PBBBX vs. VLCIX

Last updated Jun 5, 2026

PBBBX (PIA BBB Bond Fund) and VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, PBBBX returned 2.89%/yr vs 2.38%/yr for VLCIX. Their correlation of 0.89 suggests significant overlap in exposure. PBBBX charges 0.15%/yr vs 0.05%/yr for VLCIX.

Performance

PBBBX vs. VLCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA BBB Bond Fund (PBBBX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBBBX achieves a 0.13% return, which is significantly lower than VLCIX's 0.79% return. Over the past 10 years, PBBBX has outperformed VLCIX with an annualized return of 2.89%, while VLCIX has yielded a comparatively lower 2.38% annualized return.

PBBBX

• 1D: -0.35%
• 1M: 0.34%
• YTD: 0.13%
• 6M: 0.32%
• 1Y: 5.43%
• 3Y*: 5.62%
• 5Y*: 0.57%
• 10Y*: 2.89%

VLCIX

• 1D: -0.44%
• 1M: 0.84%
• YTD: 0.79%
• 6M: 0.14%
• 1Y: 6.42%
• 3Y*: 4.55%
• 5Y*: -1.73%
• 10Y*: 2.38%

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

PBBBX vs. VLCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBBBX PIA BBB Bond Fund	0.13%	8.14%	2.41%	9.19%	-16.35%	-1.20%	9.37%	16.49%	-3.02%	7.16%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	0.79%	7.27%	-1.43%	11.06%	-25.75%	-1.24%	13.74%	23.18%	-6.86%	12.42%

Correlation

The correlation between PBBBX and VLCIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009	0.89

The correlation between PBBBX and VLCIX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

PBBBX vs. VLCIX — Risk / Return Rank

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

PBBBX

PBBBX Risk / Return Rank: 26
PBBBX Sharpe Ratio Rank: 27
PBBBX Sortino Ratio Rank: 27
PBBBX Omega Ratio Rank: 27
PBBBX Calmar Ratio Rank: 26
PBBBX Martin Ratio Rank: 23

VLCIX

VLCIX Risk / Return Rank: 14
VLCIX Sharpe Ratio Rank: 14
VLCIX Sortino Ratio Rank: 14
VLCIX Omega Ratio Rank: 13
VLCIX Calmar Ratio Rank: 18
VLCIX Martin Ratio Rank: 13

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.

PBBBX vs. VLCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA BBB Bond Fund (PBBBX) and Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX). 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.

	PBBBX	VLCIX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.01	+0.46
Sortino ratio: Return per unit of downside risk	2.16	1.48	+0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.18	+0.09
Calmar ratio: Return relative to maximum drawdown	1.84	1.47	+0.37
Martin ratio: Return relative to average drawdown	5.76	3.61	+2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBBBX vs. VLCIX - Sharpe Ratio Comparison

The current PBBBX Sharpe Ratio is 1.47, which is higher than the VLCIX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of PBBBX and VLCIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBBBX	VLCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.01	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	-0.15	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.23	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.44	+0.31

Drawdowns

PBBBX vs. VLCIX - Drawdown Comparison

The maximum PBBBX drawdown since its inception was -23.00%, smaller than the maximum VLCIX drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for PBBBX and VLCIX.

Drawdown Indicators

	PBBBX	VLCIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.00%	-34.56%	+11.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-5.26%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	-12.86%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-34.56%	+11.56%
Max Drawdown (10Y) Largest decline over 10 years	-23.00%	-34.56%	+11.56%
Current Drawdown Current decline from peak	-1.48%	-14.12%	+12.64%
Average Drawdown Average peak-to-trough decline	-3.49%	-8.04%	+4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.14%	-1.09%

Volatility

PBBBX vs. VLCIX - Volatility Comparison

The current volatility for PIA BBB Bond Fund (PBBBX) is 1.48%, while Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a volatility of 2.42%. This indicates that PBBBX experiences smaller price fluctuations and is considered to be less risky than VLCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBBBX	VLCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	2.42%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	5.43%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	7.65%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	11.88%	-5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.02%	10.61%	-4.59%

PBBBX vs. VLCIX - Expense Ratio Comparison

PBBBX has a 0.15% expense ratio, which is higher than VLCIX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PBBBX vs. VLCIX - Dividend Comparison

PBBBX's dividend yield for the trailing twelve months is around 3.79%, less than VLCIX's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBBBX PIA BBB Bond Fund	3.79%	4.02%	3.82%	3.57%	3.24%	2.85%	3.16%	3.78%	4.20%	3.75%	3.95%	4.12%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	5.55%	5.50%	5.60%	4.67%	4.43%	2.95%	3.17%	3.83%	4.58%	4.03%	4.39%	4.73%

Frequently Asked Questions

Can I hold both PBBBX and VLCIX in my portfolio?

With a correlation of 0.90, PBBBX and VLCIX 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.

Which is riskier, PBBBX or VLCIX?

VLCIX has higher volatility (2.42%) compared to PBBBX (1.48%). In terms of maximum drawdown, PBBBX dropped -23.00% vs VLCIX's -34.56%.

Which has better risk-adjusted returns?

PBBBX currently has the higher Sharpe Ratio (1.47 vs 1.01), 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.