CSDAX vs. VBIRX

Last updated Aug 4, 2026

CSDAX (Calvert Short Duration Income Fund) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both Short-Term Bond funds. Over the past 10 years, CSDAX returned 2.58%/yr vs 1.84%/yr for VBIRX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. CSDAX charges 0.76%/yr vs 0.06%/yr for VBIRX.

Performance

CSDAX vs. VBIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Short Duration Income Fund (CSDAX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSDAX achieves a 0.46% return, which is significantly higher than VBIRX's 0.04% return. Over the past 10 years, CSDAX has outperformed VBIRX with an annualized return of 2.58%, while VBIRX has yielded a comparatively lower 1.84% annualized return.

CSDAX

• 1D: -0.13%
• 1M: -0.51%
• 6M: 0.10%
• YTD: 0.46%
• 1Y: 2.63%
• 3Y*: 4.95%
• 5Y*: 2.38%
• 10Y*: 2.58%
• ALL TIME*: 3.37%

VBIRX

• 1D: -0.10%
• 1M: -0.39%
• 6M: 0.00%
• YTD: 0.04%
• 1Y: 2.00%
• 3Y*: 4.40%
• 5Y*: 1.52%
• 10Y*: 1.84%
• ALL TIME*: 2.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSDAX Calvert Short Duration Income Fund	$0.00	$0.00	$0.00
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

CSDAX vs. VBIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSDAX Calvert Short Duration Income Fund	0.46%	6.22%	5.00%	6.58%	-5.36%	0.88%	4.52%	6.21%	0.05%	2.17%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	0.04%	6.09%	3.75%	4.87%	-5.63%	-1.20%	4.69%	4.86%	1.37%	1.18%

Correlation

The correlation between CSDAX and VBIRX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 31, 2002	0.70

The correlation between CSDAX and VBIRX shifts across timeframes, from 0.70 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CSDAX vs. VBIRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSDAX

CSDAX Risk / Return Rank: 60
CSDAX Sharpe Ratio Rank: 56
CSDAX Sortino Ratio Rank: 76
CSDAX Omega Ratio Rank: 68
CSDAX Calmar Ratio Rank: 52
CSDAX Martin Ratio Rank: 50

VBIRX

VBIRX Risk / Return Rank: 36
VBIRX Sharpe Ratio Rank: 35
VBIRX Sortino Ratio Rank: 43
VBIRX Omega Ratio Rank: 36
VBIRX Calmar Ratio Rank: 37
VBIRX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSDAX vs. VBIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Short Duration Income Fund (CSDAX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). 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.

	CSDAX	VBIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.18	+0.37
Sortino ratio: Return per unit of downside risk	2.67	1.95	+0.72
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.06	1.69	+0.36
Martin ratio: Return relative to average drawdown	7.43	4.73	+2.70

CSDAX vs. VBIRX - Sharpe Ratio Comparison

The current CSDAX Sharpe Ratio is 1.55, which is higher than the VBIRX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of CSDAX and VBIRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CSDAX vs. VBIRX - Drawdown Comparison

The maximum CSDAX drawdown since its inception was -9.96%, which is greater than VBIRX's maximum drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for CSDAX and VBIRX.

Drawdown Indicators

	CSDAX	VBIRX	Difference
Max Drawdown Largest peak-to-trough decline	-9.96%	-8.69%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-1.54%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.51%	-1.55%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-8.14%	-8.47%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-9.96%	-8.69%	-1.27%
Current Drawdown Current decline from peak	-0.51%	-0.89%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.98%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.55%	-0.13%

Volatility

CSDAX vs. VBIRX - Volatility Comparison

Calvert Short Duration Income Fund (CSDAX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) have volatilities of 0.46% and 0.46%, 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

	CSDAX	VBIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.46%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.68%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	2.23%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.41%	2.98%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.32%	2.40%	-0.08%

CSDAX vs. VBIRX - Expense Ratio Comparison

CSDAX has a 0.76% expense ratio, which is higher than VBIRX's 0.06% expense ratio.

Dividends

CSDAX vs. VBIRX - Dividend Comparison

CSDAX's dividend yield for the trailing twelve months is around 3.98%, more than VBIRX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSDAX Calvert Short Duration Income Fund	3.98%	4.42%	4.28%	3.24%	1.95%	2.25%	2.58%	2.79%	2.67%	1.84%	2.07%	1.84%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	3.69%	3.83%	3.37%	2.41%	1.46%	1.22%	1.77%	2.24%	2.03%	1.66%	1.50%	1.41%

Frequently Asked Questions

Can I hold both CSDAX and VBIRX in my portfolio?

CSDAX and VBIRX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSDAX or VBIRX?

VBIRX has higher volatility (0.46%) compared to CSDAX (0.46%). In terms of maximum drawdown, CSDAX dropped -9.96% vs VBIRX's -8.69%.

Which has better risk-adjusted returns?

CSDAX currently has the higher Sharpe Ratio (1.55 vs 1.18), 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.