VLTCX vs. CFICX

Last updated Jun 4, 2026

VLTCX (Vanguard Long-Term Corporate Bond Index Fund Admiral Shares) and CFICX (Calvert Income Fund) are both Corporate Bonds funds. Over the past 10 years, VLTCX returned 2.42%/yr vs 3.01%/yr for CFICX. Their correlation of 0.88 suggests significant overlap in exposure. VLTCX charges 0.07%/yr vs 0.92%/yr for CFICX.

Performance

VLTCX vs. CFICX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Corporate Bond Index Fund Admiral Shares (VLTCX) and Calvert Income Fund (CFICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLTCX achieves a 1.22% return, which is significantly higher than CFICX's 0.59% return. Over the past 10 years, VLTCX has underperformed CFICX with an annualized return of 2.42%, while CFICX has yielded a comparatively higher 3.01% annualized return.

VLTCX

• 1D: 0.10%
• 1M: 1.99%
• YTD: 1.22%
• 6M: 0.35%
• 1Y: 8.16%
• 3Y*: 4.67%
• 5Y*: -1.46%
• 10Y*: 2.42%

CFICX

• 1D: 0.07%
• 1M: 0.64%
• YTD: 0.59%
• 6M: 0.73%
• 1Y: 6.37%
• 3Y*: 6.12%
• 5Y*: 1.05%
• 10Y*: 3.01%

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

VLTCX vs. CFICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLTCX Vanguard Long-Term Corporate Bond Index Fund Admiral Shares	1.22%	7.27%	-1.47%	11.05%	-25.77%	-1.16%	13.68%	23.19%	-6.85%	12.40%
CFICX Calvert Income Fund	0.59%	8.94%	4.11%	7.61%	-16.07%	1.71%	8.26%	14.75%	-3.36%	6.57%

Correlation

The correlation between VLTCX and CFICX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.88

The correlation between VLTCX and CFICX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

VLTCX vs. CFICX — Risk / Return Rank

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

VLTCX

VLTCX Risk / Return Rank: 16
VLTCX Sharpe Ratio Rank: 16
VLTCX Sortino Ratio Rank: 15
VLTCX Omega Ratio Rank: 14
VLTCX Calmar Ratio Rank: 19
VLTCX Martin Ratio Rank: 14

CFICX

CFICX Risk / Return Rank: 35
CFICX Sharpe Ratio Rank: 36
CFICX Sortino Ratio Rank: 40
CFICX Omega Ratio Rank: 37
CFICX Calmar Ratio Rank: 30
CFICX Martin Ratio Rank: 30

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.

VLTCX vs. CFICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond Index Fund Admiral Shares (VLTCX) and Calvert Income Fund (CFICX). 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.

	VLTCX	CFICX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.73	-0.63
Sortino ratio: Return per unit of downside risk	1.62	2.65	-1.03
Omega ratio: Gain probability vs. loss probability	1.19	1.32	-0.13
Calmar ratio: Return relative to maximum drawdown	1.60	2.07	-0.47
Martin ratio: Return relative to average drawdown	3.93	6.95	-3.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLTCX vs. CFICX - Sharpe Ratio Comparison

The current VLTCX Sharpe Ratio is 1.11, which is lower than the CFICX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of VLTCX and CFICX, 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

	VLTCX	CFICX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.73	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.19	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.58	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.01	-0.56

Drawdowns

VLTCX vs. CFICX - Drawdown Comparison

The maximum VLTCX drawdown since its inception was -34.56%, which is greater than CFICX's maximum drawdown of -21.28%. Use the drawdown chart below to compare losses from any high point for VLTCX and CFICX.

Drawdown Indicators

	VLTCX	CFICX	Difference
Max Drawdown Largest peak-to-trough decline	-34.56%	-21.28%	-13.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-3.08%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-6.11%	-6.76%
Max Drawdown (5Y) Largest decline over 5 years	-34.56%	-21.28%	-13.28%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	-21.28%	-13.28%
Current Drawdown Current decline from peak	-13.80%	-1.08%	-12.72%
Average Drawdown Average peak-to-trough decline	-8.04%	-3.46%	-4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	0.92%	+1.23%

Volatility

VLTCX vs. CFICX - Volatility Comparison

Vanguard Long-Term Corporate Bond Index Fund Admiral Shares (VLTCX) has a higher volatility of 2.46% compared to Calvert Income Fund (CFICX) at 1.50%. This indicates that VLTCX's price experiences larger fluctuations and is considered to be riskier than CFICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLTCX	CFICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.50%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	5.52%	2.82%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	3.69%	+3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.87%	5.64%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	5.22%	+5.38%

VLTCX vs. CFICX - Expense Ratio Comparison

VLTCX has a 0.07% expense ratio, which is lower than CFICX's 0.92% expense ratio.

Dividends

VLTCX vs. CFICX - Dividend Comparison

VLTCX's dividend yield for the trailing twelve months is around 5.50%, more than CFICX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFICX Calvert Income Fund	4.74%	4.86%	4.91%	4.05%	3.22%	2.70%	2.96%	3.25%	3.60%	2.96%	3.23%	2.87%
VLTCX Vanguard Long-Term Corporate Bond Index Fund Admiral Shares	5.50%	5.48%	5.58%	4.65%	4.41%	3.03%	3.15%	3.82%	4.56%	4.01%	4.37%	4.71%

Frequently Asked Questions

Can I hold both VLTCX and CFICX in my portfolio?

VLTCX and CFICX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLTCX or CFICX?

VLTCX has higher volatility (2.46%) compared to CFICX (1.50%). In terms of maximum drawdown, VLTCX dropped -34.56% vs CFICX's -21.28%.

Which has better risk-adjusted returns?

CFICX currently has the higher Sharpe Ratio (1.73 vs 1.11), 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.