RPLCX vs. VLMIX
RPLCX (T. Rowe Price Institutional Long Duration Credit Fund) and VLMIX (Vanguard Long-Term Investment-Grade Fund Investor Shares) are both Long-Term Bond funds. Over the past 5 years, RPLCX returned -3.36%/yr vs 6.00%/yr for VLMIX. At a 0.12 correlation, their price movements are largely independent. RPLCX charges 0.45%/yr vs 0.20%/yr for VLMIX.
Performance
RPLCX vs. VLMIX - Performance Comparison
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Returns By Period
In the year-to-date period, RPLCX achieves a -0.58% return, which is significantly lower than VLMIX's 1.52% return.
RPLCX
- 1D
- 0.00%
- 1M
- -0.89%
- 6M
- -0.58%
- YTD
- -0.58%
- 1Y
- 5.29%
- 3Y*
- 3.78%
- 5Y*
- -3.36%
- 10Y*
- 1.66%
VLMIX
- 1D
- 0.20%
- 1M
- 1.16%
- 6M
- -1.78%
- YTD
- 1.52%
- 1Y
- 0.71%
- 3Y*
- 6.56%
- 5Y*
- 6.00%
- 10Y*
- —
RPLCX vs. VLMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | -0.58% | 7.65% | -1.84% | 9.05% | -27.00% | -0.19% | 16.73% | 23.72% | -6.27% | 3.50% |
VLMIX Vanguard Long-Term Investment-Grade Fund Investor Shares | 1.52% | 1.01% | 7.83% | 22.39% | -9.40% | 20.12% | 20.25% | 35.69% | 4.91% | 7.31% |
Correlation
The correlation between RPLCX and VLMIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2017 | 0.12 |
Over the past year, RPLCX and VLMIX have become more correlated (0.36) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
RPLCX vs. VLMIX — Risk / Return Rank
RPLCX
VLMIX
RPLCX vs. VLMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) and Vanguard Long-Term Investment-Grade Fund Investor Shares (VLMIX). 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.
| RPLCX | VLMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.01 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | -0.01 | +0.81 |
| Martin ratioReturn relative to average drawdown | 2.16 | -0.03 | +2.18 |
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Drawdowns
RPLCX vs. VLMIX - Drawdown Comparison
The maximum RPLCX drawdown since its inception was -35.21%, roughly equal to the maximum VLMIX drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for RPLCX and VLMIX.
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Drawdown Indicators
| RPLCX | VLMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -35.47% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.19% | -11.77% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -13.32% | -17.59% | +4.27% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | -21.85% | -13.36% |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | — | — |
Current DrawdownCurrent decline from peak | -17.98% | -5.83% | -12.15% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -4.83% | -5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 4.29% | -2.34% |
Volatility
RPLCX vs. VLMIX - Volatility Comparison
The current volatility for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) is 2.30%, while Vanguard Long-Term Investment-Grade Fund Investor Shares (VLMIX) has a volatility of 2.91%. This indicates that RPLCX experiences smaller price fluctuations and is considered to be less risky than VLMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPLCX | VLMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.91% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 10.09% | -4.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.72% | 13.51% | -5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.62% | 16.87% | -5.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 18.63% | -8.05% |
RPLCX vs. VLMIX - Expense Ratio Comparison
RPLCX has a 0.45% expense ratio, which is higher than VLMIX's 0.20% expense ratio.
Dividends
RPLCX vs. VLMIX - Dividend Comparison
RPLCX's dividend yield for the trailing twelve months is around 5.00%, more than VLMIX's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | 5.00% | 5.32% | 5.17% | 4.15% | 3.54% | 6.09% | 7.16% | 13.58% | 4.33% | 4.07% | 3.79% | 4.70% |
VLMIX Vanguard Long-Term Investment-Grade Fund Investor Shares | 2.10% | 2.14% | 1.21% | 0.22% | 7.46% | 8.18% | 8.10% | 1.63% | 5.11% | 1.61% | 0.00% | 0.00% |
Frequently Asked Questions
RPLCX and VLMIX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VLMIX has higher volatility (2.91%) compared to RPLCX (2.30%). In terms of maximum drawdown, RPLCX dropped -35.21% vs VLMIX's -35.47%.
RPLCX currently has the higher Sharpe Ratio (0.54 vs -0.01), 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.
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