VCORX vs. BNDW

Last updated Jun 4, 2026

VCORX (Vanguard Core Bond Fund Investor Shares) and BNDW (Vanguard Total World Bond ETF) are both funds - VCORX is a Total Bond Market fund managed by Vanguard, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Over the past 5 years, VCORX returned 0.47%/yr vs 0.22%/yr for BNDW. Their correlation of 0.91 suggests significant overlap in exposure. VCORX charges 0.20%/yr vs 0.05%/yr for BNDW.

Performance

VCORX vs. BNDW - Performance Comparison

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

Returns By Period

In the year-to-date period, VCORX achieves a 0.50% return, which is significantly higher than BNDW's 0.42% return.

VCORX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 0.50%
• 6M: 0.37%
• 1Y: 5.63%
• 3Y*: 4.65%
• 5Y*: 0.47%
• 10Y*: 2.17%

BNDW

• 1D: -0.26%
• 1M: 0.44%
• YTD: 0.42%
• 6M: 0.18%
• 1Y: 3.51%
• 3Y*: 3.99%
• 5Y*: 0.22%
• 10Y*: —

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

VCORX vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VCORX Vanguard Core Bond Fund Investor Shares	0.50%	7.68%	2.10%	5.90%	-13.27%	-0.80%	10.19%	9.47%	0.23%
BNDW Vanguard Total World Bond ETF	0.42%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%

Correlation

The correlation between VCORX and BNDW 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.91

The correlation between VCORX and BNDW has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VCORX vs. BNDW - Sectors Allocation Comparison

Sectors	VCORX	BNDW
Financial Services	1.0%	-
Technology	0.1%	100.0%
Energy	0.0%	-
Real Estate	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

VCORX vs. BNDW — Risk / Return Rank

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

VCORX

VCORX Risk / Return Rank: 29
VCORX Sharpe Ratio Rank: 28
VCORX Sortino Ratio Rank: 30
VCORX Omega Ratio Rank: 28
VCORX Calmar Ratio Rank: 33
VCORX Martin Ratio Rank: 27

BNDW

BNDW Risk / Return Rank: 27
BNDW Sharpe Ratio Rank: 28
BNDW Sortino Ratio Rank: 27
BNDW Omega Ratio Rank: 26
BNDW Calmar Ratio Rank: 27
BNDW Martin Ratio Rank: 26

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.

VCORX vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond Fund Investor Shares (VCORX) and Vanguard Total World Bond ETF (BNDW). 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.

	VCORX	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.05	+0.46
Sortino ratio: Return per unit of downside risk	2.26	1.50	+0.76
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.09
Calmar ratio: Return relative to maximum drawdown	2.14	1.31	+0.84
Martin ratio: Return relative to average drawdown	6.47	3.70	+2.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCORX vs. BNDW - Sharpe Ratio Comparison

The current VCORX Sharpe Ratio is 1.51, which is higher than the BNDW Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VCORX and BNDW, 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

	VCORX	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.05	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.04	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.37	+0.10

Drawdowns

VCORX vs. BNDW - Drawdown Comparison

The maximum VCORX drawdown since its inception was -18.14%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for VCORX and BNDW.

Drawdown Indicators

	VCORX	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-18.14%	-17.22%	-0.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.70%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.99%	-4.27%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-16.93%	-1.21%
Max Drawdown (10Y) Largest decline over 10 years	-18.14%	—	—
Current Drawdown Current decline from peak	-1.28%	-1.53%	+0.25%
Average Drawdown Average peak-to-trough decline	-4.26%	-4.98%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.95%	-0.08%

Volatility

VCORX vs. BNDW - Volatility Comparison

Vanguard Core Bond Fund Investor Shares (VCORX) and Vanguard Total World Bond ETF (BNDW) have volatilities of 1.35% and 1.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCORX	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.31%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	2.62%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	3.36%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.80%	5.21%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	4.90%	-0.10%

VCORX vs. BNDW - Expense Ratio Comparison

VCORX has a 0.20% expense ratio, which is higher than BNDW's 0.05% 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

VCORX vs. BNDW - Dividend Comparison

VCORX's dividend yield for the trailing twelve months is around 4.64%, more than BNDW's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BNDW Vanguard Total World Bond ETF	4.21%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%	0.00%	0.00%
VCORX Vanguard Core Bond Fund Investor Shares	4.64%	4.70%	4.93%	3.99%	2.90%	1.91%	2.95%	2.93%	2.98%	2.62%	2.20%

Frequently Asked Questions

Can I hold both VCORX and BNDW in my portfolio?

With a correlation of 0.92, VCORX and BNDW 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, VCORX or BNDW?

VCORX has higher volatility (1.35%) compared to BNDW (1.31%). In terms of maximum drawdown, VCORX dropped -18.14% vs BNDW's -17.22%.

Which has better risk-adjusted returns?

VCORX currently has the higher Sharpe Ratio (1.51 vs 1.05), 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.