VCOBX vs. VBTLX

Last updated Jun 24, 2026

VCOBX (Vanguard Core Bond Fund Admiral Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VCOBX is a Intermediate Core Bond fund actively managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. VCOBX is actively managed, while VBTLX is passively managed. Over the past 10 years, VCOBX returned 2.12%/yr vs 1.50%/yr for VBTLX. With a 0.96 correlation, they move nearly in lockstep. VCOBX charges 0.10%/yr vs 0.04%/yr for VBTLX.

Performance

VCOBX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Bond Fund Admiral Shares (VCOBX) 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, VCOBX achieves a 0.54% return, which is significantly higher than VBTLX's 0.11% return. Over the past 10 years, VCOBX has outperformed VBTLX with an annualized return of 2.12%, while VBTLX has yielded a comparatively lower 1.50% annualized return.

VCOBX

• 1D: -0.28%
• 1M: 0.61%
• YTD: 0.54%
• 6M: 0.65%
• 1Y: 4.61%
• 3Y*: 4.80%
• 5Y*: 0.50%
• 10Y*: 2.12%

VBTLX

• 1D: -0.31%
• 1M: 0.66%
• YTD: 0.11%
• 6M: 0.45%
• 1Y: 4.14%
• 3Y*: 3.94%
• 5Y*: 0.02%
• 10Y*: 1.50%

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

VCOBX vs. VBTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCOBX Vanguard Core Bond Fund Admiral Shares	0.54%	7.73%	2.21%	6.39%	-13.13%	-1.51%	10.41%	9.64%	-0.85%	3.89%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.11%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%

Correlation

The correlation between VCOBX and VBTLX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016	0.96

The correlation between VCOBX and VBTLX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

VCOBX vs. VBTLX — Risk / Return Rank

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

VCOBX

VCOBX Risk / Return Rank: 26
VCOBX Sharpe Ratio Rank: 26
VCOBX Sortino Ratio Rank: 27
VCOBX Omega Ratio Rank: 24
VCOBX Calmar Ratio Rank: 28
VCOBX Martin Ratio Rank: 23

VBTLX

VBTLX Risk / Return Rank: 18
VBTLX Sharpe Ratio Rank: 17
VBTLX Sortino Ratio Rank: 19
VBTLX Omega Ratio Rank: 16
VBTLX Calmar Ratio Rank: 20
VBTLX Martin Ratio Rank: 17

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.

VCOBX vs. VBTLX - 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 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.

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	VBTLX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.12	+0.22
Sortino ratio: Return per unit of downside risk	1.99	1.68	+0.31
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	1.86	1.51	+0.35
Martin ratio: Return relative to average drawdown	5.25	4.28	+0.97

VCOBX vs. VBTLX - Sharpe Ratio Comparison

The current VCOBX Sharpe Ratio is 1.34, which is comparable to the VBTLX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of VCOBX 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.

Drawdowns

VCOBX vs. VBTLX - Drawdown Comparison

The maximum VCOBX drawdown since its inception was -18.14%, roughly equal to the maximum VBTLX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VCOBX and VBTLX.

Drawdown Indicators

	VCOBX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-18.14%	-18.81%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.89%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.63%	-6.00%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.03%	-18.14%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-18.14%	-18.81%	+0.67%
Current Drawdown Current decline from peak	-1.30%	-2.48%	+1.18%
Average Drawdown Average peak-to-trough decline	-4.16%	-2.67%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.02%	-0.10%

Volatility

VCOBX vs. VBTLX - Volatility Comparison

The current volatility for Vanguard Core Bond Fund Admiral Shares (VCOBX) is 1.05%, while Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) has a volatility of 1.17%. This indicates that VCOBX experiences smaller price fluctuations and is considered to be less risky than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCOBX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.17%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.88%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.92%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	6.01%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	4.99%	-0.23%

VCOBX vs. VBTLX - Expense Ratio Comparison

VCOBX has a 0.10% 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

VCOBX vs. VBTLX - Dividend Comparison

VCOBX's dividend yield for the trailing twelve months is around 4.74%, more than VBTLX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.99%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%
VCOBX Vanguard Core Bond Fund Admiral Shares	4.74%	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

Can I hold both VCOBX and VBTLX in my portfolio?

With a correlation of 0.92, VCOBX and VBTLX 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.

Which is riskier, VCOBX or VBTLX?

VBTLX has higher volatility (1.17%) compared to VCOBX (1.05%). In terms of maximum drawdown, VCOBX dropped -18.14% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

VCOBX currently has the higher Sharpe Ratio (1.34 vs 1.12), 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.