PRPIX vs. VLCIX

Last updated Jun 3, 2026

PRPIX (T. Rowe Price Corporate Income Fund) and VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) are both Corporate Bonds funds. Over the past 10 years, PRPIX returned 2.74%/yr vs 2.41%/yr for VLCIX. Their correlation of 0.91 suggests significant overlap in exposure. PRPIX charges 0.56%/yr vs 0.05%/yr for VLCIX.

Performance

PRPIX vs. VLCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Corporate Income Fund (PRPIX) 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, PRPIX achieves a 0.40% return, which is significantly lower than VLCIX's 1.11% return. Over the past 10 years, PRPIX has outperformed VLCIX with an annualized return of 2.74%, while VLCIX has yielded a comparatively lower 2.41% annualized return.

PRPIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.40%
• 6M: 1.10%
• 1Y: 8.05%
• 3Y*: 6.62%
• 5Y*: 0.94%
• 10Y*: 2.74%

VLCIX

• 1D: 0.03%
• 1M: 1.28%
• YTD: 1.11%
• 6M: 0.42%
• 1Y: 8.30%
• 3Y*: 4.66%
• 5Y*: -1.54%
• 10Y*: 2.41%

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

PRPIX vs. VLCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRPIX T. Rowe Price Corporate Income Fund	0.40%	9.66%	4.02%	9.47%	-17.71%	-0.76%	7.87%	15.77%	-3.05%	6.58%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	1.11%	7.27%	-1.43%	11.06%	-25.75%	-1.24%	13.74%	23.18%	-6.86%	12.42%

Correlation

The correlation between PRPIX and VLCIX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009	0.91

The correlation between PRPIX and VLCIX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

PRPIX vs. VLCIX — Risk / Return Rank

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

PRPIX

PRPIX Risk / Return Rank: 41
PRPIX Sharpe Ratio Rank: 41
PRPIX Sortino Ratio Rank: 45
PRPIX Omega Ratio Rank: 40
PRPIX Calmar Ratio Rank: 41
PRPIX Martin Ratio Rank: 38

VLCIX

VLCIX Risk / Return Rank: 13
VLCIX Sharpe Ratio Rank: 13
VLCIX Sortino Ratio Rank: 13
VLCIX Omega Ratio Rank: 12
VLCIX Calmar Ratio Rank: 17
VLCIX Martin Ratio Rank: 12

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.

PRPIX vs. VLCIX - Risk-Adjusted Trends Comparison

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

	PRPIX	VLCIX	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.01	+0.86
Sortino ratio Return per unit of downside risk	2.84	1.49	+1.35
Omega ratio Gain probability vs. loss probability	1.34	1.18	+0.17
Calmar ratio Return relative to maximum drawdown	2.45	1.51	+0.93
Martin ratio Return relative to average drawdown	8.52	3.74	+4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRPIX vs. VLCIX - Sharpe Ratio Comparison

The current PRPIX Sharpe Ratio is 1.87, which is higher than the VLCIX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of PRPIX 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

	PRPIX	VLCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.01	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.13	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.23	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.45	+0.42

Drawdowns

PRPIX vs. VLCIX - Drawdown Comparison

The maximum PRPIX drawdown since its inception was -24.24%, smaller than the maximum VLCIX drawdown of -34.56%. Use the drawdown chart below to compare losses from any high point for PRPIX and VLCIX.

Drawdown Indicators

	PRPIX	VLCIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.24%	-34.56%	+10.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-5.26%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	-12.86%	+6.56%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-34.56%	+10.32%
Max Drawdown (10Y) Largest decline over 10 years	-24.24%	-34.56%	+10.32%
Current Drawdown Current decline from peak	-0.79%	-13.84%	+13.05%
Average Drawdown Average peak-to-trough decline	-3.14%	-8.03%	+4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.13%	-1.19%

Volatility

PRPIX vs. VLCIX - Volatility Comparison

The current volatility for T. Rowe Price Corporate Income Fund (PRPIX) is 1.45%, while Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a volatility of 2.47%. This indicates that PRPIX 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

	PRPIX	VLCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	2.47%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	5.49%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	7.67%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	11.88%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.02%	10.61%	-4.59%

PRPIX vs. VLCIX - Expense Ratio Comparison

PRPIX has a 0.56% expense ratio, which is higher than VLCIX's 0.05% expense ratio.

Dividends

PRPIX vs. VLCIX - Dividend Comparison

PRPIX's dividend yield for the trailing twelve months is around 6.28%, more than VLCIX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRPIX T. Rowe Price Corporate Income Fund	6.28%	6.30%	5.97%	4.72%	2.42%	5.61%	3.82%	5.47%	3.47%	3.95%	3.20%	4.23%
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	5.53%	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 PRPIX and VLCIX in my portfolio?

PRPIX and VLCIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRPIX or VLCIX?

VLCIX has higher volatility (2.47%) compared to PRPIX (1.45%). In terms of maximum drawdown, PRPIX dropped -24.24% vs VLCIX's -34.56%.

Which has better risk-adjusted returns?

PRPIX currently has the higher Sharpe Ratio (1.87 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.