VCMDX vs. VBTLX

Last updated Jun 4, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VCMDX is a Commodities fund managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 5 years, VCMDX returned 12.17%/yr vs 0.21%/yr for VBTLX. At a 0.01 correlation, their price movements are largely independent. VCMDX charges 0.20%/yr vs 0.04%/yr for VBTLX.

Performance

VCMDX vs. VBTLX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCMDX achieves a 22.84% return, which is significantly higher than VBTLX's 0.42% return.

VCMDX

• 1D: 0.35%
• 1M: -2.11%
• YTD: 22.84%
• 6M: 22.83%
• 1Y: 35.30%
• 3Y*: 15.74%
• 5Y*: 12.17%
• 10Y*: —

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%

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

VCMDX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	22.84%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.42%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	2.99%

Correlation

The correlation between VCMDX and VBTLX 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	0.03
Correlation (All Time) Calculated using the full available price history since Jun 27, 2019	0.01

The correlation between VCMDX and VBTLX shifts across timeframes, from -0.18 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. VBTLX — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 70
VCMDX Sharpe Ratio Rank: 68
VCMDX Sortino Ratio Rank: 53
VCMDX Omega Ratio Rank: 59
VCMDX Calmar Ratio Rank: 92
VCMDX Martin Ratio Rank: 80

VBTLX

VBTLX Risk / Return Rank: 23
VBTLX Sharpe Ratio Rank: 23
VBTLX Sortino Ratio Rank: 24
VBTLX Omega Ratio Rank: 21
VBTLX Calmar Ratio Rank: 25
VBTLX Martin Ratio Rank: 21

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. VBTLX - Risk-Adjusted Trends Comparison

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

	VCMDX	VBTLX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.36	+1.06
Sortino ratio: Return per unit of downside risk	3.06	2.04	+1.02
Omega ratio: Gain probability vs. loss probability	1.43	1.24	+0.19
Calmar ratio: Return relative to maximum drawdown	4.92	1.86	+3.07
Martin ratio: Return relative to average drawdown	15.03	5.58	+9.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCMDX vs. VBTLX - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 2.41, which is higher than the VBTLX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VCMDX and VBTLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCMDX	VBTLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.36	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.04	+0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.76	+0.09

Drawdowns

VCMDX vs. VBTLX - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VCMDX and VBTLX.

Drawdown Indicators

	VCMDX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-18.81%	-7.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	-2.89%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-9.90%	-6.00%	-3.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-18.14%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.81%	—
Current Drawdown Current decline from peak	-3.45%	-2.18%	-1.27%
Average Drawdown Average peak-to-trough decline	-10.86%	-2.67%	-8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	0.96%	+1.41%

Volatility

VCMDX vs. VBTLX - Volatility Comparison

Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) has a higher volatility of 5.03% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 1.38%. This indicates that VCMDX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCMDX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	1.38%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	2.80%	+9.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	3.97%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	6.01%	+9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	4.98%	+10.41%

VCMDX vs. VBTLX - Expense Ratio Comparison

VCMDX has a 0.20% expense ratio, which is higher than VBTLX'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%.

Dividends

VCMDX vs. VBTLX - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 12.38%, more than VBTLX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.38%	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 VBTLX in my portfolio?

VCMDX and VBTLX 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 VBTLX?

VCMDX has higher volatility (5.03%) compared to VBTLX (1.38%). In terms of maximum drawdown, VCMDX dropped -26.67% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (2.41 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.