IBND vs. VCLT
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both Corporate Bonds funds - IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond while VCLT tracks the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs 1.69%/yr for VCLT. At a 0.30 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.03%/yr for VCLT.
Performance
IBND vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than VCLT's -1.10% return. Over the past 10 years, IBND has underperformed VCLT with an annualized return of 0.56%, while VCLT has yielded a comparatively higher 1.69% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
VCLT
- 1D
- -0.69%
- 1M
- -2.47%
- 6M
- -1.71%
- YTD
- -1.10%
- 1Y
- 3.73%
- 3Y*
- 3.32%
- 5Y*
- -2.99%
- 10Y*
- 1.69%
IBND vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
VCLT Vanguard Long-Term Corporate Bond ETF | -1.10% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between IBND and VCLT is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.30 |
Over the past year, IBND and VCLT have become more correlated (0.54) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
IBND vs. VCLT — Risk / Return Rank
IBND
VCLT
IBND vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
| IBND | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.09 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.71 | -0.92 |
| Martin ratioReturn relative to average drawdown | -0.48 | 1.70 | -2.19 |
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Drawdowns
IBND vs. VCLT - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, roughly equal to the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for IBND and VCLT.
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Drawdown Indicators
| IBND | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -34.31% | -1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -5.25% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -13.03% | +3.85% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -34.31% | +0.82% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -34.31% | -1.31% |
Current DrawdownCurrent decline from peak | -10.97% | -16.12% | +5.15% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -8.19% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 2.19% | +0.65% |
Volatility
IBND vs. VCLT - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.12%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 2.36%. This indicates that IBND experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBND | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 2.36% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 6.03% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 7.78% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 12.77% | -3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 12.84% | -3.92% |
IBND vs. VCLT - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than VCLT's 0.03% expense ratio.
Dividends
IBND vs. VCLT - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, less than VCLT's 5.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.69% | 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
IBND and VCLT have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLT has higher volatility (2.36%) compared to IBND (2.12%). In terms of maximum drawdown, IBND dropped -35.62% vs VCLT's -34.31%.
On 10-year performance, VCLT leads with 1.69% vs 0.56% for IBND. On fees, VCLT is cheaper at 0.03% per year. On volatility, IBND has been the lower-risk option at 2.12%. 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 1.69% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCLT is cheaper with a 0.03% expense ratio, compared with 0.50% for IBND.
VCLT has the higher dividend yield at 5.69%, compared with 2.81% for IBND.
IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.50% for IBND and 0.03% for VCLT.
VCLT currently has the higher Sharpe Ratio (0.48 vs -0.17), 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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