VCOBX vs. VCRB

Last updated Jun 4, 2026

VCOBX (Vanguard Core Bond Fund Admiral Shares) and VCRB (Vanguard Core Bond ETF) are both funds - VCOBX is a Total Bond Market fund managed by Vanguard, while VCRB is a Intermediate Core Bond fund actively managed by Vanguard. Over the past year, VCOBX returned 5.73% vs 5.60% for VCRB. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.10% expense ratio.

Performance

VCOBX vs. VCRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Bond Fund Admiral Shares (VCOBX) and Vanguard Core Bond ETF (VCRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCOBX achieves a 0.60% return, which is significantly higher than VCRB's 0.47% return.

VCOBX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 0.60%
• 6M: 0.47%
• 1Y: 5.73%
• 3Y*: 4.90%
• 5Y*: 0.65%
• 10Y*: 2.19%

VCRB

• 1D: -0.18%
• 1M: 0.35%
• YTD: 0.47%
• 6M: 0.34%
• 1Y: 5.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VCOBX vs. VCRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VCOBX Vanguard Core Bond Fund Admiral Shares	0.60%	7.73%	2.21%	0.54%
VCRB Vanguard Core Bond ETF	0.47%	7.56%	2.21%	0.65%

Correlation

The correlation between VCOBX and VCRB is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.96

The correlation between VCOBX and VCRB has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

VCOBX vs. VCRB - Sectors Allocation Comparison

Sectors	VCOBX	VCRB
Financial Services	1.0%	-
Technology	0.1%	0.1%
Energy	0.0%	0.0%
Real Estate	0.0%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

VCOBX vs. VCRB — Risk / Return Rank

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

VCOBX

VCOBX Risk / Return Rank: 31
VCOBX Sharpe Ratio Rank: 30
VCOBX Sortino Ratio Rank: 32
VCOBX Omega Ratio Rank: 30
VCOBX Calmar Ratio Rank: 34
VCOBX Martin Ratio Rank: 27

VCRB

VCRB Risk / Return Rank: 42
VCRB Sharpe Ratio Rank: 42
VCRB Sortino Ratio Rank: 45
VCRB Omega Ratio Rank: 41
VCRB Calmar Ratio Rank: 42
VCRB Martin Ratio Rank: 39

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. VCRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond Fund Admiral Shares (VCOBX) and Vanguard Core Bond ETF (VCRB). 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.

	VCOBX	VCRB	Difference
Sharpe ratio Return per unit of total volatility	1.57	1.52	+0.05
Sortino ratio Return per unit of downside risk	2.34	2.27	+0.06
Omega ratio Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio Return relative to maximum drawdown	2.20	2.13	+0.07
Martin ratio Return relative to average drawdown	6.56	6.38	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCOBX vs. VCRB - Sharpe Ratio Comparison

The current VCOBX Sharpe Ratio is 1.57, which is comparable to the VCRB Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VCOBX and VCRB, 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

	VCOBX	VCRB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.52	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.93	-0.45

Drawdowns

VCOBX vs. VCRB - Drawdown Comparison

The maximum VCOBX drawdown since its inception was -18.14%, which is greater than VCRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for VCOBX and VCRB.

Drawdown Indicators

	VCOBX	VCRB	Difference
Max Drawdown Largest peak-to-trough decline	-18.14%	-4.59%	-13.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.63%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-5.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.14%	—	—
Current Drawdown Current decline from peak	-1.25%	-1.40%	+0.15%
Average Drawdown Average peak-to-trough decline	-4.18%	-1.16%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.88%	0.00%

Volatility

VCOBX vs. VCRB - Volatility Comparison

Vanguard Core Bond Fund Admiral Shares (VCOBX) has a higher volatility of 1.33% compared to Vanguard Core Bond ETF (VCRB) at 1.18%. This indicates that VCOBX's price experiences larger fluctuations and is considered to be riskier than VCRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCOBX	VCRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.18%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.60%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	3.69%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	4.74%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	4.74%	+0.02%

VCOBX vs. VCRB - Expense Ratio Comparison

Both VCOBX and VCRB have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VCOBX vs. VCRB - Dividend Comparison

VCOBX's dividend yield for the trailing twelve months is around 4.73%, more than VCRB's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VCOBX Vanguard Core Bond Fund Admiral Shares	4.73%	4.80%	5.04%	4.44%	3.01%	1.23%	3.09%	3.08%	3.10%	2.20%	2.29%
VCRB Vanguard Core Bond ETF	4.60%	4.55%	4.22%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCOBX and VCRB in my portfolio?

With a correlation of 0.98, VCOBX and VCRB 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 VCRB?

VCOBX has higher volatility (1.33%) compared to VCRB (1.18%). In terms of maximum drawdown, VCOBX dropped -18.14% vs VCRB's -4.59%.

Which has better risk-adjusted returns?

VCOBX currently has the higher Sharpe Ratio (1.57 vs 1.52), 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.