GHYB vs. VBTLX

Last updated Jun 24, 2026

GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both funds - GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 5 years, GHYB returned 3.95%/yr vs 0.02%/yr for VBTLX. At a 0.28 correlation, their price movements are largely independent. GHYB charges 0.34%/yr vs 0.04%/yr for VBTLX.

Performance

GHYB vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHYB achieves a 1.55% return, which is significantly higher than VBTLX's 0.11% return.

GHYB

• 1D: -0.02%
• 1M: 0.58%
• YTD: 1.55%
• 6M: 1.70%
• 1Y: 6.43%
• 3Y*: 8.96%
• 5Y*: 3.95%
• 10Y*: —

VBTLX

• 1D: -0.31%
• 1M: 0.66%
• YTD: 0.11%
• 6M: 0.45%
• 1Y: 4.14%
• 3Y*: 3.94%
• 5Y*: 0.02%
• 10Y*: 1.50%

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

GHYB vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	1.55%	9.38%	7.76%	12.13%	-11.02%	3.21%	6.38%	14.55%	-2.01%	0.27%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.11%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	-0.22%

Correlation

The correlation between GHYB and VBTLX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.28

Over the past year, GHYB and VBTLX have become more correlated (0.57) than their long-term average of 0.28, meaning their price movements have been converging.

Return for Risk

GHYB vs. VBTLX — Risk / Return Rank

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

GHYB

GHYB Risk / Return Rank: 60
GHYB Sharpe Ratio Rank: 58
GHYB Sortino Ratio Rank: 62
GHYB Omega Ratio Rank: 63
GHYB Calmar Ratio Rank: 52
GHYB Martin Ratio Rank: 64

VBTLX

VBTLX Risk / Return Rank: 18
VBTLX Sharpe Ratio Rank: 17
VBTLX Sortino Ratio Rank: 19
VBTLX Omega Ratio Rank: 16
VBTLX Calmar Ratio Rank: 20
VBTLX Martin Ratio Rank: 17

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.

GHYB vs. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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.

	GHYB	VBTLX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.12	+0.72
Sortino ratio: Return per unit of downside risk	2.73	1.68	+1.05
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	2.41	1.51	+0.90
Martin ratio: Return relative to average drawdown	10.98	4.28	+6.70

GHYB vs. VBTLX - Sharpe Ratio Comparison

The current GHYB Sharpe Ratio is 1.84, which is higher than the VBTLX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of GHYB and VBTLX, 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

GHYB vs. VBTLX - Drawdown Comparison

The maximum GHYB drawdown since its inception was -21.48%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for GHYB and VBTLX.

Drawdown Indicators

	GHYB	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-21.48%	-18.81%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.89%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-4.66%	-6.00%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-18.14%	+2.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.81%	—
Current Drawdown Current decline from peak	-0.10%	-2.48%	+2.38%
Average Drawdown Average peak-to-trough decline	-2.55%	-2.67%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.02%	-0.43%

Volatility

GHYB vs. VBTLX - Volatility Comparison

The current volatility for Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) is 0.93%, while Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a volatility of 1.17%. This indicates that GHYB experiences smaller price fluctuations and is considered to be less risky than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHYB	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.17%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	2.88%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.92%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	6.01%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.26%	4.99%	+3.27%

GHYB vs. VBTLX - Expense Ratio Comparison

GHYB has a 0.34% expense ratio, which is higher than VBTLX's 0.04% expense ratio.

Dividends

GHYB vs. VBTLX - Dividend Comparison

GHYB's dividend yield for the trailing twelve months is around 6.79%, more than VBTLX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	6.79%	7.00%	6.65%	6.20%	5.67%	4.46%	4.75%	5.57%	5.68%	1.45%	0.00%	0.00%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.99%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%

Frequently Asked Questions

Can I hold both GHYB and VBTLX in my portfolio?

GHYB and VBTLX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GHYB or VBTLX?

VBTLX has higher volatility (1.17%) compared to GHYB (0.93%). In terms of maximum drawdown, GHYB dropped -21.48% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

GHYB currently has the higher Sharpe Ratio (1.84 vs 1.12), 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.