VCMDX vs. FTBFX

Last updated Jun 13, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and FTBFX (Fidelity Total Bond Fund) are both mutual funds - VCMDX is a Commodities fund managed by Vanguard, while FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 5 years, VCMDX returned 10.64%/yr vs 0.60%/yr for FTBFX. At a 0.05 correlation, their price movements are largely independent. VCMDX charges 0.20%/yr vs 0.45%/yr for FTBFX.

Performance

VCMDX vs. FTBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Fidelity Total Bond Fund (FTBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCMDX achieves a 17.07% return, which is significantly higher than FTBFX's 0.57% return.

VCMDX

• 1D: -0.62%
• 1M: -7.98%
• YTD: 17.07%
• 6M: 18.44%
• 1Y: 27.78%
• 3Y*: 13.99%
• 5Y*: 10.64%
• 10Y*: —

FTBFX

• 1D: 0.53%
• 1M: 0.47%
• YTD: 0.57%
• 6M: 1.02%
• 1Y: 4.86%
• 3Y*: 4.80%
• 5Y*: 0.60%
• 10Y*: 2.43%

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

VCMDX vs. FTBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	17.07%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
FTBFX Fidelity Total Bond Fund	0.57%	7.50%	2.13%	7.25%	-13.58%	-0.44%	9.34%	3.02%

Correlation

The correlation between VCMDX and FTBFX is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.05

The correlation between VCMDX and FTBFX shifts across timeframes, from -0.18 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. FTBFX — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 68
VCMDX Sharpe Ratio Rank: 65
VCMDX Sortino Ratio Rank: 55
VCMDX Omega Ratio Rank: 60
VCMDX Calmar Ratio Rank: 87
VCMDX Martin Ratio Rank: 72

FTBFX

FTBFX Risk / Return Rank: 34
FTBFX Sharpe Ratio Rank: 36
FTBFX Sortino Ratio Rank: 39
FTBFX Omega Ratio Rank: 35
FTBFX Calmar Ratio Rank: 34
FTBFX Martin Ratio Rank: 28

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.

VCMDX vs. FTBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) and Fidelity Total Bond Fund (FTBFX). 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.

	VCMDX	FTBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.36	+0.50
Sortino ratio: Return per unit of downside risk	2.42	2.05	+0.38
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	3.51	1.80	+1.71
Martin ratio: Return relative to average drawdown	10.76	5.30	+5.46

VCMDX vs. FTBFX - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 1.86, which is higher than the FTBFX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VCMDX and FTBFX, 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

VCMDX vs. FTBFX - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, which is greater than FTBFX's maximum drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for VCMDX and FTBFX.

Drawdown Indicators

	VCMDX	FTBFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-18.25%	-8.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-2.89%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-9.90%	-5.82%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-18.25%	-7.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.25%	—
Current Drawdown Current decline from peak	-7.98%	-1.31%	-6.67%
Average Drawdown Average peak-to-trough decline	-10.84%	-2.32%	-8.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	0.98%	+1.62%

Volatility

VCMDX vs. FTBFX - Volatility Comparison

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) has a higher volatility of 4.17% compared to Fidelity Total Bond Fund (FTBFX) at 1.43%. This indicates that VCMDX's price experiences larger fluctuations and is considered to be riskier than FTBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCMDX	FTBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	1.43%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	2.85%	+10.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	3.84%	+11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	5.67%	+10.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	4.73%	+10.66%

VCMDX vs. FTBFX - Expense Ratio Comparison

VCMDX has a 0.20% expense ratio, which is lower than FTBFX's 0.45% expense ratio.

Dividends

VCMDX vs. FTBFX - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 12.99%, more than FTBFX's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTBFX Fidelity Total Bond Fund	4.36%	4.36%	4.15%	4.15%	2.54%	1.89%	5.22%	3.03%	3.19%	2.97%	3.61%	3.30%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.99%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCMDX and FTBFX in my portfolio?

VCMDX and FTBFX have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCMDX or FTBFX?

VCMDX has higher volatility (4.17%) compared to FTBFX (1.43%). In terms of maximum drawdown, VCMDX dropped -26.67% vs FTBFX's -18.25%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.86 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.