VBLAX vs. VCLT

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) and Vanguard Long-Term Corporate Bond ETF (VCLT).

VBLAX is managed by Vanguard. It was launched on Feb 7, 2019. VCLT is a passively managed fund by Vanguard that tracks the performance of the Barclays U.S. 10+ Year Corporate Index. It was launched on Nov 19, 2009.

Performance

VBLAX vs. VCLT - Performance Comparison

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

VBLAX vs. VCLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	-1.15%	6.57%	-4.14%	7.55%	-27.22%	-3.36%	15.75%	16.45%
VCLT Vanguard Long-Term Corporate Bond ETF	-0.63%	7.18%	-1.90%	11.17%	-25.50%	-1.73%	13.27%	19.44%

Returns By Period

In the year-to-date period, VBLAX achieves a -1.15% return, which is significantly lower than VCLT's -0.63% return.

VBLAX

• 1D: 1.07%
• 1M: -4.25%
• YTD: -1.15%
• 6M: -1.40%
• 1Y: 1.61%
• 3Y*: 0.74%
• 5Y*: -2.98%
• 10Y*: —

VCLT

• 1D: 0.78%
• 1M: -2.90%
• YTD: -0.63%
• 6M: -1.22%
• 1Y: 4.03%
• 3Y*: 3.07%
• 5Y*: -1.73%
• 10Y*: 2.46%

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

VBLAX vs. VCLT - Expense Ratio Comparison

VBLAX has a 0.07% expense ratio, which is higher than VCLT's 0.04% 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%.

VBLAX

Vanguard Long-Term Bond Index Fund Admiral Shares

VCLT

Vanguard Long-Term Corporate Bond ETF

Return for Risk

VBLAX vs. VCLT — Risk / Return Rank

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

VBLAX

VBLAX Risk / Return Rank: 13
VBLAX Sharpe Ratio Rank: 12
VBLAX Sortino Ratio Rank: 10
VBLAX Omega Ratio Rank: 10
VBLAX Calmar Ratio Rank: 18
VBLAX Martin Ratio Rank: 14

VCLT

VCLT Risk / Return Rank: 27
VCLT Sharpe Ratio Rank: 25
VCLT Sortino Ratio Rank: 23
VCLT Omega Ratio Rank: 23
VCLT Calmar Ratio Rank: 36
VCLT Martin Ratio Rank: 26

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.

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.

	VBLAX	VCLT	Difference
Sharpe ratio Return per unit of total volatility	0.27	0.40	-0.12
Sortino ratio Return per unit of downside risk	0.43	0.59	-0.16
Omega ratio Gain probability vs. loss probability	1.05	1.08	-0.03
Calmar ratio Return relative to maximum drawdown	0.53	0.82	-0.29
Martin ratio Return relative to average drawdown	1.30	1.92	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBLAX vs. VCLT - Sharpe Ratio Comparison

The current VBLAX Sharpe Ratio is 0.27, which is lower than the VCLT Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of VBLAX and VCLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VBLAX	VCLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.40	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	-0.14	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.39	-0.36

Correlation

The correlation between VBLAX and VCLT is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VBLAX vs. VCLT - Dividend Comparison

VBLAX's dividend yield for the trailing twelve months is around 4.34%, less than VCLT's 5.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	4.34%	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	5.62%	5.51%	5.19%	4.67%	4.44%	3.07%	3.16%	3.81%	4.55%	4.01%	4.33%	4.68%

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.

Drawdown Indicators

	VBLAX	VCLT	Difference
Max Drawdown Largest peak-to-trough decline	-38.62%	-34.31%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-6.87%	-5.39%	-1.48%
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 Drawdown Current decline from peak	-25.71%	-15.73%	-9.98%
Average Drawdown Average peak-to-trough decline	-17.93%	-8.08%	-9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.32%	+0.49%

Volatility

VBLAX vs. VCLT - Volatility Comparison

The current volatility for Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) is 3.34%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 3.98%. 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.

Volatility by Period

	VBLAX	VCLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.98%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	5.62%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	10.22%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.89%	12.81%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.74%	12.84%	-0.10%