VBLAX vs. VCLT
VBLAX (Vanguard Long-Term Bond Index Fund Admiral Shares) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both funds - VBLAX is a Total Bond Market fund managed by Vanguard, while VCLT is a Corporate Bonds fund tracking the Bloomberg U.S. 10+ Year Corporate Bond Index. Over the past 5 years, VBLAX returned -5.20%/yr vs -3.54%/yr for VCLT. Their correlation of 0.88 means they have usually moved in the same direction. VBLAX charges 0.07%/yr vs 0.03%/yr for VCLT.
Performance
VBLAX vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, VBLAX achieves a -3.42% return, which is significantly lower than VCLT's -1.99% return.
VBLAX
- 1D
- -0.50%
- 1M
- -3.76%
- 6M
- -3.26%
- YTD
- -3.42%
- 1Y
- -1.17%
- 3Y*
- 1.23%
- 5Y*
- -5.20%
- 10Y*
- —
- ALL TIME*
- 0.08%
VCLT
- 1D
- 0.50%
- 1M
- -3.29%
- 6M
- -2.37%
- YTD
- -1.99%
- 1Y
- 0.39%
- 3Y*
- 3.78%
- 5Y*
- -3.54%
- 10Y*
- 1.62%
- ALL TIME*
- 4.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $293.92M | $277.48M | $351.24M |
VBLAX vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares | -3.42% | 6.57% | -4.14% | 7.55% | -27.22% | -3.36% | 15.75% | 16.45% |
VCLT Vanguard Long-Term Corporate Bond ETF | -1.99% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 19.29% |
Correlation
The correlation between VBLAX and VCLT is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019 | 0.88 |
The correlation between VBLAX and VCLT has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.
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Return for Risk
VBLAX vs. VCLT — Risk / Return Rank
VBLAX
VCLT
VBLAX vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) 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.
| VBLAX | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.07 | -0.09 |
| Martin ratioReturn relative to average drawdown | -0.05 | 0.16 | -0.21 |
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Drawdowns
VBLAX vs. VCLT - Drawdown Comparison
The maximum VBLAX drawdown since its inception was -38.62%, which is greater than VCLT's maximum drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for VBLAX and VCLT.
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Drawdown Indicators
| VBLAX | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.62% | -34.31% | -4.31% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -5.38% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -11.56% | -10.26% | -1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -36.32% | -34.31% | -2.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.31% | — |
Current DrawdownCurrent decline from peak | -27.42% | -16.88% | -10.54% |
Average DrawdownAverage peak-to-trough decline | -18.25% | -8.22% | -10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.45% | +0.30% |
Volatility
VBLAX vs. VCLT - Volatility Comparison
The current volatility for Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) is 2.10%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 2.22%. This indicates that VBLAX experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBLAX | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 2.22% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.00% | 6.04% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 7.75% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 12.76% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.56% | 12.83% | -0.27% |
VBLAX vs. VCLT - Expense Ratio Comparison
VBLAX has a 0.07% 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
VBLAX vs. VCLT - Dividend Comparison
VBLAX's dividend yield for the trailing twelve months is around 4.54%, less than VCLT's 5.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares | 4.54% | 4.64% | 4.61% | 4.08% | 4.13% | 2.62% | 5.39% | 3.25% | 0.00% | 0.00% | 0.00% | 0.00% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.67% | 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
With a correlation of 0.93, VBLAX and VCLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VCLT has higher volatility (2.22%) compared to VBLAX (2.10%). In terms of maximum drawdown, VBLAX dropped -38.62% vs VCLT's -34.31%.
VCLT currently has the higher Sharpe Ratio (0.05 vs -0.02), 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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