VLCIX vs. PRPIX

Last updated Aug 4, 2026

VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) and PRPIX (T. Rowe Price Corporate Income Fund) are both Corporate Bonds funds. Over the past 10 years, VLCIX returned 1.65%/yr vs 2.85%/yr for PRPIX. Their correlation of 0.91 means they have usually moved in the same direction. VLCIX charges 0.05%/yr vs 0.56%/yr for PRPIX.

Performance

VLCIX vs. PRPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) and T. Rowe Price Corporate Income Fund (PRPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLCIX achieves a -2.61% return, which is significantly lower than PRPIX's -1.21% return. Over the past 10 years, VLCIX has underperformed PRPIX with an annualized return of 1.65%, while PRPIX has yielded a comparatively higher 2.85% 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%

PRPIX

• 1D: -0.13%
• 1M: -2.00%
• 6M: -1.24%
• YTD: -1.21%
• 1Y: 1.49%
• 3Y*: 7.12%
• 5Y*: 0.97%
• 10Y*: 2.85%
• ALL TIME*: 4.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PRPIX T. Rowe Price Corporate Income Fund	$0.00	$0.00	$0.00
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares	$0.00	$0.00	$0.00

VLCIX vs. PRPIX - 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%
PRPIX T. Rowe Price Corporate Income Fund	-1.21%	9.21%	6.49%	12.72%	-17.71%	-0.76%	7.87%	15.77%	-3.05%	6.58%

Correlation

The correlation between VLCIX and PRPIX 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.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009	0.91

The correlation between VLCIX and PRPIX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

VLCIX vs. PRPIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VLCIX

VLCIX Risk / Return Rank: 5
VLCIX Sharpe Ratio Rank: 5
VLCIX Sortino Ratio Rank: 5
VLCIX Omega Ratio Rank: 5
VLCIX Calmar Ratio Rank: 5
VLCIX Martin Ratio Rank: 5

PRPIX

PRPIX Risk / Return Rank: 12
PRPIX Sharpe Ratio Rank: 11
PRPIX Sortino Ratio Rank: 11
PRPIX Omega Ratio Rank: 10
PRPIX Calmar Ratio Rank: 12
PRPIX Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VLCIX vs. PRPIX - 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 T. Rowe Price Corporate Income Fund (PRPIX). 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	PRPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.50	-0.41
Sortino ratio: Return per unit of downside risk	0.18	0.76	-0.59
Omega ratio: Gain probability vs. loss probability	1.02	1.09	-0.07
Calmar ratio: Return relative to maximum drawdown	0.12	0.65	-0.53
Martin ratio: Return relative to average drawdown	0.27	2.04	-1.77

VLCIX vs. PRPIX - Sharpe Ratio Comparison

The current VLCIX Sharpe Ratio is 0.09, which is lower than the PRPIX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of VLCIX and PRPIX, 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

VLCIX vs. PRPIX - Drawdown Comparison

The maximum VLCIX drawdown since its inception was -34.56%, which is greater than PRPIX's maximum drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for VLCIX and PRPIX.

Drawdown Indicators

	VLCIX	PRPIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.56%	-24.24%	-10.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-3.29%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-10.10%	-4.93%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.56%	-24.23%	-10.33%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	-24.24%	-10.32%
Current Drawdown Current decline from peak	-17.01%	-2.60%	-14.41%
Average Drawdown Average peak-to-trough decline	-8.10%	-2.86%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.04%	+1.40%

Volatility

VLCIX vs. PRPIX - Volatility Comparison

Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a higher volatility of 1.98% compared to T. Rowe Price Corporate Income Fund (PRPIX) at 1.15%. This indicates that VLCIX's price experiences larger fluctuations and is considered to be riskier than PRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLCIX	PRPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	1.15%	+0.83%
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%	4.24%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.83%	6.65%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	6.05%	+4.54%

VLCIX vs. PRPIX - Expense Ratio Comparison

VLCIX has a 0.05% expense ratio, which is lower than PRPIX's 0.56% expense ratio.

Dividends

VLCIX vs. PRPIX - Dividend Comparison

VLCIX's dividend yield for the trailing twelve months is around 5.18%, more than PRPIX's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRPIX T. Rowe Price Corporate Income Fund	4.75%	5.87%	8.35%	7.54%	2.42%	5.61%	3.82%	5.47%	3.47%	3.95%	3.20%	4.23%
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

Can I hold both VLCIX and PRPIX in my portfolio?

With a correlation of 0.90, VLCIX and PRPIX 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.

Which is riskier, VLCIX or PRPIX?

VLCIX has higher volatility (1.98%) compared to PRPIX (1.15%). In terms of maximum drawdown, VLCIX dropped -34.56% vs PRPIX's -24.24%.

Which has better risk-adjusted returns?

PRPIX currently has the higher Sharpe Ratio (0.50 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.