Report : Investment | July 28, 2023

Index Funds Quarterly Review Q2 2023

Smoother sailing through the first half of 2023

Following the banking crisis in the first quarter of the year, both U.S. and international equities rallied. The S&P 500 had its strongest first half of a year since 2019, finishing the quarter with a 6.5% return in June. Outside of the U.S., Japan was the strongest market performer—bolstered by lower interest rates—among major economies.

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Performance of key Vanguard index funds


Fund name

(Inception date)












Vanguard Total Bond Market Index Fund


-4.66% 1.67% 3.16% -0.90% -0.89%  

Vanguard Total International Bond Index Fund


-3.28% -0.02% 3.54% 0.18% 0.31%  

Vanguard Total Stock Market Index Fund


-4.46% 7.16% 7.15% 8.42% 18.94%  

Vanguard Total International Stock Index Fund


-10.52% 14.72% 6.65% 2.61% 12.33%  

Vanguard Short-Term Inflation-Protected Securities Index Fund


-2.64% 1.27% 2.28% -0.69% 0.14%  

Source of performance figures: Vanguard, Institutional share class, as of June 30, 2023.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at Standard performance of the funds can be located in the Quarterly Review Appendix.

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