VCPIX vs. DODIX
VCPIX (Vanguard Core-Plus Bond Fund Investor Shares) and DODIX (Dodge & Cox Income Fund) are both mutual funds - VCPIX is a Total Bond Market fund managed by Vanguard, while DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox. Over the past 3 years, VCPIX returned 5.18%/yr vs 5.09%/yr for DODIX. With a 0.97 correlation, they move nearly in lockstep. VCPIX charges 0.30%/yr vs 0.41%/yr for DODIX.
Performance
VCPIX vs. DODIX - Performance Comparison
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Returns By Period
In the year-to-date period, VCPIX achieves a 0.62% return, which is significantly higher than DODIX's 0.43% return.
VCPIX
- 1D
- -0.23%
- 1M
- 0.63%
- YTD
- 0.62%
- 6M
- 0.85%
- 1Y
- 4.93%
- 3Y*
- 5.18%
- 5Y*
- —
- 10Y*
- —
DODIX
- 1D
- -0.23%
- 1M
- 0.71%
- YTD
- 0.43%
- 6M
- 0.59%
- 1Y
- 5.17%
- 3Y*
- 5.09%
- 5Y*
- 1.18%
- 10Y*
- 2.88%
VCPIX vs. DODIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VCPIX Vanguard Core-Plus Bond Fund Investor Shares | 0.62% | 8.01% | 2.83% | 6.64% | -12.68% | 0.35% |
DODIX Dodge & Cox Income Fund | 0.43% | 8.32% | 2.25% | 7.69% | -11.42% | -0.15% |
Correlation
The correlation between VCPIX and DODIX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021 | 0.97 |
The correlation between VCPIX and DODIX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
VCPIX vs. DODIX — Risk / Return Rank
VCPIX
DODIX
VCPIX vs. DODIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) and Dodge & Cox Income Fund (DODIX). 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.
| VCPIX | DODIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.25 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.74 | +0.17 |
| Martin ratioReturn relative to average drawdown | 5.93 | 4.97 | +0.96 |
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Drawdowns
VCPIX vs. DODIX - Drawdown Comparison
The maximum VCPIX drawdown since its inception was -17.33%, roughly equal to the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for VCPIX and DODIX.
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Drawdown Indicators
| VCPIX | DODIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.33% | -16.89% | -0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -3.17% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -5.68% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.89% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.89% | — |
Current DrawdownCurrent decline from peak | -1.12% | -1.71% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -1.50% | -5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.11% | -0.24% |
Volatility
VCPIX vs. DODIX - Volatility Comparison
The current volatility for Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) is 1.01%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.11%. This indicates that VCPIX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCPIX | DODIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.11% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 3.07% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.51% | 4.06% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 5.57% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 4.46% | +1.21% |
VCPIX vs. DODIX - Expense Ratio Comparison
VCPIX has a 0.30% expense ratio, which is lower than DODIX's 0.41% expense ratio.
Dividends
VCPIX vs. DODIX - Dividend Comparison
VCPIX's dividend yield for the trailing twelve months is around 4.74%, more than DODIX's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DODIX Dodge & Cox Income Fund | 4.26% | 4.23% | 4.24% | 3.86% | 2.19% | 3.23% | 4.66% | 3.63% | 3.43% | 3.03% | 3.25% | 3.09% |
VCPIX Vanguard Core-Plus Bond Fund Investor Shares | 4.74% | 4.76% | 5.08% | 4.46% | 3.15% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, VCPIX and DODIX 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.
DODIX has higher volatility (1.11%) compared to VCPIX (1.01%). In terms of maximum drawdown, VCPIX dropped -17.33% vs DODIX's -16.89%.
VCPIX currently has the higher Sharpe Ratio (1.48 vs 1.36), 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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