VGCAX vs. BNDX

Last updated Jun 4, 2026

VGCAX (Vanguard Global Credit Bond Fund Admiral Shares) and BNDX (Vanguard Total International Bond ETF) are both funds - VGCAX is a Total Bond Market fund managed by Vanguard, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Over the past 5 years, VGCAX returned 1.52%/yr vs 0.33%/yr for BNDX. Their correlation of 0.83 suggests significant overlap in exposure. VGCAX charges 0.25%/yr vs 0.07%/yr for BNDX.

Performance

VGCAX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGCAX achieves a 1.05% return, which is significantly higher than BNDX's 0.54% return.

VGCAX

• 1D: 0.05%
• 1M: 0.94%
• YTD: 1.05%
• 6M: 0.99%
• 1Y: 5.94%
• 3Y*: 6.23%
• 5Y*: 1.52%
• 10Y*: —

BNDX

• 1D: -0.35%
• 1M: 0.63%
• YTD: 0.54%
• 6M: 0.23%
• 1Y: 1.82%
• 3Y*: 4.03%
• 5Y*: 0.33%
• 10Y*: 1.68%

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

VGCAX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	1.05%	7.30%	3.99%	9.22%	-13.43%	-0.64%	10.81%	13.05%	0.96%
BNDX Vanguard Total International Bond ETF	0.54%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	1.56%

Correlation

The correlation between VGCAX and BNDX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018	0.83

The correlation between VGCAX and BNDX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

VGCAX vs. BNDX — Risk / Return Rank

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

VGCAX

VGCAX Risk / Return Rank: 37
VGCAX Sharpe Ratio Rank: 40
VGCAX Sortino Ratio Rank: 42
VGCAX Omega Ratio Rank: 40
VGCAX Calmar Ratio Rank: 31
VGCAX Martin Ratio Rank: 30

BNDX

BNDX Risk / Return Rank: 16
BNDX Sharpe Ratio Rank: 17
BNDX Sortino Ratio Rank: 15
BNDX Omega Ratio Rank: 16
BNDX Calmar Ratio Rank: 16
BNDX Martin Ratio Rank: 17

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.

VGCAX vs. BNDX - 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 International Bond ETF (BNDX). 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.

	VGCAX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.53	+1.31
Sortino ratio: Return per unit of downside risk	2.70	0.77	+1.93
Omega ratio: Gain probability vs. loss probability	1.34	1.10	+0.24
Calmar ratio: Return relative to maximum drawdown	2.10	0.62	+1.47
Martin ratio: Return relative to average drawdown	7.10	1.78	+5.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGCAX vs. BNDX - Sharpe Ratio Comparison

The current VGCAX Sharpe Ratio is 1.84, which is higher than the BNDX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of VGCAX and BNDX, 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

	VGCAX	BNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	0.53	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.07	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.61	+0.21

Drawdowns

VGCAX vs. BNDX - Drawdown Comparison

The maximum VGCAX drawdown since its inception was -18.63%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for VGCAX and BNDX.

Drawdown Indicators

	VGCAX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-18.63%	-16.23%	-2.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.93%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.00%	-2.93%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-18.63%	-15.86%	-2.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.23%	—
Current Drawdown Current decline from peak	-0.70%	-1.49%	+0.79%
Average Drawdown Average peak-to-trough decline	-4.35%	-3.09%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.02%	-0.17%

Volatility

VGCAX vs. BNDX - Volatility Comparison

The current volatility for Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) is 1.24%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 1.57%. This indicates that VGCAX experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGCAX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.57%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.91%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	3.43%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	4.88%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	4.09%	+0.75%

VGCAX vs. BNDX - Expense Ratio Comparison

VGCAX has a 0.25% expense ratio, which is higher than BNDX's 0.07% 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. BNDX - Dividend Comparison

VGCAX's dividend yield for the trailing twelve months is around 4.95%, more than BNDX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.49%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	4.95%	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

Can I hold both VGCAX and BNDX in my portfolio?

VGCAX and BNDX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGCAX or BNDX?

BNDX has higher volatility (1.57%) compared to VGCAX (1.24%). In terms of maximum drawdown, VGCAX dropped -18.63% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

VGCAX currently has the higher Sharpe Ratio (1.84 vs 0.53), 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.