IBDX vs VBCB: Grades, Fees and Holdings Compared

iShares iBonds Dec 2032 Term Corporate ETF

IBDXBNYSE Arca

Vanguard Target Maturity 2028 Corporate Bond ETF

VBCBANasdaq

Overlap

No data

Expense ratio

VBCB −0.02pt a year

IBDX0.10%VBCB0.08%

Avg volume · 30D

IBDX 12.7×the volume

IBDX328KVBCB25.9K

IBDX vs VBCB Performance

Jul 31, 2026 – Oct 30, 2026

−0.6%IBDX+0.6%VBCB

Expense ratio: IBDX 0.10%; VBCB 0.08%, better
Fund size: IBDX $1.82B; VBCB $117M
1Y total return: IBDX +0.1%; VBCB No data
Yield (12M): IBDX 4.92%; VBCB No data
Holdings: IBDX 437; VBCB 667
Avg volume (30D): IBDX 328K sh, better; VBCB 25.9K sh
NAV per share: IBDX $24.41; VBCB $75.14
52W range

ETF.net Grade

Pillar letters and Scores for IBDX, VBCB, with each pillar’s weight
Pillar	IBDX	VBCB
Cost30% weight	C50	A89Higher
Mission25% weight	Not scored	A100
Risk15% weight	D37	A88Higher
Tradability15% weight	A77Higher	C40
Holdings10% weight	A73	A84Higher
Durability5% weight	B69Higher	B56

Rank among Defined-Maturity Investment Grade Corporate funds

How we build Categories ›

Same Category. IBDX and VBCB are both graded against the same 42 Defined-Maturity Investment Grade Corporate funds, so their Grades compare head to head.

Defined-Maturity Investment Grade Corporate⁠

Category · 42 funds

See all 42 ›

VBCB ranks 1st and IBDX 27th of 42 funds in the Defined-Maturity Investment Grade Corporate Category.

Rank 1AVBCBVanguard Target Maturity 2028 Corporate Bond ETFScore 82
Rank 2AVBCAVanguard Target Maturity 2027 Corporate Bond ETFScore 78
Rank 27BIBCAiShares iBonds Dec 2035 Term Corporate ETFScore 56
Rank 27BIBDXiShares iBonds Dec 2032 Term Corporate ETFScore 56
Rank 30BVBCHVanguard Target Maturity 2034 Corporate Bond ETFScore 55

Our read on each fund

ETF.net Research

IBDXBiShares iBonds Dec 2032 Term Corporate ETF

VBCBAVanguard Target Maturity 2028 Corporate Bond ETF

In short

IBDX A bond fund with an expiration date. IBDX holds investment-grade corporate bonds maturing in 2032, then winds up around December 15, 2032 and pays out what's left. Bond-ladder plumbing in one ticker.

VBCB Vanguard finally showed up to the bond-ladder party. VBCB owns U.S. investment-grade corporate bonds that all mature in 2028, and it undercuts the typical target-maturity rung on fees.

Stated mandate

IBDX The Fund seeks to track an index of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032. It is a term fund scheduled to liquidate around December 15, 2032.

VBCB The fund seeks to track a market-weighted index of U.S.-dollar-denominated, investment-grade corporate bonds that mature in 2028.

Why people hold it

IBDX Bonds mature; most bond funds never do. This one is scheduled to liquidate around December 15, 2032 and distribute remaining assets, so the end date is written into the prospectus.ishares.com
Costs 0.10% a year, level with the target-maturity median and with BulletShares rivals BSCT and BSCU.
About 400 investment-grade corporate bonds, so no single issuer carries the fund, and cash goes out monthly instead of twice a year.
Follows the Bloomberg December 2032 Maturity Corporate Index closely and ranks in the top quartile of a crowded target-maturity field.

VBCB Charges 0.08% a year, below the 0.10% typical for target-maturity bond funds and below the iBonds and BulletShares rungs (IBDU, BSCT, BSCU) it lines up against.
Every bond in the index is dollar-denominated investment grade maturing in 2028: one rung of a bond ladder in one ticker, with income paid quarterly.
A plain market-weighted ICE index run through Vanguard's index plumbing, and one of the stronger builds in the target-maturity bond group.

Worth knowing

IBDX Corporate credit, not government paper. Issuers can be downgraded or miss payments; the Treasury-only sibling IBTJ takes that risk off the table at 0.07%.
The maturity date is not a promised par payment. The final distribution reflects what the underlying bonds return, and monthly income moves with the portfolio.
As 2032 approaches the portfolio shortens toward cash, so rate sensitivity and income both wind down late in the term.ishares.com

VBCB Launched in 2026 and still small, it trades thinly, so spreads can run wider than on the long-established corporate ladders.
Corporate credit, not Treasuries. Investment grade lowers the odds of trouble, but downgrades and defaults stay in the mix.
One maturity year, not a whole curve. This is a rung, not a stand-in for a broad bond fund.

Full IBDX profile⁠

Full VBCB profile⁠

IBDX vs VBCB Holdings

How IBDX and VBCB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile89.4%
Asset classFixed Income100%

Sector

No Sector split for VBCB.

Country, concentration and asset class

Country by domicile

Country weights in IBDX and VBCB, widest gap first
Country	More in IBDXMore in VBCB	IBDX	VBCB
United States	IBDX +8.1 points	88.7%	80.6%
United Kingdom	VBCB +3.9 points	1.0%	4.9%
Japan	VBCB +2.4 points	0.9%	3.3%
Australia	VBCB +1.6 points	0.4%	2.0%
Luxembourg	IBDX +1.2 points	1.2%	0.0%
Germany	VBCB +1.0 points	0.0%	0.9%
Spain	VBCB +0.7 points	0.0%	0.7%
Switzerland	VBCB +0.6 points	0.0%	0.6%
Other countries (9)	IBDX +0.8 points	7.8%	7.0%

Concentration

Weight in the 10 largest Holdings

IBDX8.5%
VBCB6.2%

Securities held

IBDX436
VBCB662

Asset class

IBDX: Fixed Income
VBCB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. IBDX holds 436 securities, VBCB 662.

All 436 IBDX holdings⁠All VBCB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IBDX vs VBCB Cost

Overpaying IBDX vs VBCB

$417

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IBDX 0.10%
$2,106
VBCB 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

IBDX 0.10%
VBCB 0.08%
Overpaying

Year by year

Year	IBDX	VBCB	Overpaying
10	$183	$147	$36
20	$717	$575	$142
30	$2,106	$1,689	$417

Expense ratio

0.10%IBDX
0.08%VBCB, cheaper

VBCB0.08%IBDX0.10%

0.08%0.15%

Middle half of Defined-Maturity Investment Grade Corporate funds
Median 0.10%

VBCB cheapest of 42 funds

IBDX 11th cheapest of 42 funds

IBDX vs VBCB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IBDX 4.92%; VBCB No data
Payout (12M): IBDX $1.20; VBCB No data
Last payment: IBDX $0.10; VBCB $0.26
Ex-dividend: IBDX Oct 1, 2026; VBCB Oct 1, 2026
Paid on: IBDX Oct 6, 2026; VBCB Oct 5, 2026
Frequency: IBDX Monthly; VBCB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IBDXMonthly · 45 paymentsAll IBDX payments⁠

VBCBMonthly · 6 paymentsAll VBCB payments⁠

IBDX vs VBCB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IBDX 6.4%VBCB No data
Return per unit of riskSharpe ratio, 3 years: IBDX 0.44VBCB No data
Worst fallMax drawdown, 5 years: IBDX −12.5%since Jun 2022VBCB No data
Market sensitivityBeta, 5 years: IBDX 1.15VBCB 0.05; Market = 1

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