VCORX vs. VTEB
VCORX (Vanguard Core Bond Fund Investor Shares) and VTEB (Vanguard Tax-Exempt Bond ETF) are both funds - VCORX is a Total Bond Market fund managed by Vanguard, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, VCORX returned 1.91%/yr vs 1.88%/yr for VTEB. Their 0.68 correlation means they have sometimes moved together and sometimes differently. VCORX charges 0.20%/yr vs 0.03%/yr for VTEB.
Performance
VCORX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, VCORX achieves a -0.25% return, which is significantly lower than VTEB's 0.31% return. Both investments have delivered pretty close results over the past 10 years, with VCORX having a 1.91% annualized return and VTEB not far behind at 1.88%.
VCORX
- 1D
- 0.00%
- 1M
- -0.89%
- 6M
- -0.57%
- YTD
- -0.25%
- 1Y
- 2.22%
- 3Y*
- 4.35%
- 5Y*
- -0.09%
- 10Y*
- 1.91%
- ALL TIME*
- 2.16%
VTEB
- 1D
- -0.10%
- 1M
- -1.84%
- 6M
- -0.23%
- YTD
- 0.31%
- 1Y
- 4.77%
- 3Y*
- 2.92%
- 5Y*
- 0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 2.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $377.87M | $352.76M | $360.69M |
VCORX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCORX Vanguard Core Bond Fund Investor Shares | -0.25% | 7.68% | 2.10% | 5.90% | -13.27% | -0.80% | 10.19% | 9.47% | -0.92% | 4.34% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.31% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between VCORX and VTEB is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016 | 0.68 |
The correlation between VCORX and VTEB has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
VCORX vs. VTEB — Risk / Return Rank
VCORX
VTEB
VCORX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond Fund Investor Shares (VCORX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
| VCORX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.41 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.00 | -0.84 |
| Martin ratioReturn relative to average drawdown | 2.98 | 6.62 | -3.64 |
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Drawdowns
VCORX vs. VTEB - Drawdown Comparison
The maximum VCORX drawdown since its inception was -18.14%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VCORX and VTEB.
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Drawdown Indicators
| VCORX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.14% | -17.00% | -1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -2.71% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.95% | -4.76% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -12.56% | -5.58% |
Max Drawdown (10Y)Largest decline over 10 years | -18.14% | -17.00% | -1.14% |
Current DrawdownCurrent decline from peak | -2.01% | -1.86% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -4.22% | -2.30% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.82% | +0.21% |
Volatility
VCORX vs. VTEB - Volatility Comparison
Vanguard Core Bond Fund Investor Shares (VCORX) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.91% and 0.88%, 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.
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Volatility by Period
| VCORX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.88% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 2.22% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 2.79% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.81% | 3.92% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.80% | 5.25% | -0.45% |
VCORX vs. VTEB - Expense Ratio Comparison
VCORX has a 0.20% expense ratio, which is higher than VTEB's 0.03% 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. VTEB - Dividend Comparison
VCORX's dividend yield for the trailing twelve months is around 4.31%, more than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCORX Vanguard Core Bond Fund Investor Shares | 4.31% | 4.70% | 4.93% | 3.99% | 2.90% | 1.91% | 2.95% | 2.93% | 2.98% | 2.62% | 2.20% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.14% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
VCORX and VTEB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCORX has higher volatility (0.91%) compared to VTEB (0.88%). In terms of maximum drawdown, VCORX dropped -18.14% vs VTEB's -17.00%.
VTEB currently has the higher Sharpe Ratio (1.95 vs 0.85), 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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