VBTLX vs. BCOIX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and BCOIX (Baird Core Plus Bond Fund) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while BCOIX is a Intermediate Core-Plus Bond fund managed by Baird. Over the past 10 years, VBTLX returned 1.58%/yr vs 2.43%/yr for BCOIX. Their correlation of 0.90 suggests significant overlap in exposure. VBTLX charges 0.04%/yr vs 0.30%/yr for BCOIX.
Performance
VBTLX vs. BCOIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VBTLX having a 0.42% return and BCOIX slightly higher at 0.44%. Over the past 10 years, VBTLX has underperformed BCOIX with an annualized return of 1.58%, while BCOIX has yielded a comparatively higher 2.43% annualized return.
VBTLX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.35%
- 1Y
- 5.34%
- 3Y*
- 4.05%
- 5Y*
- 0.21%
- 10Y*
- 1.58%
BCOIX
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 0.44%
- 6M
- 0.47%
- 1Y
- 5.65%
- 3Y*
- 4.90%
- 5Y*
- 0.82%
- 10Y*
- 2.43%
VBTLX vs. BCOIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.42% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
BCOIX Baird Core Plus Bond Fund | 0.44% | 7.47% | 2.54% | 6.89% | -12.86% | -1.02% | 8.80% | 10.11% | -0.52% | 4.65% |
Correlation
The correlation between VBTLX and BCOIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | 0.90 |
The correlation between VBTLX and BCOIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
VBTLX vs. BCOIX — Risk / Return Rank
VBTLX
BCOIX
VBTLX vs. BCOIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) and Baird Core Plus Bond Fund (BCOIX). 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.
| VBTLX | BCOIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 2.20 | -0.34 |
| Martin ratioReturn relative to average drawdown | 5.58 | 6.53 | -0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBTLX | BCOIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 1.53 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.15 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.52 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.07 | -0.31 |
Drawdowns
VBTLX vs. BCOIX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, roughly equal to the maximum BCOIX drawdown of -18.13%. Use the drawdown chart below to compare losses from any high point for VBTLX and BCOIX.
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Drawdown Indicators
| VBTLX | BCOIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -18.13% | -0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -2.58% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -5.61% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -18.13% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -18.13% | -0.68% |
Current DrawdownCurrent decline from peak | -2.18% | -1.24% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -2.19% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.87% | +0.09% |
Volatility
VBTLX vs. BCOIX - Volatility Comparison
Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a higher volatility of 1.38% compared to Baird Core Plus Bond Fund (BCOIX) at 1.30%. This indicates that VBTLX's price experiences larger fluctuations and is considered to be riskier than BCOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | BCOIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 1.30% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.69% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 3.72% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 5.64% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 4.67% | +0.31% |
VBTLX vs. BCOIX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than BCOIX's 0.30% expense ratio.
Dividends
VBTLX vs. BCOIX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.98%, less than BCOIX's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCOIX Baird Core Plus Bond Fund | 4.35% | 4.21% | 4.13% | 3.58% | 3.10% | 2.96% | 3.51% | 2.96% | 3.13% | 2.83% | 3.01% | 2.84% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
Frequently Asked Questions
With a correlation of 0.93, VBTLX and BCOIX 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.
VBTLX has higher volatility (1.38%) compared to BCOIX (1.30%). In terms of maximum drawdown, VBTLX dropped -18.81% vs BCOIX's -18.13%.
BCOIX currently has the higher Sharpe Ratio (1.53 vs 1.36), 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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