IBND vs. VGCAX

Last updated Jun 24, 2026

IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and VGCAX (Vanguard Global Credit Bond Fund Admiral Shares) are both funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while VGCAX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, IBND returned -1.40%/yr vs 1.37%/yr for VGCAX. A 0.51 correlation means they provide meaningful diversification when combined. IBND charges 0.50%/yr vs 0.25%/yr for VGCAX.

Performance

IBND vs. VGCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) and Vanguard Global Credit Bond Fund Admiral Shares (VGCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBND achieves a -2.31% return, which is significantly lower than VGCAX's 1.16% return.

IBND

• 1D: -0.32%
• 1M: -1.13%
• YTD: -2.31%
• 6M: -2.34%
• 1Y: 0.30%
• 3Y*: 5.72%
• 5Y*: -1.40%
• 10Y*: 0.70%

VGCAX

• 1D: -0.15%
• 1M: 0.78%
• YTD: 1.16%
• 6M: 1.31%
• 1Y: 5.17%
• 3Y*: 6.21%
• 5Y*: 1.37%
• 10Y*: —

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

IBND vs. VGCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	-2.31%	16.17%	-2.81%	10.38%	-19.44%	-8.40%	11.50%	4.41%	1.13%
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	1.16%	7.30%	3.99%	9.22%	-13.43%	-0.64%	10.81%	13.05%	0.96%

Correlation

The correlation between IBND and VGCAX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018	0.51

The correlation between IBND and VGCAX shifts across timeframes, from 0.51 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IBND vs. VGCAX — Risk / Return Rank

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

IBND

IBND Risk / Return Rank: 9
IBND Sharpe Ratio Rank: 9
IBND Sortino Ratio Rank: 8
IBND Omega Ratio Rank: 8
IBND Calmar Ratio Rank: 9
IBND Martin Ratio Rank: 9

VGCAX

VGCAX Risk / Return Rank: 33
VGCAX Sharpe Ratio Rank: 37
VGCAX Sortino Ratio Rank: 38
VGCAX Omega Ratio Rank: 36
VGCAX Calmar Ratio Rank: 28
VGCAX Martin Ratio Rank: 28

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.

IBND vs. VGCAX - 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 Global Credit Bond Fund Admiral Shares (VGCAX). 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	VGCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.63	-1.59
Sortino ratio: Return per unit of downside risk	0.11	2.40	-2.29
Omega ratio: Gain probability vs. loss probability	1.01	1.29	-0.28
Calmar ratio: Return relative to maximum drawdown	0.04	1.85	-1.80
Martin ratio: Return relative to average drawdown	0.11	6.13	-6.02

IBND vs. VGCAX - Sharpe Ratio Comparison

The current IBND Sharpe Ratio is 0.04, which is lower than the VGCAX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of IBND and VGCAX, 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

IBND vs. VGCAX - Drawdown Comparison

The maximum IBND drawdown since its inception was -35.62%, which is greater than VGCAX's maximum drawdown of -18.63%. Use the drawdown chart below to compare losses from any high point for IBND and VGCAX.

Drawdown Indicators

	IBND	VGCAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-18.63%	-16.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-2.90%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	-9.18%	-4.00%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-33.49%	-18.63%	-14.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.62%	—	—
Current Drawdown Current decline from peak	-10.57%	-0.59%	-9.98%
Average Drawdown Average peak-to-trough decline	-10.63%	-4.32%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	0.87%	+1.77%

Volatility

IBND vs. VGCAX - Volatility Comparison

SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.06% compared to Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) at 0.92%. This indicates that IBND's price experiences larger fluctuations and is considered to be riskier than VGCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBND	VGCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	0.92%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	2.65%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	3.30%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.75%	5.07%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.92%	4.83%	+4.09%

IBND vs. VGCAX - Expense Ratio Comparison

IBND has a 0.50% expense ratio, which is higher than VGCAX's 0.25% expense ratio.

Dividends

IBND vs. VGCAX - Dividend Comparison

IBND's dividend yield for the trailing twelve months is around 2.77%, less than VGCAX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	2.77%	2.49%	2.61%	2.08%	0.54%	0.38%	0.45%	0.67%	0.71%	0.34%	0.01%	0.01%
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	4.94%	4.91%	4.65%	4.48%	2.72%	3.16%	4.65%	6.88%	0.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBND and VGCAX in my portfolio?

IBND and VGCAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBND or VGCAX?

IBND has higher volatility (2.06%) compared to VGCAX (0.92%). In terms of maximum drawdown, IBND dropped -35.62% vs VGCAX's -18.63%.

Which has better risk-adjusted returns?

VGCAX currently has the higher Sharpe Ratio (1.63 vs 0.04), 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.