VO vs. VCLT
VO (Vanguard Mid-Cap ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while VCLT is a Corporate Bonds fund tracking the Barclays U.S. 10+ Year Corporate Index. Both are passively managed. Over the past 10 years, VO returned 11.44%/yr vs 2.14%/yr for VCLT. At a 0.03 correlation, their price movements are largely independent. VO charges 0.03%/yr vs 0.04%/yr for VCLT.
Performance
VO vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 8.60% return, which is significantly higher than VCLT's 0.19% return. Over the past 10 years, VO has outperformed VCLT with an annualized return of 11.44%, while VCLT has yielded a comparatively lower 2.14% annualized return.
VO
- 1D
- -0.04%
- 1M
- 1.75%
- YTD
- 8.60%
- 6M
- 8.43%
- 1Y
- 16.32%
- 3Y*
- 15.78%
- 5Y*
- 7.59%
- 10Y*
- 11.44%
VCLT
- 1D
- -0.30%
- 1M
- -0.62%
- YTD
- 0.19%
- 6M
- -0.19%
- 1Y
- 6.74%
- 3Y*
- 4.19%
- 5Y*
- -2.13%
- 10Y*
- 2.14%
VO vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 8.60% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
VCLT Vanguard Long-Term Corporate Bond ETF | 0.19% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between VO and VCLT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.03 |
Over the past year, VO and VCLT have become more correlated (0.42) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
VO vs. VCLT — Risk / Return Rank
VO
VCLT
VO vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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.
| VO | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.29 | +0.72 |
| Martin ratioReturn relative to average drawdown | 7.62 | 3.15 | +4.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VO | VCLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 0.86 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | -0.17 | +0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.17 | +0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.39 | +0.11 |
Drawdowns
VO vs. VCLT - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, which is greater than VCLT's maximum drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for VO and VCLT.
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Drawdown Indicators
| VO | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -34.31% | -24.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -5.25% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -13.03% | -5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -34.31% | +6.74% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -34.31% | -5.06% |
Current DrawdownCurrent decline from peak | -2.10% | -15.03% | +12.93% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -8.16% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.14% | +0.01% |
Volatility
VO vs. VCLT - Volatility Comparison
Vanguard Mid-Cap ETF (VO) has a higher volatility of 3.51% compared to Vanguard Long-Term Corporate Bond ETF (VCLT) at 2.27%. This indicates that VO's price experiences larger fluctuations and is considered to be riskier than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VO | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 2.27% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 5.80% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | 7.88% | +4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 12.77% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.96% | 12.85% | +6.11% |
VO vs. VCLT - Expense Ratio Comparison
VO has a 0.03% expense ratio, which is lower than VCLT's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VO vs. VCLT - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.38%, less than VCLT's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLT Vanguard Long-Term Corporate Bond ETF | 5.59% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
VO Vanguard Mid-Cap ETF | 1.38% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
VO and VCLT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VO has higher volatility (3.51%) compared to VCLT (2.27%). In terms of maximum drawdown, VO dropped -58.87% vs VCLT's -34.31%.
On 10-year performance, VO leads with 11.44% vs 2.14% for VCLT. On fees, VO is cheaper at 0.03% per year. On volatility, VCLT has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VO has performed better with a 11.44% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.04% for VCLT.
VCLT has the higher dividend yield at 5.59%, compared with 1.38% for VO.
VO is categorized as Mid Cap Blend Equities, while VCLT is Corporate Bonds. VO tracks CRSP US Mid Cap Index, while VCLT tracks Barclays U.S. 10+ Year Corporate Index. Their fees differ too: 0.03% for VO and 0.04% for VCLT.
VO currently has the higher Sharpe Ratio (1.31 vs 0.86), 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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