VCRB vs. VGM

Last updated Jun 5, 2026

VCRB (Vanguard Core Bond ETF) is Intermediate Core Bond fund actively managed by Vanguard, while VGM (Invesco Trust for Investment Grade Municipals) is a stock. Over the past year, VCRB returned 5.07% vs 14.06% for VGM. At a 0.47 correlation, their price movements are largely independent.

Performance

VCRB vs. VGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Bond ETF (VCRB) and Invesco Trust for Investment Grade Municipals (VGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCRB achieves a 0.58% return, which is significantly lower than VGM's 0.67% return.

VCRB

• 1D: 0.12%
• 1M: 0.29%
• YTD: 0.58%
• 6M: 0.63%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGM

• 1D: 0.60%
• 1M: -1.42%
• YTD: 0.67%
• 6M: 1.59%
• 1Y: 14.06%
• 3Y*: 8.44%
• 5Y*: -0.52%
• 10Y*: 2.05%

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

VCRB vs. VGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VCRB Vanguard Core Bond ETF	0.58%	7.56%	2.21%	0.65%
VGM Invesco Trust for Investment Grade Municipals	0.67%	11.03%	8.77%	0.20%

Correlation

The correlation between VCRB and VGM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.47

The correlation between VCRB and VGM shifts across timeframes, from 0.33 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCRB vs. VGM — Risk / Return Rank

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

VCRB

VCRB Risk / Return Rank: 39
VCRB Sharpe Ratio Rank: 40
VCRB Sortino Ratio Rank: 41
VCRB Omega Ratio Rank: 38
VCRB Calmar Ratio Rank: 40
VCRB Martin Ratio Rank: 38

VGM

VGM Risk / Return Rank: 77
VGM Sharpe Ratio Rank: 80
VGM Sortino Ratio Rank: 76
VGM Omega Ratio Rank: 77
VGM Calmar Ratio Rank: 71
VGM Martin Ratio Rank: 83

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.

VCRB vs. VGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond ETF (VCRB) and Invesco Trust for Investment Grade Municipals (VGM). 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.

	VCRB	VGM	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.37	+0.02
Sortino ratio: Return per unit of downside risk	2.07	2.02	+0.05
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.93	1.68	+0.26
Martin ratio: Return relative to average drawdown	5.77	7.63	-1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCRB vs. VGM - Sharpe Ratio Comparison

The current VCRB Sharpe Ratio is 1.40, which is comparable to the VGM Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of VCRB and VGM, 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

	VCRB	VGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.37	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.29	+0.65

Drawdowns

VCRB vs. VGM - Drawdown Comparison

The maximum VCRB drawdown since its inception was -4.59%, smaller than the maximum VGM drawdown of -49.40%. Use the drawdown chart below to compare losses from any high point for VCRB and VGM.

Drawdown Indicators

	VCRB	VGM	Difference
Max Drawdown Largest peak-to-trough decline	-4.59%	-49.40%	+44.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-8.42%	+5.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.61%	—
Current Drawdown Current decline from peak	-1.28%	-6.13%	+4.85%
Average Drawdown Average peak-to-trough decline	-1.16%	-8.98%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.85%	-0.97%

Volatility

VCRB vs. VGM - Volatility Comparison

The current volatility for Vanguard Core Bond ETF (VCRB) is 1.17%, while Invesco Trust for Investment Grade Municipals (VGM) has a volatility of 3.71%. This indicates that VCRB experiences smaller price fluctuations and is considered to be less risky than VGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCRB	VGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	3.71%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	2.61%	8.91%	-6.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	10.27%	-6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.74%	11.55%	-6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	12.40%	-7.66%

Dividends

VCRB vs. VGM - Dividend Comparison

VCRB's dividend yield for the trailing twelve months is around 4.60%, less than VGM's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCRB Vanguard Core Bond ETF	4.60%	4.55%	4.22%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGM Invesco Trust for Investment Grade Municipals	7.66%	7.48%	6.35%	4.42%	5.67%	4.65%	4.65%	4.82%	5.97%	5.79%	6.50%	6.62%

Frequently Asked Questions

Can I hold both VCRB and VGM in my portfolio?

VCRB and VGM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCRB or VGM?

VGM has higher volatility (3.71%) compared to VCRB (1.17%). In terms of maximum drawdown, VCRB dropped -4.59% vs VGM's -49.40%.

Which has better risk-adjusted returns?

VCRB currently has the higher Sharpe Ratio (1.40 vs 1.37), 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.