VPAIX vs. VCRB

Last updated Aug 2, 2026

VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) and VCRB (Vanguard Core Bond ETF) are both funds - VPAIX is a Municipal Bonds fund managed by Vanguard, while VCRB is a Intermediate Core Bond fund actively managed by Vanguard. Over the past year, VPAIX returned 6.04% vs 2.10% for VCRB. Their 0.56 correlation means they have sometimes moved together and sometimes differently. VPAIX charges 0.17%/yr vs 0.10%/yr for VCRB.

Performance

VPAIX vs. VCRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) and Vanguard Core Bond ETF (VCRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPAIX achieves a 0.17% return, which is significantly higher than VCRB's -0.41% return.

VPAIX

• 1D: -0.19%
• 1M: -2.20%
• 6M: -0.31%
• YTD: 0.17%
• 1Y: 6.04%
• 3Y*: 3.95%
• 5Y*: 0.78%
• 10Y*: 2.42%
• ALL TIME*: 4.49%

VCRB

• 1D: -0.22%
• 1M: -1.25%
• 6M: -0.78%
• YTD: -0.41%
• 1Y: 2.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

*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)
VCRB Vanguard Core Bond ETF	$36.64M	$37.88M	$42.01M
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	$0.00	$0.00	$0.00

VPAIX vs. VCRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	0.17%	5.27%	2.59%	1.95%
VCRB Vanguard Core Bond ETF	-0.41%	7.56%	2.21%	0.95%

Correlation

The correlation between VPAIX and VCRB is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.56

The correlation between VPAIX and VCRB has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

VPAIX vs. VCRB — Risk / Return Rank

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

VPAIX

VPAIX Risk / Return Rank: 81
VPAIX Sharpe Ratio Rank: 90
VPAIX Sortino Ratio Rank: 91
VPAIX Omega Ratio Rank: 94
VPAIX Calmar Ratio Rank: 71
VPAIX Martin Ratio Rank: 61

VCRB

VCRB Risk / Return Rank: 32
VCRB Sharpe Ratio Rank: 34
VCRB Sortino Ratio Rank: 32
VCRB Omega Ratio Rank: 30
VCRB Calmar Ratio Rank: 33
VCRB Martin Ratio Rank: 31

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.

VPAIX vs. VCRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) and Vanguard Core Bond ETF (VCRB). 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.

	VPAIX	VCRB	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.83	+1.42
Sortino ratio: Return per unit of downside risk	3.43	1.22	+2.21
Omega ratio: Gain probability vs. loss probability	1.56	1.14	+0.41
Calmar ratio: Return relative to maximum drawdown	2.27	1.12	+1.15
Martin ratio: Return relative to average drawdown	7.73	2.81	+4.92

VPAIX vs. VCRB - Sharpe Ratio Comparison

The current VPAIX Sharpe Ratio is 2.25, which is higher than the VCRB Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of VPAIX and VCRB, 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

VPAIX vs. VCRB - Drawdown Comparison

The maximum VPAIX drawdown since its inception was -19.51%, which is greater than VCRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for VPAIX and VCRB.

Drawdown Indicators

	VPAIX	VCRB	Difference
Max Drawdown Largest peak-to-trough decline	-19.51%	-4.59%	-14.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-2.63%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.76%	—	—
Current Drawdown Current decline from peak	-2.20%	-2.25%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.18%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.04%	-0.13%

Volatility

VPAIX vs. VCRB - Volatility Comparison

Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) has a higher volatility of 1.02% compared to Vanguard Core Bond ETF (VCRB) at 0.86%. This indicates that VPAIX's price experiences larger fluctuations and is considered to be riskier than VCRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPAIX	VCRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.86%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.76%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	3.55%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.52%	4.67%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	4.67%	-0.26%

VPAIX vs. VCRB - Expense Ratio Comparison

VPAIX has a 0.17% expense ratio, which is higher than VCRB's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VPAIX vs. VCRB - Dividend Comparison

VPAIX's dividend yield for the trailing twelve months is around 3.43%, less than VCRB's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCRB Vanguard Core Bond ETF	4.29%	4.55%	4.22%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	3.43%	4.48%	4.04%	3.25%	3.12%	2.45%	3.16%	3.70%	3.91%	3.93%	4.10%	3.92%

Frequently Asked Questions

Can I hold both VPAIX and VCRB in my portfolio?

VPAIX and VCRB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPAIX or VCRB?

VPAIX has higher volatility (1.02%) compared to VCRB (0.86%). In terms of maximum drawdown, VPAIX dropped -19.51% vs VCRB's -4.59%.

Which has better risk-adjusted returns?

VPAIX currently has the higher Sharpe Ratio (2.25 vs 0.83), 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.