VPLS vs. VCPAX
VPLS (Vanguard Core-Plus Bond ETF) and VCPAX (Vanguard Core-Plus Bond Fund Admiral Shares) are both funds - VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard, while VCPAX is a Total Bond Market fund actively managed by Vanguard. Both are actively managed. Over the past year, VPLS returned 2.61% vs 2.78% for VCPAX. Their 0.96 correlation means they have historically moved very closely together. Both charge a 0.20% expense ratio.
Performance
VPLS vs. VCPAX - Performance Comparison
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Returns By Period
In the year-to-date period, VPLS achieves a -0.07% return, which is significantly lower than VCPAX's 0.05% return.
VPLS
- 1D
- -0.18%
- 1M
- -1.09%
- 6M
- -0.51%
- YTD
- -0.07%
- 1Y
- 2.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.02%
VCPAX
- 1D
- 0.00%
- 1M
- -0.87%
- 6M
- -0.29%
- YTD
- 0.05%
- 1Y
- 2.78%
- 3Y*
- 4.97%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $18.40M | $16.50M | $14.10M |
VPLS vs. VCPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VPLS Vanguard Core-Plus Bond ETF | -0.07% | 7.86% | 2.72% | 2.83% |
VCPAX Vanguard Core-Plus Bond Fund Admiral Shares | 0.05% | 8.06% | 2.95% | 2.42% |
Correlation
The correlation between VPLS and VCPAX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023 | 0.96 |
The correlation between VPLS and VCPAX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
VPLS vs. VCPAX — Risk / Return Rank
VPLS
VCPAX
VPLS vs. VCPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond ETF (VPLS) and Vanguard Core-Plus Bond Fund Admiral Shares (VCPAX). 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.
| VPLS | VCPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.35 | -0.09 |
| Martin ratioReturn relative to average drawdown | 3.57 | 3.75 | -0.18 |
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Drawdowns
VPLS vs. VCPAX - Drawdown Comparison
The maximum VPLS drawdown since its inception was -4.17%, smaller than the maximum VCPAX drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for VPLS and VCPAX.
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Drawdown Indicators
| VPLS | VCPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.17% | -17.25% | +13.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.65% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.75% | — |
Current DrawdownCurrent decline from peak | -1.91% | -1.74% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -6.27% | +5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.95% | +0.01% |
Volatility
VPLS vs. VCPAX - Volatility Comparison
Vanguard Core-Plus Bond ETF (VPLS) and Vanguard Core-Plus Bond Fund Admiral Shares (VCPAX) have volatilities of 0.94% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPLS | VCPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.90% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 2.80% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 3.51% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 5.58% | -1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 5.58% | -1.03% |
VPLS vs. VCPAX - Expense Ratio Comparison
Both VPLS and VCPAX have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VPLS vs. VCPAX - Dividend Comparison
VPLS's dividend yield for the trailing twelve months is around 4.81%, more than VCPAX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
VCPAX Vanguard Core-Plus Bond Fund Admiral Shares | 4.47% | 4.86% | 5.19% | 4.55% | 3.26% | 0.27% |
VPLS Vanguard Core-Plus Bond ETF | 4.40% | 4.78% | 4.52% | 0.18% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, VPLS and VCPAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VPLS has higher volatility (0.94%) compared to VCPAX (0.90%). In terms of maximum drawdown, VPLS dropped -4.17% vs VCPAX's -17.25%.
VCPAX currently has the higher Sharpe Ratio (1.02 vs 0.96), 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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