RPLCX vs. VLMIX

Last updated Jun 5, 2026

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 -2.39%/yr vs 6.06%/yr for VLMIX. At a 0.11 correlation, their price movements are largely independent. RPLCX charges 0.45%/yr vs 0.20%/yr for VLMIX.

Performance

RPLCX vs. VLMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) and Vanguard Long-Term Investment-Grade Fund Investor Shares (VLMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPLCX achieves a 0.50% return, which is significantly higher than VLMIX's -1.26% return.

RPLCX

• 1D: -0.40%
• 1M: 0.73%
• YTD: 0.50%
• 6M: 0.44%
• 1Y: 7.04%
• 3Y*: 3.86%
• 5Y*: -2.39%
• 10Y*: 2.20%

VLMIX

• 1D: 0.00%
• 1M: -0.50%
• YTD: -1.26%
• 6M: -2.59%
• 1Y: -1.70%
• 3Y*: 6.99%
• 5Y*: 6.06%
• 10Y*: —

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

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	0.50%	7.65%	-1.84%	9.05%	-27.00%	-0.19%	16.73%	23.72%	-6.27%	3.02%
VLMIX Vanguard Long-Term Investment-Grade Fund Investor Shares	-1.26%	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 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.11

Over the past year, RPLCX and VLMIX have become more correlated (0.32) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

RPLCX vs. VLMIX — Risk / Return Rank

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

RPLCX

RPLCX Risk / Return Rank: 16
RPLCX Sharpe Ratio Rank: 15
RPLCX Sortino Ratio Rank: 16
RPLCX Omega Ratio Rank: 14
RPLCX Calmar Ratio Rank: 20
RPLCX Martin Ratio Rank: 16

VLMIX

VLMIX Risk / Return Rank: 2
VLMIX Sharpe Ratio Rank: 2
VLMIX Sortino Ratio Rank: 2
VLMIX Omega Ratio Rank: 2
VLMIX Calmar Ratio Rank: 2
VLMIX Martin Ratio Rank: 2

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.

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.

	RPLCX	VLMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.12	+1.18
Sortino ratio: Return per unit of downside risk	1.60	-0.08	+1.67
Omega ratio: Gain probability vs. loss probability	1.19	0.99	+0.20
Calmar ratio: Return relative to maximum drawdown	1.59	-0.14	+1.73
Martin ratio: Return relative to average drawdown	4.40	-0.39	+4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPLCX vs. VLMIX - Sharpe Ratio Comparison

The current RPLCX Sharpe Ratio is 1.06, which is higher than the VLMIX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of RPLCX and VLMIX, 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

	RPLCX	VLMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.12	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.36	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.63	-0.28

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.

Drawdown Indicators

	RPLCX	VLMIX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-17.09%	-8.41%	-8.68%
Average Drawdown Average peak-to-trough decline	-10.12%	-4.81%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	4.13%	-2.26%

Volatility

RPLCX vs. VLMIX - Volatility Comparison

The current volatility for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) is 2.58%, while Vanguard Long-Term Investment-Grade Fund Investor Shares (VLMIX) has a volatility of 3.71%. 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.

Volatility by Period

	RPLCX	VLMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	3.71%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	10.04%	-4.47%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	13.45%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	16.87%	-5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	18.70%	-8.11%

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 5.37%, more than VLMIX's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPLCX T. Rowe Price Institutional Long Duration Credit Fund	5.37%	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	2.16%	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

Can I hold both RPLCX and VLMIX in my portfolio?

RPLCX and VLMIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPLCX or VLMIX?

VLMIX has higher volatility (3.71%) compared to RPLCX (2.58%). In terms of maximum drawdown, RPLCX dropped -35.21% vs VLMIX's -35.47%.

Which has better risk-adjusted returns?

RPLCX currently has the higher Sharpe Ratio (1.06 vs -0.12), 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.