MPHQX vs. VLGSX

Last updated Jun 23, 2026

MPHQX (BlackRock Total Return Fund Class K) and VLGSX (Vanguard Long-Term Treasury Index Fund Admiral Shares) are both mutual funds - MPHQX is a Intermediate Core-Plus Bond fund actively managed by BlackRock, while VLGSX is a Government Bonds fund managed by Vanguard. Over the past 10 years, MPHQX returned 2.20%/yr vs -1.02%/yr for VLGSX. Their correlation of 0.82 suggests significant overlap in exposure. MPHQX charges 0.37%/yr vs 0.07%/yr for VLGSX.

Performance

MPHQX vs. VLGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Total Return Fund Class K (MPHQX) and Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPHQX achieves a 0.96% return, which is significantly higher than VLGSX's 0.87% return. Over the past 10 years, MPHQX has outperformed VLGSX with an annualized return of 2.20%, while VLGSX has yielded a comparatively lower -1.02% annualized return.

MPHQX

• 1D: 0.20%
• 1M: 1.30%
• YTD: 0.96%
• 6M: 1.47%
• 1Y: 6.15%
• 3Y*: 4.62%
• 5Y*: 0.32%
• 10Y*: 2.20%

VLGSX

• 1D: 0.59%
• 1M: 2.65%
• YTD: 0.87%
• 6M: 1.03%
• 1Y: 5.02%
• 3Y*: -0.25%
• 5Y*: -5.70%
• 10Y*: -1.02%

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

MPHQX vs. VLGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPHQX BlackRock Total Return Fund Class K	0.96%	8.21%	1.92%	6.04%	-14.14%	-0.68%	9.10%	9.91%	-0.81%	4.33%
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares	0.87%	5.42%	-6.17%	3.66%	-29.48%	-4.99%	17.70%	14.31%	-1.62%	8.65%

Correlation

The correlation between MPHQX and VLGSX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.82

The correlation between MPHQX and VLGSX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

MPHQX vs. VLGSX — Risk / Return Rank

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

MPHQX

MPHQX Risk / Return Rank: 22
MPHQX Sharpe Ratio Rank: 26
MPHQX Sortino Ratio Rank: 24
MPHQX Omega Ratio Rank: 29
MPHQX Calmar Ratio Rank: 18
MPHQX Martin Ratio Rank: 15

VLGSX

VLGSX Risk / Return Rank: 7
VLGSX Sharpe Ratio Rank: 7
VLGSX Sortino Ratio Rank: 7
VLGSX Omega Ratio Rank: 7
VLGSX Calmar Ratio Rank: 8
VLGSX Martin Ratio Rank: 7

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.

MPHQX vs. VLGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Total Return Fund Class K (MPHQX) and Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX). 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.

	MPHQX	VLGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.57	+0.79
Sortino ratio: Return per unit of downside risk	1.91	0.88	+1.02
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.16
Calmar ratio: Return relative to maximum drawdown	1.47	0.70	+0.76
Martin ratio: Return relative to average drawdown	3.77	1.74	+2.03

MPHQX vs. VLGSX - Sharpe Ratio Comparison

The current MPHQX Sharpe Ratio is 1.36, which is higher than the VLGSX Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of MPHQX and VLGSX, 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

MPHQX vs. VLGSX - Drawdown Comparison

The maximum MPHQX drawdown since its inception was -21.68%, smaller than the maximum VLGSX drawdown of -46.22%. Use the drawdown chart below to compare losses from any high point for MPHQX and VLGSX.

Drawdown Indicators

	MPHQX	VLGSX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-46.22%	+24.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-6.99%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-6.86%	-17.67%	+10.81%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-41.02%	+21.74%
Max Drawdown (10Y) Largest decline over 10 years	-19.28%	-46.22%	+26.94%
Current Drawdown Current decline from peak	-2.19%	-35.76%	+33.57%
Average Drawdown Average peak-to-trough decline	-3.79%	-15.18%	+11.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.82%	-1.16%

Volatility

MPHQX vs. VLGSX - Volatility Comparison

The current volatility for BlackRock Total Return Fund Class K (MPHQX) is 1.29%, while Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) has a volatility of 2.13%. This indicates that MPHQX experiences smaller price fluctuations and is considered to be less risky than VLGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPHQX	VLGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	2.13%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	6.11%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.62%	8.62%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	14.52%	-8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	13.71%	-8.56%

MPHQX vs. VLGSX - Expense Ratio Comparison

MPHQX has a 0.37% expense ratio, which is higher than VLGSX's 0.07% expense ratio.

Dividends

MPHQX vs. VLGSX - Dividend Comparison

MPHQX's dividend yield for the trailing twelve months is around 4.77%, more than VLGSX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPHQX BlackRock Total Return Fund Class K	4.77%	4.89%	5.01%	4.19%	3.09%	2.58%	6.30%	3.24%	3.40%	3.21%	2.89%	3.49%
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares	4.52%	4.41%	4.65%	3.30%	2.80%	1.85%	2.13%	2.45%	2.72%	2.55%	2.46%	2.80%

Frequently Asked Questions

Can I hold both MPHQX and VLGSX in my portfolio?

MPHQX and VLGSX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPHQX or VLGSX?

VLGSX has higher volatility (2.13%) compared to MPHQX (1.29%). In terms of maximum drawdown, MPHQX dropped -21.68% vs VLGSX's -46.22%.

Which has better risk-adjusted returns?

MPHQX currently has the higher Sharpe Ratio (1.36 vs 0.57), 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.