VPC vs. CREDX

Last updated Jun 4, 2026

VPC (Virtus Private Credit ETF) and CREDX (BlackRock Credit Strategies Fund) are both funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while CREDX is a Bank Loan fund managed by BlackRock. Over the past 5 years, VPC returned 1.17%/yr vs 2.64%/yr for CREDX. At a 0.33 correlation, their price movements are largely independent. VPC charges 0.75%/yr vs 2.19%/yr for CREDX.

Performance

VPC vs. CREDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Private Credit ETF (VPC) and BlackRock Credit Strategies Fund (CREDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPC achieves a -9.26% return, which is significantly lower than CREDX's 1.93% return.

VPC

• 1D: -1.89%
• 1M: -5.24%
• YTD: -9.26%
• 6M: -10.18%
• 1Y: -12.88%
• 3Y*: 2.85%
• 5Y*: 1.17%
• 10Y*: —

CREDX

• 1D: -0.12%
• 1M: 0.53%
• YTD: 1.93%
• 6M: 1.92%
• 1Y: 5.36%
• 3Y*: 7.80%
• 5Y*: 2.64%
• 10Y*: —

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

VPC vs. CREDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VPC Virtus Private Credit ETF	-9.26%	-6.75%	10.52%	22.20%	-11.70%	33.52%
CREDX BlackRock Credit Strategies Fund	1.93%	5.55%	8.41%	12.18%	-12.08%	1.03%

Correlation

The correlation between VPC and CREDX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	0.33

Return for Risk

VPC vs. CREDX — Risk / Return Rank

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

VPC

VPC Risk / Return Rank: 3
VPC Sharpe Ratio Rank: 1
VPC Sortino Ratio Rank: 2
VPC Omega Ratio Rank: 2
VPC Calmar Ratio Rank: 4
VPC Martin Ratio Rank: 3

CREDX

CREDX Risk / Return Rank: 59
CREDX Sharpe Ratio Rank: 32
CREDX Sortino Ratio Rank: 59
CREDX Omega Ratio Rank: 68
CREDX Calmar Ratio Rank: 84
CREDX Martin Ratio Rank: 54

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.

VPC vs. CREDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) and BlackRock Credit Strategies Fund (CREDX). 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.

	VPC	CREDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.63	-2.61
Sortino ratio: Return per unit of downside risk	-1.33	3.24	-4.57
Omega ratio: Gain probability vs. loss probability	0.85	1.46	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.57	3.95	-4.52
Martin ratio: Return relative to average drawdown	-1.13	10.90	-12.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPC vs. CREDX - Sharpe Ratio Comparison

The current VPC Sharpe Ratio is -0.98, which is lower than the CREDX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of VPC and CREDX, 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

	VPC	CREDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	1.63	-2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.78	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.85	-0.65

Drawdowns

VPC vs. CREDX - Drawdown Comparison

The maximum VPC drawdown since its inception was -53.45%, which is greater than CREDX's maximum drawdown of -15.13%. Use the drawdown chart below to compare losses from any high point for VPC and CREDX.

Drawdown Indicators

	VPC	CREDX	Difference
Max Drawdown Largest peak-to-trough decline	-53.45%	-15.13%	-38.32%
Max Drawdown (1Y) Largest decline over 1 year	-22.76%	-1.33%	-21.43%
Max Drawdown (3Y) Largest decline over 3 years	-24.86%	-2.47%	-22.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.86%	-15.13%	-9.73%
Current Drawdown Current decline from peak	-19.63%	-0.12%	-19.51%
Average Drawdown Average peak-to-trough decline	-7.67%	-3.79%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.45%	0.48%	+10.97%

Volatility

VPC vs. CREDX - Volatility Comparison

Virtus Private Credit ETF (VPC) has a higher volatility of 3.27% compared to BlackRock Credit Strategies Fund (CREDX) at 0.72%. This indicates that VPC's price experiences larger fluctuations and is considered to be riskier than CREDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPC	CREDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	0.72%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	2.24%	+8.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.17%	3.23%	+9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.50%	3.42%	+10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	3.33%	+17.23%

VPC vs. CREDX - Expense Ratio Comparison

VPC has a 0.75% expense ratio, which is lower than CREDX's 2.19% expense ratio.

Dividends

VPC vs. CREDX - Dividend Comparison

VPC's dividend yield for the trailing twelve months is around 17.30%, more than CREDX's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CREDX BlackRock Credit Strategies Fund	9.19%	9.16%	9.78%	9.98%	3.41%	5.69%	0.00%	0.00%
VPC Virtus Private Credit ETF	17.30%	14.33%	11.26%	11.71%	10.74%	6.31%	10.06%	8.19%

Frequently Asked Questions

Can I hold both VPC and CREDX in my portfolio?

VPC and CREDX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPC or CREDX?

VPC has higher volatility (3.27%) compared to CREDX (0.72%). In terms of maximum drawdown, VPC dropped -53.45% vs CREDX's -15.13%.

Which has better risk-adjusted returns?

CREDX currently has the higher Sharpe Ratio (1.63 vs -0.98), 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.