VPLS vs. VCPIX

Last updated Jun 4, 2026

VPLS (Vanguard Core-Plus Bond ETF) and VCPIX (Vanguard Core-Plus Bond Fund Investor Shares) are both funds - VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard, while VCPIX is a Total Bond Market fund managed by Vanguard. Over the past year, VPLS returned 5.91% vs 6.04% for VCPIX. Their correlation of 0.95 suggests significant overlap in exposure. VPLS charges 0.20%/yr vs 0.30%/yr for VCPIX.

Performance

VPLS vs. VCPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core-Plus Bond ETF (VPLS) and Vanguard Core-Plus Bond Fund Investor Shares (VCPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VPLS having a 0.64% return and VCPIX slightly lower at 0.62%.

VPLS

• 1D: -0.21%
• 1M: 0.35%
• YTD: 0.64%
• 6M: 0.57%
• 1Y: 5.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCPIX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 0.62%
• 6M: 0.67%
• 1Y: 6.04%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —

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

VPLS vs. VCPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VPLS Vanguard Core-Plus Bond ETF	0.64%	7.86%	2.72%	2.82%
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	0.62%	8.01%	2.83%	2.48%

Correlation

The correlation between VPLS and VCPIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	0.95

The correlation between VPLS and VCPIX has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

VPLS vs. VCPIX — Risk / Return Rank

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

VPLS

VPLS Risk / Return Rank: 45
VPLS Sharpe Ratio Rank: 46
VPLS Sortino Ratio Rank: 49
VPLS Omega Ratio Rank: 45
VPLS Calmar Ratio Rank: 43
VPLS Martin Ratio Rank: 43

VCPIX

VCPIX Risk / Return Rank: 35
VCPIX Sharpe Ratio Rank: 35
VCPIX Sortino Ratio Rank: 37
VCPIX Omega Ratio Rank: 36
VCPIX Calmar Ratio Rank: 35
VCPIX Martin Ratio Rank: 31

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.

VPLS vs. VCPIX - 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 Investor Shares (VCPIX). 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.

	VPLS	VCPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.70	-0.08
Sortino ratio: Return per unit of downside risk	2.42	2.53	-0.12
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.18	2.23	-0.05
Martin ratio: Return relative to average drawdown	7.10	7.25	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPLS vs. VCPIX - Sharpe Ratio Comparison

The current VPLS Sharpe Ratio is 1.63, which is comparable to the VCPIX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of VPLS and VCPIX, 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

	VPLS	VCPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.70	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	0.17	+1.07

Drawdowns

VPLS vs. VCPIX - Drawdown Comparison

The maximum VPLS drawdown since its inception was -4.17%, smaller than the maximum VCPIX drawdown of -17.33%. Use the drawdown chart below to compare losses from any high point for VPLS and VCPIX.

Drawdown Indicators

	VPLS	VCPIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-17.33%	+13.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-2.72%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.68%	—
Current Drawdown Current decline from peak	-1.21%	-1.12%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.01%	-6.60%	+5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.83%	0.00%

Volatility

VPLS vs. VCPIX - Volatility Comparison

Vanguard Core-Plus Bond ETF (VPLS) and Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) have volatilities of 1.27% and 1.23%, 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.

Volatility by Period

	VPLS	VCPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.23%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.60%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.65%	3.57%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	5.69%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.61%	5.69%	-1.08%

VPLS vs. VCPIX - Expense Ratio Comparison

VPLS has a 0.20% expense ratio, which is lower than VCPIX's 0.30% expense ratio.

Dividends

VPLS vs. VCPIX - Dividend Comparison

VPLS's dividend yield for the trailing twelve months is around 4.76%, which matches VCPIX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	4.74%	4.76%	5.08%	4.46%	3.15%	0.25%
VPLS Vanguard Core-Plus Bond ETF	4.76%	4.78%	4.52%	0.18%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VPLS and VCPIX in my portfolio?

With a correlation of 0.95, VPLS and VCPIX 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.

Which is riskier, VPLS or VCPIX?

VPLS has higher volatility (1.27%) compared to VCPIX (1.23%). In terms of maximum drawdown, VPLS dropped -4.17% vs VCPIX's -17.33%.

Which has better risk-adjusted returns?

VCPIX currently has the higher Sharpe Ratio (1.70 vs 1.63), 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.