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Relative Intelligence · Investment Grade Bonds

How Vanguard Intermediate-Term Corporate Bond ETF (VCIT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VCIT alone. It places VCIT (Vanguard Intermediate-Term Corporate Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VCIT stands in the market, and of the alternatives worth a closer look.

Period covered: VCIT's full trading record, from November 2009 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against VCIT →Chart VCIT vs. 23 alternatives →
On this page12 sections

Key findings

How much would $10,000 in VCIT have grown?

This chart tracks a hypothetical $10,000 investment in VCIT over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VCIT over the same span and VCIT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: VCIT began trading on November 23, 2009, so the chart cannot reach back to the dot-com bust or the 2008 financial crisis. It covers the most recent 16 years of VCIT's record, starting at the end of September 2010.

Choose a period

From the end of September 2010 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,680 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of VCIT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M201020132016201920222025$10,000$100,000$1M20102014201820222026
  • NVDA$9M+85,752% total · +52.5% a year
  • AAPL$392,248+3,822% total · +25.8% a year
  • GOOG$262,512+2,525% total · +22.7% a year
  • SPY (S&P 500)$88,503+785% total · +14.6% a year
  • HYG$21,323+113% total · +4.8% a year
  • EP-PC$20,532+105% total · +4.6% a year
  • VCIT$17,051+70.5% total · +3.4% a year
  • IGIB$15,598+56.0% total · +2.8% a year
  • SPSB$14,283+42.8% total · +2.3% a year
  • IGSB$14,104+41.0% total · +2.2% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,495 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VCIT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$8,000$10,000$12,000$14,000$16,000$18,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IGBH$13,114+31.1% total · +5.6% a year
  • LQDH$12,989+29.9% total · +5.4% a year
  • HYG$11,691+16.9% total · +3.2% a year
  • SPSB$11,418+14.2% total · +2.7% a year
  • IGSB$11,134+11.3% total · +2.2% a year
  • BSV$10,780+7.8% total · +1.5% a year
  • SKOR$10,627+6.3% total · +1.2% a year
  • IGIB$10,205+2.0% total · +0.4% a year
  • VCIT$10,131+1.3% total · +0.3% a year
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VCIT at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: VCIT began trading on November 23, 2009, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust or the 2008 financial crisis.

The fund

Issuer
Vanguard
Began trading
November 2009
Expense ratio
0.03%per year
Assets
$69B
Category
Bonds

Returns

Past 1 year
−2.6%total return
Past 3 years
+21.5%+6.7% a year
Past 5 years
+3.2%+0.6% a year
Past 10 years
+26.4%+2.4% a year
Best calendar year
+14.1%2019
Worst calendar year
−14.0%2022
Losing years
4 of 16full calendar years

Risk

Volatility
6.7%typical yearly swing, 5 years
Sharpe ratio
0.13return per unit of risk, 5 years
Worst decline ever
−20.6%Aug 2021 to Oct 2022
From its all-time high
−4.3%below the peak

VCIT against the whole market

Where VCIT ranks among every stock and fund, and what across the market has done better.

How does VCIT rank among all ETFs?

This section ranks VCIT on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VCIT stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureVCITRankStanding
1-year return−2.6%2,248 of 2,485bottom 11%
3-year return+21.5%1,551 of 1,949bottom 21%
5-year return+3.2%1,321 of 1,560bottom 16%
10-year return+26.4%816 of 958bottom 16%
Volatility, 5 years6.7%224 of 1,560top 14%
Sharpe ratio, 5 years0.131,334 of 1,560bottom 15%
Worst decline, past 10 years−20.6%107 of 951top 11%

What has beaten VCIT on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VCIT sits where the dashed lines cross. Anything in the green box above and to the left earned more than VCIT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VCIT; faint dots are 22 more of the 78 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%2.0%4.0%6.0%8.0%10.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VCITNEAR: +3.9% a year, volatility 1.4%FLRN: +4.5% a year, volatility 1.7%RAVI: +3.8% a year, volatility 1.4%IBHF: +4.0% a year, volatility 5.8%STPZ: +2.3% a year, volatility 3.3%NFLT: +2.7% a year, volatility 4.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%VNLA: +4.0% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.1% a year, volatility 1.1%SHYG: +4.5% a year, volatility 5.8%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%PREF: +2.5% a year, volatility 4.9%FLUD: +3.9% a year, volatility 1.4%JPIB: +2.5% a year, volatility 4.2%AVSF: +1.9% a year, volatility 2.7%BSCR: +1.7% a year, volatility 4.1%VCIT: +0.6% a year, volatility 6.7%SPSB: +2.8% a year, volatility 2.0%LQDH: +5.3% a year, volatility 4.4%BSV: +1.7% a year, volatility 2.8%SKOR: +1.5% a year, volatility 4.5%HYG: +3.1% a year, volatility 7.5%TFLO: +3.9% a year, volatility 0.4%VTIP: +2.7% a year, volatility 2.9%SCHO: +2.0% a year, volatility 2.0%IBDT: +1.5% a year, volatility 5.0%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%JAAA: +5.1% a year, volatility 1.7%TIPX: +1.5% a year, volatility 4.7%QAI: +4.1% a year, volatility 6.8%EP-PC: +5.2% a year, volatility 8.9%IGSB: +2.4% a year, volatility 3.0%VCITSPSBLQDHBSVSKORHYGTFLOVTIPSCHOIBDTBALTVRIGFLOTJAAATIPXQAIEP-PCIGSB0.0%2.0%4.0%6.0%8.0%10.0%0.0%2.0%4.0%6.0%8.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VCITNEAR: +3.9% a year, volatility 1.4%FLRN: +4.5% a year, volatility 1.7%RAVI: +3.8% a year, volatility 1.4%IBHF: +4.0% a year, volatility 5.8%STPZ: +2.3% a year, volatility 3.3%NFLT: +2.7% a year, volatility 4.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%VNLA: +4.0% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.1% a year, volatility 1.1%SHYG: +4.5% a year, volatility 5.8%USTB: +3.6% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%PREF: +2.5% a year, volatility 4.9%FLUD: +3.9% a year, volatility 1.4%JPIB: +2.5% a year, volatility 4.2%AVSF: +1.9% a year, volatility 2.7%BSCR: +1.7% a year, volatility 4.1%VCIT: +0.6% a year, volatility 6.7%SPSB: +2.8% a year, volatility 2.0%LQDH: +5.3% a year, volatility 4.4%BSV: +1.7% a year, volatility 2.8%SKOR: +1.5% a year, volatility 4.5%HYG: +3.1% a year, volatility 7.5%TFLO: +3.9% a year, volatility 0.4%VTIP: +2.7% a year, volatility 2.9%SCHO: +2.0% a year, volatility 2.0%IBDT: +1.5% a year, volatility 5.0%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%JAAA: +5.1% a year, volatility 1.7%TIPX: +1.5% a year, volatility 4.7%QAI: +4.1% a year, volatility 6.8%EP-PC: +5.2% a year, volatility 8.9%IGSB: +2.4% a year, volatility 3.0%VCITSPSBLQDHBSVSKORHYGTFLOSCHOBALTVRIGFLOTJAAAQAIEP-PCIGSB
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× VCIT's volatility is in the table only

Is there a better investment than VCIT?

Investments that beat VCIT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat VCIT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VCIT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VCIT follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VCIT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VCIT's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than VCIT's.

Screen the whole market against VCIT for any period in BetterThanSPYOpen these 17 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with VCIT?lower diversifies moreExpenseper year
VCITVanguard Intermediate-Term Corporate Bond ETF · this page
+0.6%6.7%0.13−20.6%+26.4%1.000.03%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.680.09%
Popular alternativesbest 5 shownThe investments people most often weigh against VCIT. 9 of 23 passed at least one test.
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.8%2.0%1.38−11.8%+29.2%0.930.04%
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Bonds
Higher return, lower volatilityHigher return in most periods+5.3%4.4%1.21−24.6%+55.5%0.660.44%
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+1.7%2.8%0.63−8.5%+20.5%0.920.03%
SKORNorthern Trust Credit-Scored US Corporate Bond ETF · Bonds
Similar return, lower volatilityHigher return in most periods+1.5%4.5%0.36−16.0%+28.7%0.990.16%
HYGiShares iBoxx $ High Yield Corporate Bond ETF · High Yield Bonds
Higher return in most periods+3.1%7.5%0.45−22.0%+49.5%0.860.49%
Same and neighboring categories, and shared themesbest 4 shownEverything else in Investment Grade Bonds and the categories next to it (Treasury Bonds, Core Plus Bonds, Short-Term Bonds, High Yield Bonds), plus VCIT's specific themes. 28 of 47 passed at least one test.
TFLOiShares Treasury Floating Rate Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+3.9%0.4%10.49−0.2%+28.0%0.180.15%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.94−6.3%+32.7%0.730.03%
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+2.0%2.0%0.96−5.7%+18.9%0.830.03%
IBDTiShares iBonds Dec 2028 Term Corporate ETF · Investment Grade Bonds
Similar return, lower volatility+1.5%5.0%0.32−17.8%—0.960.10%
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 121 of 3,564 passed at least one test.
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.3%3.3%1.85−4.9%—0.650.69%
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.7%1.3%3.51−13.1%+40.5%0.300.30%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.5%1.8%2.48−13.5%+35.9%0.260.15%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.300.20%
TIPXState Street SPDR Bloomberg 1-10 Year TIPS ETF · Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.5%4.7%0.35−10.1%+30.2%0.830.15%
QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.1%6.8%0.64−14.9%+44.1%0.760.75%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return in most periods+5.2%8.9%0.61−25.4%+37.8%0.37—
What these numbers mean for VCIT
Annual return
VCIT returned 0.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
VCIT's volatility over the past 5 years was 6.7%, 39% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VCIT's return lands within 6.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
VCIT's Sharpe ratio over the past 5 years was 0.13, against 0.79 for the S&P 500, so VCIT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
VCIT's worst fall from a peak to a low over the past 10 years was 20.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 20.6% fall takes a 25.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, VCIT's monthly returns had a correlation of 0.68 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VCIT instead: the lower it is, the more that option would diversify a VCIT holding. Guide: Correlation and diversification →
Show all 78 stocks and funds worth at least $500 million that earned more than VCIT with less volatility

Out of 3,633 tested over 5 years. The strongest 30 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VCITExpense
1
TFLOiShares Treasury Floating Rate Bond ETF · Treasury Bonds
Same or nearby category+3.9%0.4%10.49−0.2%+28.0%0.180.15%
2
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Same or nearby category+3.9%1.4%2.71−9.6%+31.8%0.690.25%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.650.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.300.30%
5
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.260.15%
6
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+35.9%0.320.15%
7
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+30.8%0.560.26%
8
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Same or nearby category+2.7%2.9%0.94−6.3%+32.7%0.730.03%
9
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Popular alternative+2.8%2.0%1.38−11.8%+29.2%0.930.04%
10
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.300.20%
11
IBHFiShares iBonds 2026 Term High Yield and Income ETF · Bonds
Whole market+4.0%5.8%0.71−11.2%—0.770.35%
12
STPZPIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund · Bonds
Whole market+2.3%3.3%0.70−6.8%+28.7%0.720.20%
13
NFLTVirtus Newfleet Multi-Sector Bond ETF · Bonds
Whole market+2.7%4.6%0.61−15.1%+41.0%0.930.50%
14
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.440.60%
15
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+41.8%0.210.14%
16
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%0.450.67%
17
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%0.420.70%
18
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%0.410.70%
19
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%—0.700.25%
20
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%—0.820.15%
21
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%—0.680.17%
22
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+4.5%5.8%0.79−19.3%+56.4%0.830.30%
23
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%—0.900.34%
24
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+25.6%0.870.66%
25
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+2.5%4.9%0.52−23.0%—0.780.55%
26
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%—0.500.15%
27
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Same or nearby category+2.0%2.0%0.96−5.7%+18.9%0.830.03%
28
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%—0.900.50%
29
AVSFAvantis Short-Term Fixed Income ETF · Bonds
Whole market+1.9%2.7%0.71−8.8%—0.950.15%
30
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.1%0.44−17.3%—0.930.10%

VCIT against its popular alternatives

The investments people most often weigh against VCIT, compared period by period and year by year.

How do VCIT's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VCIT, which divides the map into what did better or worse on each measure.

Green points earned more than VCIT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%−4.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVCIT: 0.6% a year, volatility 6.7%SPY (S&P 500): 12.7% a year, volatility 17.1%IGBH: 5.4% a year, volatility 6.0%LQDH: 5.3% a year, volatility 4.4%IGSB: 2.4% a year, volatility 3.0%SPSB: 2.8% a year, volatility 2.0%SKOR: 1.5% a year, volatility 4.5%IGIB: 0.8% a year, volatility 6.6%BSV: 1.7% a year, volatility 2.8%IGEB: 0.5% a year, volatility 6.7%CORP: 0.3% a year, volatility 6.9%GIGB: −0.2% a year, volatility 7.3%USIG: 0.1% a year, volatility 6.8%LQD: −0.9% a year, volatility 8.7%IGLB: −3.0% a year, volatility 12.4%VCLT: −3.2% a year, volatility 12.8%SPLB: −3.3% a year, volatility 12.7%HYG: 3.1% a year, volatility 7.5%BND: −0.4% a year, volatility 6.1%VGIT: −0.1% a year, volatility 5.4%BIV: −0.1% a year, volatility 6.4%VCITSPY (S&P 500)IGBHLQDHIGSBSPSBSKORIGIBBSVGIGBUSIGLQDIGLBSPLBHYGBNDVGIT0.0%5.0%10.0%15.0%20.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVCIT: 0.6% a year, volatility 6.7%SPY (S&P 500): 12.7% a year, volatility 17.1%IGBH: 5.4% a year, volatility 6.0%LQDH: 5.3% a year, volatility 4.4%IGSB: 2.4% a year, volatility 3.0%SPSB: 2.8% a year, volatility 2.0%SKOR: 1.5% a year, volatility 4.5%IGIB: 0.8% a year, volatility 6.6%BSV: 1.7% a year, volatility 2.8%IGEB: 0.5% a year, volatility 6.7%CORP: 0.3% a year, volatility 6.9%GIGB: −0.2% a year, volatility 7.3%USIG: 0.1% a year, volatility 6.8%LQD: −0.9% a year, volatility 8.7%IGLB: −3.0% a year, volatility 12.4%VCLT: −3.2% a year, volatility 12.8%SPLB: −3.3% a year, volatility 12.7%HYG: 3.1% a year, volatility 7.5%BND: −0.4% a year, volatility 6.1%VGIT: −0.1% a year, volatility 5.4%BIV: −0.1% a year, volatility 6.4%VCITSPY (S&P 500)IGBHLQDHIGSBSKORBSVIGEBLQDIGLBVCLTHYGBND
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF+5.4%6.0%
LQDH iShares Interest Rate Hedged Corporate Bond ETF+5.3%4.4%
HYG iShares iBoxx $ High Yield Corporate Bond ETF+3.1%7.5%
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF+2.8%2.0%
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF+2.4%3.0%
BSV Vanguard Short-Term Bond ETF+1.7%2.8%
SKOR Northern Trust Credit-Scored US Corporate Bond ETF+1.5%4.5%
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF+0.8%6.6%
VCIT This pageVanguard Intermediate-Term Corporate Bond ETF+0.6%6.7%
IGEB iShares Investment Grade Systematic Bond ETF+0.5%6.7%
CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund+0.3%6.9%
USIG iShares Broad USD Investment Grade Corporate Bond ETF+0.1%6.8%
BIV Vanguard Intermediate-Term Bond ETF−0.1%6.4%
VGIT Vanguard Intermediate-Term Treasury ETF−0.1%5.4%
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF−0.2%7.3%
BND Vanguard Total Bond Market ETF−0.4%6.1%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.9%8.7%
IGLB iShares 10+ Year Investment Grade Corporate Bond ETF−3.0%12.4%
VCLT Vanguard Long-Term Corporate Bond ETF−3.2%12.8%
SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF−3.3%12.7%
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Has VCIT consistently beaten its popular alternatives?

This section compares VCIT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VCIT helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than VCIT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
VCIT Vanguard Intermediate-Term Corporate Bond ETF (this page)—−1.0%−2.7%−3.6%−2.8%−2.6%+21.5%+3.2%+26.4%6.7%0.13−20.6%0.03%$69B—
IGBH QualifiediShares Interest Rate Hedged Long-Term Corporate Bond ETF5/5 short3/3 longAll-weather−0.2%+2.0%+2.9%+3.5%+5.2%+25.8%+30.3%+61.0%6.0%0.92−33.7%0.39%$274M—
LQDH QualifiediShares Interest Rate Hedged Corporate Bond ETF5/5 short3/3 longAll-weather−0.2%+1.3%+2.4%+3.4%+4.9%+23.9%+29.5%+55.5%4.4%1.21−24.6%0.44%$600M—
HYG QualifiediShares iBoxx $ High Yield Corporate Bond ETF4/5 short3/3 longAll-weather−1.9%−2.1%−1.8%−0.4%+0.7%+27.5%+16.8%+49.5%7.5%0.45−22.0%0.49%$17B—
IGSB QualifiediShares 1-5 Year Investment Grade Corporate Bond ETF5/5 short2/3 long−0.1%−0.9%−0.8%0.0%+0.7%+17.3%+12.4%+29.4%3.0%0.80−13.4%0.04%$23B—
SPSB QualifiedState Street SPDR Portfolio Short Term Corporate Bond ETF5/5 short2/3 long+0.1%0.0%+0.5%+1.2%+2.0%+16.3%+14.9%+29.2%2.0%1.38−11.8%0.04%$11B—
VCSH QualifiedVanguard Short-Term Corporate Bond ETF5/5 short2/3 long−0.1%−0.8%−0.8%−0.1%+0.7%+17.0%+12.1%+28.6%2.9%0.80−12.9%0.03%$51B—
SKOR QualifiedNorthern Trust Credit-Scored US Corporate Bond ETF4/5 short2/3 long−0.5%−1.7%−2.0%−1.3%−0.8%+19.1%+7.8%+28.7%4.5%0.36−16.0%0.16%$1.1B—
SPIB QualifiedState Street SPDR Portfolio Intermediate Term Corporate Bond ETF4/5 short2/3 long−0.5%−1.3%−1.7%−0.9%−0.4%+19.4%+8.1%+28.4%4.5%0.37−14.9%0.04%$11B—
IGIB BondsiShares 5-10 Year Investment Grade Corporate Bond ETF0/5 short2/3 long−1.0%−2.8%−3.7%−2.8%−2.7%+21.9%+3.9%+28.8%6.6%0.15−20.6%0.04%$19B—
BSV BondsVanguard Short-Term Bond ETF5/5 short1/3 long+0.1%−0.4%−0.5%+0.1%+0.7%+14.1%+8.8%+20.5%2.8%0.63−8.5%0.03%$70B—
SCHI BondsSchwab 5-10 Year Corporate Bond ETF0/5 short1/3 long−0.9%−2.4%−3.3%−2.4%−2.3%+22.1%+3.8%—6.7%0.14−20.7%0.03%$11B—
BND BondsVanguard Total Bond Market ETF4/5 short0/3 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%−1.8%+13.2%6.1%-0.03−18.6%0.03%$389B—
IGEB BondsiShares Investment Grade Systematic Bond ETF4/5 short0/3 long−0.9%−1.9%−2.7%−1.8%−2.1%+21.3%+2.6%—6.7%0.11−21.1%0.18%$1.4B—
CORP BondsPIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund3/5 short0/3 long−1.0%−2.0%−2.9%−1.9%−2.2%+20.0%+1.4%+25.9%6.9%0.07−21.2%0.41%$1.3B—
VGIT BondsVanguard Intermediate-Term Treasury ETF3/5 short0/3 long−0.2%−2.0%−2.9%−2.3%−2.3%+12.6%−0.7%+10.5%5.4%0.00−16.0%0.03%$48B—
GIGB BondsGoldman Sachs Access Investment Grade Corporate Bond ETF3/5 short0/3 long−1.0%−2.0%−2.8%−1.8%−2.3%+19.5%−0.9%—7.3%0.01−22.3%0.08%$1.0B—
USIG BondsiShares Broad USD Investment Grade Corporate Bond ETF2/5 short0/3 long−0.9%−2.2%−3.0%−2.1%−2.5%+19.7%+0.3%+23.5%6.8%0.04−21.4%0.04%$18B—
VTC BondsVanguard Total Corporate Bond ETF2/5 short0/3 long−0.9%−2.2%−3.1%−2.2%−2.7%+19.2%−0.9%—7.1%0.01−22.1%0.03%$1.6B—
LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF0/5 short0/3 long−1.4%−2.4%−3.9%−2.9%−3.9%+19.7%−4.3%+20.5%8.7%-0.06−25.0%0.14%$29B—
BIV BondsVanguard Intermediate-Term Bond ETF0/5 short0/3 long−0.7%−2.2%−3.3%−2.6%−2.7%+16.8%−0.7%+15.7%6.4%0.01−18.9%0.03%$50B—
IGLB BondsiShares 10+ Year Investment Grade Corporate Bond ETF0/5 short0/3 long−2.1%−3.1%−5.1%−4.0%−6.3%+21.1%−14.4%+14.1%12.4%-0.19−34.1%0.04%$2.7B—
VCLT BondsVanguard Long-Term Corporate Bond ETF0/5 short0/3 long−2.1%−3.6%−5.7%−4.4%−6.9%+20.0%−15.2%+13.7%12.8%-0.20−34.1%0.03%$8.3B—
SPLB BondsState Street SPDR Portfolio Long Term Corporate Bond ETF0/5 short0/3 long−2.1%−3.2%−5.2%−4.1%−6.6%+20.4%−15.3%+12.9%12.7%-0.20−34.5%0.04%$1.2B—
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How did VCIT do year by year?

This table shows each investment's total return in every full calendar year since 2010, along with where VCIT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VCIT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: VCIT began trading on November 23, 2009, so the table starts with 2010, its first full calendar year, and cannot show how it fared during the dot-com bust or the 2008 financial crisis.

Newest year first. Green marks a year in which the fund came out ahead of VCIT; gray means the two finished within a fraction of a point. The rank row places VCIT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of VCIT2025202420232022202120202019201820172016201520142013201220112010
VCIT This pageVanguard Intermediate-Term Corporate Bond ETF—+9.3%+3.2%+9.0%−14.0%−1.8%+9.4%+14.1%−1.8%+5.3%+5.3%+0.9%+7.7%−1.9%+10.5%+9.0%+10.0%
Rank among alternativesTop quarter in 3 of 162 of 209 of 2011 of 2011 of 2015 of 2010 of 209 of 209 of 2010 of 189 of 184 of 177 of 157 of 156 of 158 of 154 of 14
SPY S&P 500State Street SPDR S&P 500 ETF12 of 16+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF6 of 10+7.9%+7.8%+12.1%−2.8%+2.2%+1.1%+9.6%−4.0%+9.3%+7.6%——————
LQDH iShares Interest Rate Hedged Corporate Bond ETF5 of 11+7.0%+7.4%+11.1%−1.9%+1.8%+1.7%+9.5%−2.2%+6.0%+5.1%−2.2%—————
HYG iShares iBoxx $ High Yield Corporate Bond ETF9 of 16+8.6%+8.0%+11.6%−11.0%+3.8%+4.5%+14.1%−2.0%+6.1%+13.4%−5.0%+1.9%+5.7%+11.7%+6.7%+11.9%
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF5 of 16+7.0%+5.0%+6.4%−5.7%−0.6%+5.4%+7.1%+1.3%+1.3%+1.8%+0.6%+0.7%+1.1%+2.9%+1.8%+2.9%
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF5 of 16+5.9%+5.3%+5.6%−3.3%−0.2%+3.8%+5.2%+1.5%+1.6%+2.1%+0.9%+0.9%+1.3%+3.6%+1.5%+2.8%
SKOR Northern Trust Credit-Scored US Corporate Bond ETF4 of 11+8.0%+4.4%+7.6%−9.9%−1.4%+8.8%+10.7%−1.2%+4.4%+2.7%+1.8%—————
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF2 of 16+9.6%+3.5%+9.2%−14.0%−1.7%+9.7%+14.6%−0.7%+3.5%+3.3%+0.6%+3.9%−0.4%+7.2%+5.8%+6.8%
BSV Vanguard Short-Term Bond ETF5 of 16+6.0%+3.8%+4.9%−5.5%−1.1%+4.7%+5.0%+1.3%+1.2%+1.3%+0.9%+1.3%+0.1%+2.0%+2.9%+3.9%
BND Vanguard Total Bond Market ETF2 of 16+7.1%+1.4%+5.7%−13.1%−1.9%+7.7%+8.8%−0.1%+3.6%+2.5%+0.6%+5.8%−2.1%+3.9%+7.9%+6.2%
IGEB iShares Investment Grade Systematic Bond ETF4 of 8+8.2%+3.1%+9.6%−14.8%−1.1%+11.3%+15.4%−2.1%————————
CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund5 of 15+8.0%+2.5%+9.1%−15.0%−1.2%+9.7%+14.8%−3.0%+6.6%+6.4%−0.9%+7.8%−1.6%+11.3%+5.5%—
VGIT Vanguard Intermediate-Term Treasury ETF4 of 16+7.3%+1.4%+4.3%−10.4%−2.6%+7.7%+6.2%+1.4%+1.7%+0.8%+1.6%+4.6%−2.7%+2.2%+9.6%+7.5%
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF1 of 8+7.6%+1.7%+8.8%−15.8%−1.6%+9.8%+15.1%−2.8%————————
USIG iShares Broad USD Investment Grade Corporate Bond ETF1 of 16+7.9%+2.6%+8.7%−15.3%−1.3%+9.4%+14.0%−2.2%+5.7%+5.6%−1.5%+8.2%−2.2%+7.6%+9.2%+8.4%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF6 of 16+7.9%+0.9%+9.4%−17.9%−1.8%+11.0%+17.4%−3.8%+7.0%+6.2%−1.3%+8.2%−2.0%+10.6%+9.8%+9.3%
BIV Vanguard Intermediate-Term Bond ETF3 of 16+8.5%+1.6%+6.1%−13.2%−2.4%+9.7%+10.3%−0.2%+3.6%+2.3%+1.0%+6.7%−3.6%+6.7%+11.1%+9.1%
IGLB iShares 10+ Year Investment Grade Corporate Bond ETF9 of 16+7.5%−1.5%+11.1%−25.4%−1.7%+13.3%+23.2%−6.9%+12.2%+9.9%−5.5%+16.7%−7.8%+11.1%+16.9%+10.7%
VCLT Vanguard Long-Term Corporate Bond ETF8 of 16+7.2%−1.9%+11.2%−25.3%−1.7%+13.3%+23.9%−7.0%+11.7%+10.8%−4.8%+16.4%−5.2%+10.8%+17.5%+10.7%
SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF7 of 16+7.1%−1.8%+11.2%−25.7%−2.0%+13.4%+23.5%−7.3%+12.2%+10.8%−5.1%+16.4%−5.4%+9.4%+16.8%+9.3%
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Risk and diversification

How VCIT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were VCIT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents VCIT's five deepest drawdowns since it began trading in 2009, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: VCIT began trading on November 23, 2009, so this list cannot include the dot-com bust or the 2008 financial crisis. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means VCIT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringVCIT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−20.6%−15.0%Aug 2021Oct 202214 monthsJul 20252.8 years
Covid crash−16.9%−26.4%Mar 2020Mar 2020Under a monthJun 20203 months
No named crash−7.4%+3.5%May 2013Jul 20132 monthsMay 201410 months
No named crash−5.8%+1.5%Nov 2010Dec 20101 monthMay 20115 months
No named crash−5.3%+12.0%Feb 2026Sep 20267 monthsNot yet—

How did VCIT do in stock market crashes?

This section measures how far VCIT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: VCIT began trading on November 23, 2009, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VCIT.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
VCIT This pageVanguard Intermediate-Term Corporate Bond ETF—0.0%−17.4%−16.9%−1.2%−1.0%−2.0%−3.0%0.0%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF1 of 5−1.9%−9.3%−32.7%−6.0%−1.6%—————
LQDH iShares Interest Rate Hedged Corporate Bond ETF1 of 6−2.0%−6.5%−24.0%−4.1%−0.9%−6.6%————
HYG iShares iBoxx $ High Yield Corporate Bond ETF1 of 8−1.1%−15.3%−22.0%−6.4%−1.5%−10.5%−9.8%0.0%−34.2%—
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF6 of 80.0%−7.8%−13.4%−0.3%−0.1%−0.6%−1.3%−0.7%−11.5%—
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF6 of 80.0%−4.8%−11.8%−0.2%−0.2%−0.8%−0.9%−0.2%——
SKOR Northern Trust Credit-Scored US Corporate Bond ETF2 of 60.0%−12.5%−16.0%−0.8%−0.6%−1.7%————
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF4 of 80.0%−17.3%−16.2%−1.4%−0.5%−1.4%−1.8%−0.7%−14.5%—
BSV Vanguard Short-Term Bond ETF6 of 80.0%−6.9%−4.7%−0.3%−0.2%−1.0%−0.5%−0.1%−7.0%—
BND Vanguard Total Bond Market ETF3 of 80.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
IGEB iShares Investment Grade Systematic Bond ETF0 of 50.0%−17.9%−16.5%−1.7%−1.6%—————
CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund1 of 70.0%−18.0%−19.1%−2.2%−1.0%−2.3%−2.4%———
VGIT Vanguard Intermediate-Term Treasury ETF4 of 80.0%−11.8%−2.3%−0.8%−0.5%−2.3%−1.2%−0.5%——
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF0 of 5−0.1%−18.8%−19.6%−2.1%−1.4%—————
USIG iShares Broad USD Investment Grade Corporate Bond ETF1 of 8−0.1%−18.1%−18.9%−1.9%−1.0%−2.1%−2.4%−0.7%−22.2%—
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF0 of 8−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
BIV Vanguard Intermediate-Term Bond ETF3 of 80.0%−15.3%−9.2%−1.0%−0.7%−2.3%−1.6%0.0%−13.6%—
IGLB iShares 10+ Year Investment Grade Corporate Bond ETF0 of 8−0.4%−29.0%−27.7%−4.6%−2.5%−3.6%−4.2%−0.9%——
VCLT Vanguard Long-Term Corporate Bond ETF0 of 8−0.4%−28.9%−28.2%−4.5%−2.4%−3.9%−4.9%−1.4%——
SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF0 of 8−0.4%−29.2%−27.9%−4.3%−2.3%−4.0%−5.0%−4.5%——
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How closely does VCIT move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VCIT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VCIT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
VCIT This pageVanguard Intermediate-Term Corporate Bond ETF22%29%0.760.26
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF10%4%2.930.07
BSV Vanguard Short-Term Bond ETF7%3%2.750.04
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF13%8%1.550.11
LQDH iShares Interest Rate Hedged Corporate Bond ETF26%22%1.190.26
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF33%32%1.030.33
SKOR Northern Trust Credit-Scored US Corporate Bond ETF17%17%0.970.18
VGIT Vanguard Intermediate-Term Treasury ETF6%7%0.900.04
HYG iShares iBoxx $ High Yield Corporate Bond ETF34%40%0.840.39
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF22%29%0.780.27
CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund22%30%0.740.26
BIV Vanguard Intermediate-Term Bond ETF13%18%0.740.15
USIG iShares Broad USD Investment Grade Corporate Bond ETF22%31%0.710.27
BND Vanguard Total Bond Market ETF13%19%0.690.15
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF25%39%0.640.33
IGLB iShares 10+ Year Investment Grade Corporate Bond ETF33%58%0.560.46
VCLT Vanguard Long-Term Corporate Bond ETF33%59%0.560.46
SPLB State Street SPDR Portfolio Long Term Corporate Bond ETF33%60%0.550.47
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What diversifies VCIT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VCIT's. Because such investments tend not to fall at the same time, pairing VCIT with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VCIT lost money. The last two columns show a portfolio that is 80% VCIT and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
VCIT Vanguard Intermediate-Term Corporate Bond ETF (this page)1.00+3.2%0.13−14.0%−1.8%−1.8%−1.9%7.8%+0.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+6.0%+18.0%−19.8%+41.3%7.4%+5.3%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.40+135%0.97+21.5%+39.7%−15.5%—8.5%+4.2%
GLD CommoditiesSPDR Gold Shares0.39+126%0.96−0.8%−4.2%−1.9%−28.3%8.2%+3.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.47+136%0.93−10.4%+22.7%−0.9%—8.9%+4.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.14+177%0.93+64.4%+53.3%−18.2%+26.3%8.7%+5.0%
PPA IndustrialsInvesco Aerospace & Defense ETF0.49+113%0.90+9.5%+7.1%−7.5%+50.4%8.6%+3.7%
AMLP EnergyAlerian MLP ETF0.27+111%0.89+25.5%+39.1%−12.6%+18.6%8.1%+3.9%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.47+57.4%0.83−8.6%+27.0%+1.5%—7.6%+2.3%

Stocks

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
VCIT Vanguard Intermediate-Term Corporate Bond ETF (this page)1.00+3.2%0.13−14.0%−1.8%−1.8%−1.9%7.8%+0.3%
CAH Medical - DistributionCardinal Health, Inc.0.25+479%1.55+54.1%−0.4%−24.5%+66.0%9.1%+7.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.16+3,143%1.47+1.3%+37.9%−16.3%+27.6%14.1%+19.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+17.0%+89.0%+0.8%+61.7%12.0%+15.6%
MCK Medical - DistributionMcKesson Corporation0.10+413%1.44+51.8%+44.2%−28.4%+67.7%8.4%+6.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.12+690%1.41+86.6%+61.0%−8.2%+48.6%9.5%+9.4%
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Common questions

What was VCIT's worst drawdown?

VCIT's deepest decline since it began trading in 2009 was 20.6%, from August 2021 to October 2022. It took about three years from the low to climb back to its old high. Because VCIT launched in November 2009, that record does not include the dot-com bust or the 2008 financial crisis.

What were VCIT's best and worst years?

Over 16 full calendar years, VCIT's best year was 2019, when it returned 14.1%. Its worst was 2022, with a return of -14.0%.

Is there a better investment than VCIT?

Among VCIT's popular alternatives, SPSB, LQDH and BSV earned more than VCIT with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against 0.6% a year at 6.7%. Looking beyond its popular alternatives, TFLO (treasury bonds) and VTIP (treasury bonds) earned more than VCIT with less volatility over the past 5 years. TFLO returned 3.9% a year at 0.4% volatility, against 0.6% a year at 6.7%.

Is VCIT more volatile than the S&P 500?

No. VCIT's volatility over the past 5 years was 6.7%, 39% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VCIT's return lands within 6.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is VCIT's Sharpe ratio?

VCIT's Sharpe ratio over the past 5 years was 0.13, against 0.79 for the S&P 500, so VCIT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is VCIT with the S&P 500?

Over the past 5 years, VCIT's monthly returns had a correlation of 0.68 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VCIT instead: the lower it is, the more that option would diversify a VCIT holding.

What are the best alternatives to VCIT?

Of the 23 popular alternatives we compared, eight outperformed VCIT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IGBH, LQDH and HYG.

Did VCIT outperform the S&P 500?

VCIT finished ahead of the S&P 500 (SPY) in three of 16 full calendar years. In 2025, it returned +9.3%, against +17.7% for the index.

How did VCIT do in stock market crashes?

VCIT fell less than the S&P 500 (SPY) in eight of the eight major crashes it has traded through, and further in no. The clearest case was the late-2018 sell-off, when VCIT fell 1.2% and the S&P 500 fell 19.3%.

What diversifies VCIT?

These had a low correlation with VCIT over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.29), MLPX (correlation 0.40) and GLD (correlation 0.39); among large stocks, CAH (correlation 0.25), CLS (correlation 0.16) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to VCIT

Other stocks and ETFs