VGCAX vs. BND
VGCAX (Vanguard Global Credit Bond Fund Admiral Shares) and BND (Vanguard Total Bond Market ETF) are both Total Bond Market funds from Vanguard. Over the past 5 years, VGCAX returned 0.90%/yr vs -0.30%/yr for BND. Their correlation of 0.92 means they have usually moved in the same direction. VGCAX charges 0.25%/yr vs 0.03%/yr for BND.
Performance
VGCAX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, VGCAX achieves a 0.51% return, which is significantly higher than BND's 0.10% return.
VGCAX
- 1D
- 0.32%
- 1M
- -0.89%
- 6M
- -0.06%
- YTD
- 0.51%
- 1Y
- 2.91%
- 3Y*
- 5.93%
- 5Y*
- 0.90%
- 10Y*
- —
- ALL TIME*
- 3.79%
BND
- 1D
- 0.40%
- 1M
- -0.57%
- 6M
- -0.04%
- YTD
- 0.10%
- 1Y
- 2.34%
- 3Y*
- 4.18%
- 5Y*
- -0.30%
- 10Y*
- 1.44%
- ALL TIME*
- 3.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $475.81M | $507.50M | $591.13M | |
| $0.00 | $0.00 | $0.00 |
VGCAX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VGCAX Vanguard Global Credit Bond Fund Admiral Shares | 0.51% | 7.30% | 3.99% | 9.22% | -13.43% | -0.64% | 10.81% | 13.05% | 0.96% |
BND Vanguard Total Bond Market ETF | 0.10% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | 2.29% |
Correlation
The correlation between VGCAX and BND is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.92 |
The correlation between VGCAX and BND has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
VGCAX vs. BND — Risk / Return Rank
VGCAX
BND
VGCAX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) and Vanguard Total Bond Market ETF (BND). 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.
| VGCAX | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.11 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 0.88 | +0.19 |
| Martin ratioReturn relative to average drawdown | 3.31 | 2.17 | +1.14 |
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Drawdowns
VGCAX vs. BND - Drawdown Comparison
The maximum VGCAX drawdown since its inception was -18.63%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for VGCAX and BND.
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Drawdown Indicators
| VGCAX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.63% | -18.58% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.68% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -4.81% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -18.52% | -17.81% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -1.25% | -2.53% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -3.06% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.08% | -0.15% |
Volatility
VGCAX vs. BND - Volatility Comparison
The current volatility for Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) is 0.95%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.11%. This indicates that VGCAX experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGCAX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.11% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.93% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 3.63% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 6.03% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.81% | 5.53% | -0.72% |
VGCAX vs. BND - Expense Ratio Comparison
VGCAX has a 0.25% expense ratio, which is higher than BND's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGCAX vs. BND - Dividend Comparison
VGCAX's dividend yield for the trailing twelve months is around 5.05%, more than BND's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.03% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
VGCAX Vanguard Global Credit Bond Fund Admiral Shares | 5.05% | 4.91% | 4.65% | 4.48% | 2.72% | 3.16% | 4.65% | 6.88% | 0.36% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, VGCAX and BND 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.
BND has higher volatility (1.11%) compared to VGCAX (0.95%). In terms of maximum drawdown, VGCAX dropped -18.63% vs BND's -18.58%.
VGCAX currently has the higher Sharpe Ratio (0.94 vs 0.65), 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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