PRCIX vs. VBTLX

Last updated Jun 3, 2026

PRCIX (T. Rowe Price New Income Fund) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - PRCIX is a Intermediate Core Bond fund managed by T. Rowe Price, while VBTLX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, PRCIX returned 1.65%/yr vs 1.58%/yr for VBTLX. Their correlation of 0.94 suggests significant overlap in exposure. PRCIX charges 0.44%/yr vs 0.05%/yr for VBTLX.

Performance

PRCIX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Income Fund (PRCIX) 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, PRCIX achieves a 0.49% return, which is significantly higher than VBTLX's 0.42% return. Both investments have delivered pretty close results over the past 10 years, with PRCIX having a 1.65% annualized return and VBTLX not far behind at 1.58%.

PRCIX

• 1D: -0.13%
• 1M: 0.47%
• YTD: 0.49%
• 6M: 1.13%
• 1Y: 7.14%
• 3Y*: 4.82%
• 5Y*: 0.28%
• 10Y*: 1.65%

VBTLX

• 1D: -0.10%
• 1M: 0.13%
• YTD: 0.42%
• 6M: 0.45%
• 1Y: 5.34%
• 3Y*: 4.05%
• 5Y*: 0.18%
• 10Y*: 1.58%

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

PRCIX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRCIX T. Rowe Price New Income Fund	0.49%	8.74%	2.50%	5.31%	-14.87%	-0.54%	5.77%	9.28%	-0.62%	4.01%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.42%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%

Correlation

The correlation between PRCIX and VBTLX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.94

The correlation between PRCIX and VBTLX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

PRCIX vs. VBTLX — Risk / Return Rank

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

PRCIX

PRCIX Risk / Return Rank: 35
PRCIX Sharpe Ratio Rank: 34
PRCIX Sortino Ratio Rank: 40
PRCIX Omega Ratio Rank: 34
PRCIX Calmar Ratio Rank: 36
PRCIX Martin Ratio Rank: 30

VBTLX

VBTLX Risk / Return Rank: 20
VBTLX Sharpe Ratio Rank: 18
VBTLX Sortino Ratio Rank: 19
VBTLX Omega Ratio Rank: 17
VBTLX Calmar Ratio Rank: 25
VBTLX Martin Ratio Rank: 22

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.

PRCIX vs. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Income Fund (PRCIX) 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.

	PRCIX	VBTLX	Difference
Sharpe ratio Return per unit of total volatility	1.71	1.27	+0.44
Sortino ratio Return per unit of downside risk	2.64	1.91	+0.74
Omega ratio Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio Return relative to maximum drawdown	2.32	1.93	+0.39
Martin ratio Return relative to average drawdown	7.09	5.84	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRCIX vs. VBTLX - Sharpe Ratio Comparison

The current PRCIX Sharpe Ratio is 1.71, which is higher than the VBTLX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of PRCIX 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.

Sharpe Ratios by Period

	PRCIX	VBTLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.27	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.03	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.32	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.76	+0.02

Drawdowns

PRCIX vs. VBTLX - Drawdown Comparison

The maximum PRCIX drawdown since its inception was -22.34%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for PRCIX and VBTLX.

Drawdown Indicators

	PRCIX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-22.34%	-18.81%	-3.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-2.89%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-6.00%	-6.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-18.14%	-1.51%
Max Drawdown (10Y) Largest decline over 10 years	-19.65%	-18.81%	-0.84%
Current Drawdown Current decline from peak	-1.06%	-2.18%	+1.12%
Average Drawdown Average peak-to-trough decline	-4.40%	-2.67%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.96%	+0.03%

Volatility

PRCIX vs. VBTLX - Volatility Comparison

T. Rowe Price New Income Fund (PRCIX) has a higher volatility of 1.55% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 1.38%. This indicates that PRCIX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCIX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.38%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	2.80%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	3.98%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	6.01%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.95%	4.98%	-0.03%

PRCIX vs. VBTLX - Expense Ratio Comparison

PRCIX has a 0.44% expense ratio, which is higher than VBTLX's 0.05% expense ratio.

Dividends

PRCIX vs. VBTLX - Dividend Comparison

PRCIX's dividend yield for the trailing twelve months is around 6.31%, more than VBTLX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRCIX T. Rowe Price New Income Fund	6.31%	5.94%	5.65%	4.37%	1.80%	2.65%	3.33%	2.88%	3.03%	2.66%	2.56%	2.55%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.98%	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 PRCIX and VBTLX in my portfolio?

PRCIX and VBTLX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRCIX or VBTLX?

PRCIX has higher volatility (1.55%) compared to VBTLX (1.38%). In terms of maximum drawdown, PRCIX dropped -22.34% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

PRCIX currently has the higher Sharpe Ratio (1.71 vs 1.27), 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.