, VTIP or VTP?: VTIP is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

TIP vs VTIP SCHP vs VTIP VCLT vs VTIP VGLT vs VTIP EMB vs VTIP BINC vs VTIP HYG vs VTIP IGIB vs VTIP

Where to next

VTIP on its own →VTP on its own →Hold both: look the portfolio through →Rankings →VTIP dividend history →VTIP holdings →VTP dividend history →VTP holdings →Standards and sources →

Sources and dates

VTIP and VTP filings on SEC EDGAR ↗

VTIP and VTP prospectus with the expense ratio (SEC) ↗

Vanguard page for VTIP ↗

Vanguard page for VTP ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, VTIP against VTP, data as of Oct 28, 2026. https://etfiq.com/compare/any/vtip-vs-vtp

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.