VCRB vs. VCOBX
VCRB (Vanguard Core Bond ETF) and VCOBX (Vanguard Core Bond Fund Admiral Shares) are both Intermediate Core Bond funds from Vanguard. Both are actively managed. Over the past year, VCRB returned 4.77% vs 4.61% for VCOBX. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.10% expense ratio.
Performance
VCRB vs. VCOBX - Performance Comparison
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Returns By Period
In the year-to-date period, VCRB achieves a 0.73% return, which is significantly higher than VCOBX's 0.54% return.
VCRB
- 1D
- 0.10%
- 1M
- 0.72%
- YTD
- 0.73%
- 6M
- 0.80%
- 1Y
- 4.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VCOBX
- 1D
- -0.28%
- 1M
- 0.61%
- YTD
- 0.54%
- 6M
- 0.65%
- 1Y
- 4.61%
- 3Y*
- 4.80%
- 5Y*
- 0.50%
- 10Y*
- 2.12%
VCRB vs. VCOBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VCRB Vanguard Core Bond ETF | 0.73% | 7.56% | 2.21% | 0.95% |
VCOBX Vanguard Core Bond Fund Admiral Shares | 0.54% | 7.73% | 2.21% | 1.37% |
Correlation
The correlation between VCRB and VCOBX 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 14, 2023 | 0.96 |
The correlation between VCRB and VCOBX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
VCRB vs. VCOBX — Risk / Return Rank
VCRB
VCOBX
VCRB vs. VCOBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond ETF (VCRB) and Vanguard Core Bond Fund Admiral Shares (VCOBX). 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.
| VCRB | VCOBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.86 | -0.04 |
| Martin ratioReturn relative to average drawdown | 5.16 | 5.25 | -0.09 |
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Drawdowns
VCRB vs. VCOBX - Drawdown Comparison
The maximum VCRB drawdown since its inception was -4.59%, smaller than the maximum VCOBX drawdown of -18.14%. Use the drawdown chart below to compare losses from any high point for VCRB and VCOBX.
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Drawdown Indicators
| VCRB | VCOBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.59% | -18.14% | +13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.63% | -2.62% | -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 DrawdownCurrent decline from peak | -1.14% | -1.30% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -1.16% | -4.16% | +3.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.92% | +0.01% |
Volatility
VCRB vs. VCOBX - Volatility Comparison
The current volatility for Vanguard Core Bond ETF (VCRB) is 0.94%, while Vanguard Core Bond Fund Admiral Shares (VCOBX) has a volatility of 1.05%. This indicates that VCRB experiences smaller price fluctuations and is considered to be less risky than VCOBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCRB | VCOBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 1.05% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.74% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 3.64% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.72% | 5.78% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 4.76% | -0.04% |
VCRB vs. VCOBX - Expense Ratio Comparison
Both VCRB and VCOBX 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
VCRB vs. VCOBX - Dividend Comparison
VCRB's dividend yield for the trailing twelve months is around 4.59%, less than VCOBX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
VCOBX Vanguard Core Bond Fund Admiral Shares | 4.74% | 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 | 4.59% | 4.55% | 4.22% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, VCRB and VCOBX 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.
VCOBX has higher volatility (1.05%) compared to VCRB (0.94%). In terms of maximum drawdown, VCRB dropped -4.59% vs VCOBX's -18.14%.
VCOBX currently has the higher Sharpe Ratio (1.34 vs 1.33), 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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