VCPIX vs. VPLS

Last updated Jun 3, 2026

VCPIX (Vanguard Core-Plus Bond Fund Investor Shares) and VPLS (Vanguard Core-Plus Bond ETF) are both funds - VCPIX is a Total Bond Market fund managed by Vanguard, while VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard. Over the past year, VCPIX returned 6.04% vs 6.11% for VPLS. Their correlation of 0.95 suggests significant overlap in exposure. VCPIX charges 0.30%/yr vs 0.20%/yr for VPLS.

Performance

VCPIX vs. VPLS - Performance Comparison

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

Returns By Period

In the year-to-date period, VCPIX achieves a 0.62% return, which is significantly lower than VPLS's 0.85% return.

VCPIX

• 1D: -0.07%
• 1M: 0.16%
• YTD: 0.62%
• 6M: 0.79%
• 1Y: 6.04%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —

VPLS

• 1D: 0.11%
• 1M: 0.25%
• YTD: 0.85%
• 6M: 0.95%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VCPIX vs. VPLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	0.62%	8.01%	2.83%	2.48%
VPLS Vanguard Core-Plus Bond ETF	0.85%	7.86%	2.72%	2.82%

Correlation

The correlation between VCPIX and VPLS is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.95

The correlation between VCPIX and VPLS has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

VCPIX vs. VPLS — Risk / Return Rank

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

VCPIX

VCPIX Risk / Return Rank: 32
VCPIX Sharpe Ratio Rank: 31
VCPIX Sortino Ratio Rank: 33
VCPIX Omega Ratio Rank: 31
VCPIX Calmar Ratio Rank: 33
VCPIX Martin Ratio Rank: 30

VPLS

VPLS Risk / Return Rank: 46
VPLS Sharpe Ratio Rank: 48
VPLS Sortino Ratio Rank: 51
VPLS Omega Ratio Rank: 48
VPLS Calmar Ratio Rank: 42
VPLS Martin Ratio Rank: 43

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.

VCPIX vs. VPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) and Vanguard Core-Plus Bond ETF (VPLS). 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.

	VCPIX	VPLS	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.69	-0.05
Sortino ratio Return per unit of downside risk	2.42	2.50	-0.08
Omega ratio Gain probability vs. loss probability	1.30	1.30	-0.01
Calmar ratio Return relative to maximum drawdown	2.19	2.16	+0.03
Martin ratio Return relative to average drawdown	7.16	7.08	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCPIX vs. VPLS - Sharpe Ratio Comparison

The current VCPIX Sharpe Ratio is 1.63, which is comparable to the VPLS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VCPIX and VPLS, 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

	VCPIX	VPLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.69	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	1.26	-1.09

Drawdowns

VCPIX vs. VPLS - Drawdown Comparison

The maximum VCPIX drawdown since its inception was -17.33%, which is greater than VPLS's maximum drawdown of -4.17%. Use the drawdown chart below to compare losses from any high point for VCPIX and VPLS.

Drawdown Indicators

	VCPIX	VPLS	Difference
Max Drawdown Largest peak-to-trough decline	-17.33%	-4.17%	-13.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-2.72%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	—	—
Current Drawdown Current decline from peak	-1.12%	-1.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-6.60%	-1.01%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.83%	0.00%

Volatility

VCPIX vs. VPLS - Volatility Comparison

Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) and Vanguard Core-Plus Bond ETF (VPLS) have volatilities of 1.24% and 1.29%, 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

	VCPIX	VPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.29%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	2.71%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	3.65%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	4.61%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	4.61%	+1.08%

VCPIX vs. VPLS - Expense Ratio Comparison

VCPIX has a 0.30% expense ratio, which is higher than VPLS's 0.20% expense ratio.

Dividends

VCPIX vs. VPLS - Dividend Comparison

VCPIX's dividend yield for the trailing twelve months is around 4.74%, which matches VPLS's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	4.74%	4.76%	5.08%	4.46%	3.15%	0.25%
VPLS Vanguard Core-Plus Bond ETF	4.75%	4.78%	4.52%	0.18%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCPIX and VPLS in my portfolio?

With a correlation of 0.95, VCPIX and VPLS 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, VCPIX or VPLS?

VPLS has higher volatility (1.29%) compared to VCPIX (1.24%). In terms of maximum drawdown, VCPIX dropped -17.33% vs VPLS's -4.17%.

Which has better risk-adjusted returns?

VPLS currently has the higher Sharpe Ratio (1.69 vs 1.63), 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.