VBMFX vs. CRAIX

Last updated Aug 1, 2026

VBMFX (Vanguard Total Bond Market Index Fund Investor Shares) and CRAIX (CCM Community Impact Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, VBMFX returned 1.18%/yr vs 0.90%/yr for CRAIX. Their correlation of 0.85 means they have usually moved in the same direction. VBMFX charges 0.15%/yr vs 0.88%/yr for CRAIX.

Performance

VBMFX vs. CRAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market Index Fund Investor Shares (VBMFX) and CCM Community Impact Bond Fund (CRAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBMFX achieves a -0.76% return, which is significantly lower than CRAIX's -0.12% return. Over the past 10 years, VBMFX has outperformed CRAIX with an annualized return of 1.18%, while CRAIX has yielded a comparatively lower 0.90% annualized return.

VBMFX

• 1D: 0.00%
• 1M: -1.25%
• 6M: -0.98%
• YTD: -0.76%
• 1Y: 1.56%
• 3Y*: 3.58%
• 5Y*: -0.55%
• 10Y*: 1.18%
• ALL TIME*: 4.28%

CRAIX

• 1D: 0.11%
• 1M: -0.52%
• 6M: -0.37%
• YTD: -0.12%
• 1Y: 2.32%
• 3Y*: 3.68%
• 5Y*: -0.03%
• 10Y*: 0.90%
• ALL TIME*: 2.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CRAIX CCM Community Impact Bond Fund	$0.00	$0.00	$0.00
VBMFX Vanguard Total Bond Market Index Fund Investor Shares	$0.00	$0.00	$0.00

VBMFX vs. CRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBMFX Vanguard Total Bond Market Index Fund Investor Shares	-0.76%	7.05%	1.15%	5.62%	-13.25%	-2.04%	7.63%	8.61%	-0.34%	3.45%
CRAIX CCM Community Impact Bond Fund	-0.12%	6.40%	1.97%	3.98%	-10.19%	-1.72%	3.99%	5.44%	0.10%	2.81%

Correlation

The correlation between VBMFX and CRAIX is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Aug 30, 1999	0.85

The correlation between VBMFX and CRAIX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

VBMFX vs. CRAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VBMFX

VBMFX Risk / Return Rank: 20
VBMFX Sharpe Ratio Rank: 21
VBMFX Sortino Ratio Rank: 20
VBMFX Omega Ratio Rank: 19
VBMFX Calmar Ratio Rank: 21
VBMFX Martin Ratio Rank: 18

CRAIX

CRAIX Risk / Return Rank: 30
CRAIX Sharpe Ratio Rank: 31
CRAIX Sortino Ratio Rank: 31
CRAIX Omega Ratio Rank: 30
CRAIX Calmar Ratio Rank: 32
CRAIX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VBMFX vs. CRAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Investor Shares (VBMFX) and CCM Community Impact Bond Fund (CRAIX). 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.

	VBMFX	CRAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.02	-0.30
Sortino ratio: Return per unit of downside risk	1.06	1.50	-0.44
Omega ratio: Gain probability vs. loss probability	1.13	1.18	-0.06
Calmar ratio: Return relative to maximum drawdown	0.95	1.41	-0.46
Martin ratio: Return relative to average drawdown	2.35	3.55	-1.20

VBMFX vs. CRAIX - Sharpe Ratio Comparison

The current VBMFX Sharpe Ratio is 0.72, which is comparable to the CRAIX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of VBMFX and CRAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VBMFX vs. CRAIX - Drawdown Comparison

The maximum VBMFX drawdown since its inception was -19.08%, which is greater than CRAIX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for VBMFX and CRAIX.

Drawdown Indicators

	VBMFX	CRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.08%	-14.53%	-4.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.15%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-4.02%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-18.24%	-14.28%	-3.96%
Max Drawdown (10Y) Largest decline over 10 years	-19.08%	-14.53%	-4.55%
Current Drawdown Current decline from peak	-4.00%	-1.64%	-2.36%
Average Drawdown Average peak-to-trough decline	-2.70%	-2.45%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.85%	+0.32%

Volatility

VBMFX vs. CRAIX - Volatility Comparison

Vanguard Total Bond Market Index Fund Investor Shares (VBMFX) has a higher volatility of 0.96% compared to CCM Community Impact Bond Fund (CRAIX) at 0.84%. This indicates that VBMFX's price experiences larger fluctuations and is considered to be riskier than CRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBMFX	CRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.84%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.36%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	2.98%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	4.62%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.97%	3.65%	+1.32%

VBMFX vs. CRAIX - Expense Ratio Comparison

VBMFX has a 0.15% expense ratio, which is lower than CRAIX's 0.88% expense ratio.

Dividends

VBMFX vs. CRAIX - Dividend Comparison

VBMFX's dividend yield for the trailing twelve months is around 3.61%, more than CRAIX's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAIX CCM Community Impact Bond Fund	2.86%	3.01%	2.92%	2.48%	1.61%	1.18%	1.77%	2.32%	2.30%	2.78%	2.28%	2.12%
VBMFX Vanguard Total Bond Market Index Fund Investor Shares	3.61%	3.76%	3.57%	2.99%	2.49%	1.72%	2.31%	2.63%	2.47%	2.45%	2.43%	2.71%

Frequently Asked Questions

Can I hold both VBMFX and CRAIX in my portfolio?

VBMFX and CRAIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBMFX or CRAIX?

VBMFX has higher volatility (0.96%) compared to CRAIX (0.84%). In terms of maximum drawdown, VBMFX dropped -19.08% vs CRAIX's -14.53%.

Which has better risk-adjusted returns?

CRAIX currently has the higher Sharpe Ratio (1.02 vs 0.72), 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.