VCRB vs. VGVT

Last updated Jul 14, 2026

VCRB (Vanguard Core Bond ETF) and VGVT (Vanguard Government Securities Active ETF) are both Intermediate Core Bond funds from Vanguard. Both are actively managed. Over the past year, VCRB returned 3.98% vs 3.46% for VGVT. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.10% expense ratio.

Performance

VCRB vs. VGVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Bond ETF (VCRB) and Vanguard Government Securities Active ETF (VGVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCRB achieves a 0.07% return, which is significantly higher than VGVT's -0.14% return.

VCRB

• 1D: -0.31%
• 1M: -0.63%
• 6M: -0.24%
• YTD: 0.07%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGVT

• 1D: -0.19%
• 1M: -0.33%
• 6M: -0.37%
• YTD: -0.14%
• 1Y: 3.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VCRB vs. VGVT - Yearly Performance Comparison

	2026 (YTD)	2025
VCRB Vanguard Core Bond ETF	0.07%	4.03%
VGVT Vanguard Government Securities Active ETF	-0.14%	3.56%

Correlation

The correlation between VCRB and VGVT is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.90

The correlation between VCRB and VGVT has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

VCRB vs. VGVT — Risk / Return Rank

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

VCRB

VCRB Risk / Return Rank: 37
VCRB Sharpe Ratio Rank: 39
VCRB Sortino Ratio Rank: 38
VCRB Omega Ratio Rank: 35
VCRB Calmar Ratio Rank: 37
VCRB Martin Ratio Rank: 35

VGVT

VGVT Risk / Return Rank: 34
VGVT Sharpe Ratio Rank: 36
VGVT Sortino Ratio Rank: 38
VGVT Omega Ratio Rank: 34
VGVT Calmar Ratio Rank: 31
VGVT Martin Ratio Rank: 29

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. VGVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond ETF (VCRB) and Vanguard Government Securities Active ETF (VGVT). 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	VGVT	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.07	+0.04
Sortino ratio: Return per unit of downside risk	1.65	1.60	+0.05
Omega ratio: Gain probability vs. loss probability	1.19	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.52	1.25	+0.26
Martin ratio: Return relative to average drawdown	4.20	3.30	+0.90

VCRB vs. VGVT - Sharpe Ratio Comparison

The current VCRB Sharpe Ratio is 1.12, which is comparable to the VGVT Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of VCRB and VGVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VCRB vs. VGVT - Drawdown Comparison

The maximum VCRB drawdown since its inception was -4.59%, which is greater than VGVT's maximum drawdown of -2.77%. Use the drawdown chart below to compare losses from any high point for VCRB and VGVT.

Drawdown Indicators

	VCRB	VGVT	Difference
Max Drawdown Largest peak-to-trough decline	-4.59%	-2.77%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-2.77%	+0.14%
Current Drawdown Current decline from peak	-1.79%	-2.00%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.16%	-0.77%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.05%	-0.10%

Volatility

VCRB vs. VGVT - Volatility Comparison

Vanguard Core Bond ETF (VCRB) has a higher volatility of 1.08% compared to Vanguard Government Securities Active ETF (VGVT) at 1.02%. This indicates that VCRB's price experiences larger fluctuations and is considered to be riskier than VGVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCRB	VGVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.02%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.49%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	3.24%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	3.25%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	3.25%	+1.45%

VCRB vs. VGVT - Expense Ratio Comparison

Both VCRB and VGVT 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. VGVT - Dividend Comparison

VCRB's dividend yield for the trailing twelve months is around 4.65%, more than VGVT's 4.38% yield.

Position	TTM	2025	2024	2023
VCRB Vanguard Core Bond ETF	4.65%	4.55%	4.22%	0.16%
VGVT Vanguard Government Securities Active ETF	4.38%	2.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCRB and VGVT in my portfolio?

VCRB and VGVT have a correlation of 0.90, 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 VGVT?

VCRB has higher volatility (1.08%) compared to VGVT (1.02%). In terms of maximum drawdown, VCRB dropped -4.59% vs VGVT's -2.77%.

Which ETF is better, VCRB or VGVT?

On 1-year performance, VCRB leads with 3.98% vs 3.46% for VGVT. Both ETFs have the same 0.10% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCRB or VGVT?

Over the 1-year period, VCRB has performed better with a 3.98% return vs 3.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCRB or VGVT?

VCRB and VGVT have the same expense ratio: 0.10% per year.

Which ETF pays a higher dividend yield, VCRB or VGVT?

VCRB has the higher dividend yield at 4.65%, compared with 4.38% for VGVT.

Which has better risk-adjusted returns?

VCRB currently has the higher Sharpe Ratio (1.12 vs 1.07), 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.