VBCF vs. VCLT

Last updated Jul 12, 2026

VBCF (Vanguard Target Maturity 2032 Corporate Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both Corporate Bonds funds from Vanguard - VBCF tracks the ICE 2032 Maturity US Corporate Constrained Index while VCLT tracks the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. VBCF charges 0.08%/yr vs 0.03%/yr for VCLT.

Performance

VBCF vs. VCLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Maturity 2032 Corporate Bond ETF (VBCF) and Vanguard Long-Term Corporate Bond ETF (VCLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VBCF

• 1D: -0.20%
• 1M: -0.28%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCLT

• 1D: -0.31%
• 1M: -1.87%
• 6M: -1.18%
• YTD: -0.41%
• 1Y: 4.45%
• 3Y*: 3.90%
• 5Y*: -2.82%
• 10Y*: 1.67%

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

VBCF vs. VCLT - Yearly Performance Comparison

	2026 (YTD)
VBCF Vanguard Target Maturity 2032 Corporate Bond ETF	1.27%
VCLT Vanguard Long-Term Corporate Bond ETF	0.45%

Correlation

The correlation between VBCF and VCLT 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 (All Time) Calculated using the full available price history since Mar 26, 2026	0.86

Return for Risk

VBCF vs. VCLT — Risk / Return Rank

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

VBCF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VCLT

VCLT Risk / Return Rank: 17
VCLT Sharpe Ratio Rank: 17
VCLT Sortino Ratio Rank: 16
VCLT Omega Ratio Rank: 15
VCLT Calmar Ratio Rank: 19
VCLT Martin Ratio Rank: 18

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.

VBCF vs. VCLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Maturity 2032 Corporate Bond ETF (VBCF) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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.

	VBCF	VCLT	Difference
Sharpe ratio: Return per unit of total volatility	—	0.43	—
Sortino ratio: Return per unit of downside risk	—	0.66	—
Omega ratio: Gain probability vs. loss probability	—	1.08	—
Calmar ratio: Return relative to maximum drawdown	—	0.64	—
Martin ratio: Return relative to average drawdown	—	1.54	—

Drawdowns

VBCF vs. VCLT - Drawdown Comparison

The maximum VBCF drawdown since its inception was -1.86%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for VBCF and VCLT.

Drawdown Indicators

	VBCF	VCLT	Difference
Max Drawdown Largest peak-to-trough decline	-1.86%	-34.31%	+32.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.31%	—
Current Drawdown Current decline from peak	-0.87%	-15.54%	+14.67%
Average Drawdown Average peak-to-trough decline	-0.60%	-8.19%	+7.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.19%	—

Volatility

Volatility by Period

	VBCF	VCLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	7.81%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	12.76%	-8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	12.84%	-8.58%

VBCF vs. VCLT - Expense Ratio Comparison

VBCF has a 0.08% expense ratio, which is higher than VCLT's 0.03% 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

VBCF vs. VCLT - Dividend Comparison

VBCF's dividend yield for the trailing twelve months is around 0.89%, less than VCLT's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBCF Vanguard Target Maturity 2032 Corporate Bond ETF	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCLT Vanguard Long-Term Corporate Bond ETF	5.65%	5.51%	5.19%	4.67%	4.44%	3.07%	3.16%	3.81%	4.55%	4.01%	4.33%	4.68%

Frequently Asked Questions

Can I hold both VBCF and VCLT in my portfolio?

VBCF and VCLT 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 ETF is better, VBCF or VCLT?

On fees, VCLT is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VBCF or VCLT?

VCLT is cheaper with a 0.03% expense ratio, compared with 0.08% for VBCF.

Which ETF pays a higher dividend yield, VBCF or VCLT?

VCLT has the higher dividend yield at 5.65%, compared with 0.89% for VBCF.

What is the main difference between VBCF and VCLT?

VBCF tracks ICE 2032 Maturity US Corporate Constrained Index, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index. Their fees differ too: 0.08% for VBCF and 0.03% for VCLT.