VLCIX vs. FCBAX
VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) and FCBAX (Fidelity Advisor Corporate Bond Fund Class A) are both Corporate Bonds funds. Over the past 10 years, VLCIX returned 1.65%/yr vs 1.99%/yr for FCBAX. Their correlation of 0.93 means they have usually moved in the same direction. VLCIX charges 0.05%/yr vs 0.77%/yr for FCBAX.
Performance
VLCIX vs. FCBAX - Performance Comparison
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Returns By Period
In the year-to-date period, VLCIX achieves a -2.61% return, which is significantly lower than FCBAX's -1.33% return. Over the past 10 years, VLCIX has underperformed FCBAX with an annualized return of 1.65%, while FCBAX has yielded a comparatively higher 1.99% annualized return.
VLCIX
- 1D
- -0.29%
- 1M
- -3.54%
- 6M
- -2.94%
- YTD
- -2.61%
- 1Y
- -0.14%
- 3Y*
- 3.30%
- 5Y*
- -3.45%
- 10Y*
- 1.65%
- ALL TIME*
- 4.37%
FCBAX
- 1D
- -0.19%
- 1M
- -1.88%
- 6M
- -1.47%
- YTD
- -1.33%
- 1Y
- 1.12%
- 3Y*
- 4.32%
- 5Y*
- -0.92%
- 10Y*
- 1.99%
- ALL TIME*
- 3.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VLCIX vs. FCBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | -2.61% | 7.27% | -1.43% | 11.06% | -25.75% | -1.24% | 13.74% | 23.18% | -6.86% | 12.42% |
FCBAX Fidelity Advisor Corporate Bond Fund Class A | -1.33% | 7.51% | 2.21% | 8.10% | -17.32% | -1.85% | 10.46% | 14.11% | -2.90% | 6.47% |
Correlation
The correlation between VLCIX and FCBAX is 0.90, 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. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 5, 2010 | 0.93 |
The correlation between VLCIX and FCBAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
VLCIX vs. FCBAX — Risk / Return Rank
VLCIX
FCBAX
VLCIX vs. FCBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) and Fidelity Advisor Corporate Bond Fund Class A (FCBAX). 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.
| VLCIX | FCBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.07 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 0.54 | -0.42 |
| Martin ratioReturn relative to average drawdown | 0.27 | 1.45 | -1.18 |
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Drawdowns
VLCIX vs. FCBAX - Drawdown Comparison
The maximum VLCIX drawdown since its inception was -34.56%, which is greater than FCBAX's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for VLCIX and FCBAX.
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Drawdown Indicators
| VLCIX | FCBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.56% | -23.56% | -11.00% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -3.31% | -2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -10.10% | -5.64% | -4.46% |
Max Drawdown (5Y)Largest decline over 5 years | -34.56% | -23.40% | -11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -23.56% | -11.00% |
Current DrawdownCurrent decline from peak | -17.01% | -4.89% | -12.12% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -4.33% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 1.24% | +1.20% |
Volatility
VLCIX vs. FCBAX - Volatility Comparison
Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a higher volatility of 1.98% compared to Fidelity Advisor Corporate Bond Fund Class A (FCBAX) at 1.09%. This indicates that VLCIX's price experiences larger fluctuations and is considered to be riskier than FCBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VLCIX | FCBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.09% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 5.70% | 3.30% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.46% | 4.18% | +3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.83% | 6.68% | +5.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 5.95% | +4.64% |
VLCIX vs. FCBAX - Expense Ratio Comparison
VLCIX has a 0.05% expense ratio, which is lower than FCBAX's 0.77% expense ratio.
Dividends
VLCIX vs. FCBAX - Dividend Comparison
VLCIX's dividend yield for the trailing twelve months is around 5.18%, more than FCBAX's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCBAX Fidelity Advisor Corporate Bond Fund Class A | 3.68% | 3.79% | 3.35% | 3.13% | 2.27% | 2.55% | 3.09% | 2.96% | 3.29% | 2.83% | 3.19% | 2.69% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 5.18% | 5.50% | 5.60% | 4.67% | 4.43% | 2.95% | 3.17% | 3.83% | 4.58% | 4.03% | 4.39% | 4.73% |
Frequently Asked Questions
With a correlation of 0.90, VLCIX and FCBAX 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.
VLCIX has higher volatility (1.98%) compared to FCBAX (1.09%). In terms of maximum drawdown, VLCIX dropped -34.56% vs FCBAX's -23.56%.
FCBAX currently has the higher Sharpe Ratio (0.43 vs 0.09), 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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