VLTCX vs. PIGIX

Last updated Jun 4, 2026

VLTCX (Vanguard Long-Term Corporate Bond Index Fund Admiral Shares) and PIGIX (PIMCO Investment Grade Credit Bond Fund) are both Corporate Bonds funds. Over the past 10 years, VLTCX returned 2.42%/yr vs 2.85%/yr for PIGIX. Their correlation of 0.86 suggests significant overlap in exposure. VLTCX charges 0.07%/yr vs 0.51%/yr for PIGIX.

Performance

VLTCX vs. PIGIX - 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 PIMCO Investment Grade Credit Bond Fund (PIGIX). 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 PIGIX's 0.51% return. Over the past 10 years, VLTCX has underperformed PIGIX with an annualized return of 2.42%, while PIGIX has yielded a comparatively higher 2.85% 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%

PIGIX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 0.51%
• 6M: 0.39%
• 1Y: 6.47%
• 3Y*: 5.63%
• 5Y*: 0.58%
• 10Y*: 2.85%

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

VLTCX vs. PIGIX - 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%
PIGIX PIMCO Investment Grade Credit Bond Fund	0.51%	8.52%	3.28%	7.97%	-16.67%	-1.03%	7.53%	14.75%	-1.99%	7.96%

Correlation

The correlation between VLTCX and PIGIX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
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	0.86

The correlation between VLTCX and PIGIX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

VLTCX vs. PIGIX — 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

PIGIX

PIGIX Risk / Return Rank: 23
PIGIX Sharpe Ratio Rank: 24
PIGIX Sortino Ratio Rank: 25
PIGIX Omega Ratio Rank: 25
PIGIX Calmar Ratio Rank: 21
PIGIX Martin Ratio Rank: 21

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. PIGIX - 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 PIMCO Investment Grade Credit Bond Fund (PIGIX). 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	PIGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.41	-0.31
Sortino ratio: Return per unit of downside risk	1.62	2.06	-0.44
Omega ratio: Gain probability vs. loss probability	1.19	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.60	1.67	-0.07
Martin ratio: Return relative to average drawdown	3.93	5.47	-1.54
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. PIGIX - Sharpe Ratio Comparison

The current VLTCX Sharpe Ratio is 1.11, which is comparable to the PIGIX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of VLTCX and PIGIX, 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	PIGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.41	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.09	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.49	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.06	-0.61

Drawdowns

VLTCX vs. PIGIX - Drawdown Comparison

The maximum VLTCX drawdown since its inception was -34.56%, which is greater than PIGIX's maximum drawdown of -23.09%. Use the drawdown chart below to compare losses from any high point for VLTCX and PIGIX.

Drawdown Indicators

	VLTCX	PIGIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.56%	-23.09%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.29%	-3.98%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-6.59%	-6.28%
Max Drawdown (5Y) Largest decline over 5 years	-34.56%	-23.09%	-11.47%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	-23.09%	-11.47%
Current Drawdown Current decline from peak	-13.80%	-1.35%	-12.45%
Average Drawdown Average peak-to-trough decline	-8.04%	-3.07%	-4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.21%	+0.94%

Volatility

VLTCX vs. PIGIX - Volatility Comparison

Vanguard Long-Term Corporate Bond Index Fund Admiral Shares (VLTCX) has a higher volatility of 2.46% compared to PIMCO Investment Grade Credit Bond Fund (PIGIX) at 1.67%. This indicates that VLTCX's price experiences larger fluctuations and is considered to be riskier than PIGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLTCX	PIGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.67%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	5.52%	3.64%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	4.72%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.87%	6.42%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	5.81%	+4.79%

VLTCX vs. PIGIX - Expense Ratio Comparison

VLTCX has a 0.07% expense ratio, which is lower than PIGIX's 0.51% expense ratio.

Dividends

VLTCX vs. PIGIX - Dividend Comparison

VLTCX's dividend yield for the trailing twelve months is around 5.50%, more than PIGIX's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIGIX PIMCO Investment Grade Credit Bond Fund	4.86%	4.69%	4.37%	3.48%	3.37%	4.50%	3.81%	3.93%	4.22%	4.47%	3.91%	6.70%
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 PIGIX in my portfolio?

VLTCX and PIGIX have a correlation of 0.88, 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 PIGIX?

VLTCX has higher volatility (2.46%) compared to PIGIX (1.67%). In terms of maximum drawdown, VLTCX dropped -34.56% vs PIGIX's -23.09%.

Which has better risk-adjusted returns?

PIGIX currently has the higher Sharpe Ratio (1.41 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.