BCOIX vs. VBTIX

Last updated Jun 23, 2026

BCOIX (Baird Core Plus Bond Fund) and VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) are both mutual funds - BCOIX is a Intermediate Core-Plus Bond fund managed by Baird, while VBTIX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, BCOIX returned 2.41%/yr vs 1.57%/yr for VBTIX. Their correlation of 0.90 suggests significant overlap in exposure. BCOIX charges 0.30%/yr vs 0.03%/yr for VBTIX.

Performance

BCOIX vs. VBTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Core Plus Bond Fund (BCOIX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOIX achieves a 0.64% return, which is significantly higher than VBTIX's 0.43% return. Over the past 10 years, BCOIX has outperformed VBTIX with an annualized return of 2.41%, while VBTIX has yielded a comparatively lower 1.57% annualized return.

BCOIX

• 1D: 0.20%
• 1M: 0.97%
• YTD: 0.64%
• 6M: 0.87%
• 1Y: 5.02%
• 3Y*: 4.93%
• 5Y*: 0.66%
• 10Y*: 2.41%

VBTIX

• 1D: 0.31%
• 1M: 0.97%
• YTD: 0.43%
• 6M: 0.76%
• 1Y: 4.70%
• 3Y*: 4.10%
• 5Y*: 0.03%
• 10Y*: 1.57%

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

BCOIX vs. VBTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCOIX Baird Core Plus Bond Fund	0.64%	7.47%	2.54%	6.89%	-12.86%	-1.02%	8.80%	10.11%	-0.52%	4.65%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	0.43%	7.18%	1.27%	5.75%	-13.15%	-1.95%	7.75%	8.74%	-0.24%	3.56%

Correlation

The correlation between BCOIX and VBTIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 29, 2000	0.90

The correlation between BCOIX and VBTIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

BCOIX vs. VBTIX — Risk / Return Rank

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

BCOIX

BCOIX Risk / Return Rank: 27
BCOIX Sharpe Ratio Rank: 26
BCOIX Sortino Ratio Rank: 29
BCOIX Omega Ratio Rank: 26
BCOIX Calmar Ratio Rank: 30
BCOIX Martin Ratio Rank: 25

VBTIX

VBTIX Risk / Return Rank: 21
VBTIX Sharpe Ratio Rank: 21
VBTIX Sortino Ratio Rank: 22
VBTIX Omega Ratio Rank: 19
VBTIX Calmar Ratio Rank: 22
VBTIX 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.

BCOIX vs. VBTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Core Plus Bond Fund (BCOIX) and Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX). 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.

	BCOIX	VBTIX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.21	+0.17
Sortino ratio: Return per unit of downside risk	2.09	1.82	+0.26
Omega ratio: Gain probability vs. loss probability	1.25	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	1.95	1.63	+0.32
Martin ratio: Return relative to average drawdown	5.51	4.65	+0.87

BCOIX vs. VBTIX - Sharpe Ratio Comparison

The current BCOIX Sharpe Ratio is 1.38, which is comparable to the VBTIX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of BCOIX and VBTIX, 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

BCOIX vs. VBTIX - Drawdown Comparison

The maximum BCOIX drawdown since its inception was -18.13%, roughly equal to the maximum VBTIX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for BCOIX and VBTIX.

Drawdown Indicators

	BCOIX	VBTIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.13%	-18.90%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.89%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-5.61%	-5.99%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-18.13%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-18.13%	-18.90%	+0.77%
Current Drawdown Current decline from peak	-1.05%	-2.25%	+1.20%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.32%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.01%	-0.10%

Volatility

BCOIX vs. VBTIX - Volatility Comparison

The current volatility for Baird Core Plus Bond Fund (BCOIX) is 1.09%, while Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) has a volatility of 1.21%. This indicates that BCOIX experiences smaller price fluctuations and is considered to be less risky than VBTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOIX	VBTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.21%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.86%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.90%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	6.02%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	4.99%	-0.31%

BCOIX vs. VBTIX - Expense Ratio Comparison

BCOIX has a 0.30% expense ratio, which is higher than VBTIX's 0.03% expense ratio.

Dividends

BCOIX vs. VBTIX - Dividend Comparison

BCOIX's dividend yield for the trailing twelve months is around 4.34%, more than VBTIX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCOIX Baird Core Plus Bond Fund	4.34%	4.21%	4.13%	3.58%	3.10%	2.96%	3.51%	2.96%	3.13%	2.83%	3.01%	2.84%
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares	3.99%	3.88%	3.69%	3.12%	2.61%	1.81%	2.41%	2.75%	2.58%	2.56%	2.54%	2.84%

Frequently Asked Questions

Can I hold both BCOIX and VBTIX in my portfolio?

With a correlation of 0.92, BCOIX and VBTIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BCOIX or VBTIX?

VBTIX has higher volatility (1.21%) compared to BCOIX (1.09%). In terms of maximum drawdown, BCOIX dropped -18.13% vs VBTIX's -18.90%.

Which has better risk-adjusted returns?

BCOIX currently has the higher Sharpe Ratio (1.38 vs 1.21), 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.