VCOBX vs. BNDX
VCOBX (Vanguard Core Bond Fund Admiral Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - VCOBX is a Intermediate Core Bond fund actively managed by Vanguard, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). VCOBX is actively managed, while BNDX is passively managed. Over the past 10 years, VCOBX returned 2.17%/yr vs 1.69%/yr for BNDX. A 0.76 correlation means they provide meaningful diversification when combined. VCOBX charges 0.10%/yr vs 0.07%/yr for BNDX.
Performance
VCOBX vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, VCOBX achieves a 1.10% return, which is significantly lower than BNDX's 1.50% return. Over the past 10 years, VCOBX has outperformed BNDX with an annualized return of 2.17%, while BNDX has yielded a comparatively lower 1.69% annualized return.
VCOBX
- 1D
- 0.45%
- 1M
- 0.84%
- YTD
- 1.10%
- 6M
- 1.04%
- 1Y
- 4.73%
- 3Y*
- 5.00%
- 5Y*
- 0.65%
- 10Y*
- 2.17%
BNDX
- 1D
- -0.02%
- 1M
- 0.78%
- YTD
- 1.50%
- 6M
- 1.29%
- 1Y
- 2.52%
- 3Y*
- 4.21%
- 5Y*
- 0.53%
- 10Y*
- 1.69%
VCOBX vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCOBX Vanguard Core Bond Fund Admiral Shares | 1.10% | 7.73% | 2.21% | 6.39% | -13.13% | -1.51% | 10.41% | 9.64% | -0.85% | 3.89% |
BNDX Vanguard Total International Bond ETF | 1.50% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between VCOBX and BNDX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016 | 0.76 |
The correlation between VCOBX and BNDX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.
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Return for Risk
VCOBX vs. BNDX — Risk / Return Rank
VCOBX
BNDX
VCOBX vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond Fund Admiral Shares (VCOBX) and Vanguard Total International Bond ETF (BNDX). 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.
| VCOBX | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.13 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 0.86 | +1.00 |
| Martin ratioReturn relative to average drawdown | 5.23 | 2.38 | +2.85 |
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Drawdowns
VCOBX vs. BNDX - Drawdown Comparison
The maximum VCOBX drawdown since its inception was -18.14%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VCOBX and BNDX.
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Drawdown Indicators
| VCOBX | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.14% | -16.23% | -1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -2.93% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.63% | -2.93% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -18.03% | -15.86% | -2.17% |
Max Drawdown (10Y)Largest decline over 10 years | -18.14% | -16.23% | -1.91% |
Current DrawdownCurrent decline from peak | -0.75% | -0.55% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -3.10% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.06% | -0.13% |
Volatility
VCOBX vs. BNDX - Volatility Comparison
Vanguard Core Bond Fund Admiral Shares (VCOBX) has a higher volatility of 1.12% compared to Vanguard Total International Bond ETF (BNDX) at 0.93%. This indicates that VCOBX's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCOBX | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.93% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.98% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 3.46% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 4.89% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.76% | 4.09% | +0.67% |
VCOBX vs. BNDX - Expense Ratio Comparison
VCOBX has a 0.10% expense ratio, which is higher than BNDX's 0.07% 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
VCOBX vs. BNDX - Dividend Comparison
VCOBX's dividend yield for the trailing twelve months is around 4.71%, more than BNDX's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.45% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
VCOBX Vanguard Core Bond Fund Admiral Shares | 4.71% | 4.80% | 5.04% | 4.44% | 3.01% | 1.23% | 3.09% | 3.08% | 3.10% | 2.20% | 2.29% | 0.00% |
Frequently Asked Questions
VCOBX and BNDX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCOBX has higher volatility (1.12%) compared to BNDX (0.93%). In terms of maximum drawdown, VCOBX dropped -18.14% vs BNDX's -16.23%.
VCOBX currently has the higher Sharpe Ratio (1.34 vs 0.73), 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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