CBON vs. VCSH
CBON (VanEck Vectors ChinaAMC China Bond ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index, while VCSH is a Corporate Bonds fund tracking the Barclays Capital U.S. 1-5 Year Corporate Index. Both are passively managed. Over the past 10 years, CBON returned 2.93%/yr vs 2.70%/yr for VCSH. At a 0.18 correlation, their price movements are largely independent. CBON charges 0.50%/yr vs 0.04%/yr for VCSH.
Performance
CBON vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, CBON achieves a 5.41% return, which is significantly higher than VCSH's 0.64% return. Over the past 10 years, CBON has outperformed VCSH with an annualized return of 2.93%, while VCSH has yielded a comparatively lower 2.70% annualized return.
CBON
- 1D
- 0.10%
- 1M
- 1.75%
- YTD
- 5.41%
- 6M
- 6.88%
- 1Y
- 9.26%
- 3Y*
- 5.05%
- 5Y*
- 2.03%
- 10Y*
- 2.93%
VCSH
- 1D
- -0.08%
- 1M
- 0.20%
- YTD
- 0.64%
- 6M
- 0.95%
- 1Y
- 4.59%
- 3Y*
- 5.52%
- 5Y*
- 2.32%
- 10Y*
- 2.70%
CBON vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.41% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.64% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between CBON and VCSH is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2014 | 0.18 |
The correlation between CBON and VCSH shifts across timeframes, from 0.18 (all time) to 0.33 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBON vs. VCSH — Risk / Return Rank
CBON
VCSH
CBON vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.
| CBON | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.48 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 6.94 | 3.29 | +3.65 |
| Martin ratioReturn relative to average drawdown | 25.86 | 13.55 | +12.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBON | VCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.45 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.81 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.81 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.02 | -0.59 |
Drawdowns
CBON vs. VCSH - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for CBON and VCSH.
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Drawdown Indicators
| CBON | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -12.86% | -1.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -1.40% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -1.40% | -3.16% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -9.48% | -4.65% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -12.86% | -1.27% |
Current DrawdownCurrent decline from peak | -0.02% | -0.32% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -0.97% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.34% | +0.02% |
Volatility
CBON vs. VCSH - Volatility Comparison
VanEck Vectors ChinaAMC China Bond ETF (CBON) has a higher volatility of 0.91% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.57%. This indicates that CBON's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBON | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.57% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 1.38% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 1.88% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 2.88% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 3.35% | +2.23% |
CBON vs. VCSH - Expense Ratio Comparison
CBON has a 0.50% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
CBON vs. VCSH - Dividend Comparison
CBON's dividend yield for the trailing twelve months is around 1.52%, less than VCSH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.52% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.45% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
CBON and VCSH have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBON has higher volatility (0.91%) compared to VCSH (0.57%). In terms of maximum drawdown, CBON dropped -14.13% vs VCSH's -12.86%.
On 10-year performance, CBON leads with 2.93% vs 2.70% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CBON has performed better with a 2.93% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.50% for CBON.
VCSH has the higher dividend yield at 4.45%, compared with 1.52% for CBON.
CBON is categorized as Emerging Markets Bonds, while VCSH is Corporate Bonds. CBON tracks ChinaBond China High Quality Bond Index, while VCSH tracks Barclays Capital U.S. 1-5 Year Corporate Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.50% for CBON and 0.04% for VCSH.
CBON currently has the higher Sharpe Ratio (2.70 vs 2.45), 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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