BLV vs. VCLT
BLV (Vanguard Long-Term Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while VCLT is a Corporate Bonds fund tracking the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Over the past 10 years, BLV returned 0.91%/yr vs 2.24%/yr for VCLT. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
BLV vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a 0.81% return, which is significantly lower than VCLT's 1.27% return. Over the past 10 years, BLV has underperformed VCLT with an annualized return of 0.91%, while VCLT has yielded a comparatively higher 2.24% annualized return.
BLV
- 1D
- -0.55%
- 1M
- 1.61%
- YTD
- 0.81%
- 6M
- 0.84%
- 1Y
- 5.47%
- 3Y*
- 1.85%
- 5Y*
- -3.65%
- 10Y*
- 0.91%
VCLT
- 1D
- -0.40%
- 1M
- 1.31%
- YTD
- 1.27%
- 6M
- 1.30%
- 1Y
- 6.37%
- 3Y*
- 4.08%
- 5Y*
- -2.16%
- 10Y*
- 2.24%
BLV vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 0.81% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
VCLT Vanguard Long-Term Corporate Bond ETF | 1.27% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between BLV and VCLT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.91 |
The correlation between BLV and VCLT has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
BLV vs. VCLT — Risk / Return Rank
BLV
VCLT
BLV vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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.
| BLV | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.14 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.22 | -0.26 |
| Martin ratioReturn relative to average drawdown | 2.34 | 2.95 | -0.60 |
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Drawdowns
BLV vs. VCLT - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, which is greater than VCLT's maximum drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for BLV and VCLT.
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Drawdown Indicators
| BLV | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -34.31% | -3.98% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -5.25% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -13.03% | -2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -34.31% | -1.96% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -34.31% | -3.98% |
Current DrawdownCurrent decline from peak | -23.74% | -14.12% | -9.62% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -8.17% | -1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.17% | +0.17% |
Volatility
BLV vs. VCLT - Volatility Comparison
Vanguard Long-Term Bond ETF (BLV) and Vanguard Long-Term Corporate Bond ETF (VCLT) have volatilities of 1.97% and 1.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BLV | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.91% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 5.84% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.98% | 7.84% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 12.76% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 12.85% | -0.86% |
BLV vs. VCLT - Expense Ratio Comparison
Both BLV and VCLT have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BLV vs. VCLT - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.78%, less than VCLT's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.78% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.53% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
Frequently Asked Questions
With a correlation of 0.97, BLV and VCLT 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.
BLV has higher volatility (1.97%) compared to VCLT (1.91%). In terms of maximum drawdown, BLV dropped -38.29% vs VCLT's -34.31%.
On 10-year performance, VCLT leads with 2.24% vs 0.91% for BLV. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCLT has performed better with a 2.24% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV and VCLT have the same expense ratio: 0.03% per year.
VCLT has the higher dividend yield at 5.53%, compared with 4.78% for BLV.
BLV is categorized as Long-Term Bond, while VCLT is Corporate Bonds. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index.
VCLT currently has the higher Sharpe Ratio (0.82 vs 0.69), 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.
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