FYBTX vs. VCSH

Last updated Jun 4, 2026

FYBTX (Fidelity Series Short-Term Credit Fund) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both funds - FYBTX is a Total Bond Market fund managed by Fidelity, while VCSH is a Corporate Bonds fund tracking the Barclays Capital U.S. 1-5 Year Corporate Index. Over the past 10 years, FYBTX returned 2.57%/yr vs 2.70%/yr for VCSH. A 0.69 correlation means they provide meaningful diversification when combined. FYBTX charges 0.00%/yr vs 0.04%/yr for VCSH.

Performance

FYBTX vs. VCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Short-Term Credit Fund (FYBTX) and Vanguard Short-Term Corporate Bond ETF (VCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FYBTX achieves a 0.91% return, which is significantly higher than VCSH's 0.64% return. Over the past 10 years, FYBTX has underperformed VCSH with an annualized return of 2.57%, while VCSH has yielded a comparatively higher 2.70% annualized return.

FYBTX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.91%
• 6M: 1.24%
• 1Y: 4.18%
• 3Y*: 5.26%
• 5Y*: 2.73%
• 10Y*: 2.57%

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%

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

FYBTX vs. VCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FYBTX Fidelity Series Short-Term Credit Fund	0.91%	5.72%	5.13%	6.08%	-3.50%	-0.54%	3.99%	5.07%	1.66%	1.50%
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 FYBTX and VCSH is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.69

The correlation between FYBTX and VCSH has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

FYBTX vs. VCSH — Risk / Return Rank

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

FYBTX

FYBTX Risk / Return Rank: 75
FYBTX Sharpe Ratio Rank: 56
FYBTX Sortino Ratio Rank: 89
FYBTX Omega Ratio Rank: 85
FYBTX Calmar Ratio Rank: 78
FYBTX Martin Ratio Rank: 68

VCSH

VCSH Risk / Return Rank: 74
VCSH Sharpe Ratio Rank: 73
VCSH Sortino Ratio Rank: 84
VCSH Omega Ratio Rank: 79
VCSH Calmar Ratio Rank: 65
VCSH Martin Ratio Rank: 71

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.

FYBTX vs. VCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Short-Term Credit Fund (FYBTX) 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.

	FYBTX	VCSH	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.45	-0.25
Sortino ratio: Return per unit of downside risk	4.28	3.85	+0.43
Omega ratio: Gain probability vs. loss probability	1.58	1.48	+0.10
Calmar ratio: Return relative to maximum drawdown	3.53	3.29	+0.24
Martin ratio: Return relative to average drawdown	13.19	13.55	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FYBTX vs. VCSH - Sharpe Ratio Comparison

The current FYBTX Sharpe Ratio is 2.20, which is comparable to the VCSH Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FYBTX and VCSH, 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

	FYBTX	VCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.45	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	0.81	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.34	0.81	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.02	+0.36

Drawdowns

FYBTX vs. VCSH - Drawdown Comparison

The maximum FYBTX drawdown since its inception was -6.00%, smaller than the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for FYBTX and VCSH.

Drawdown Indicators

	FYBTX	VCSH	Difference
Max Drawdown Largest peak-to-trough decline	-6.00%	-12.86%	+6.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-1.40%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-1.19%	-1.40%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-6.00%	-9.48%	+3.48%
Max Drawdown (10Y) Largest decline over 10 years	-6.00%	-12.86%	+6.86%
Current Drawdown Current decline from peak	-0.10%	-0.32%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.72%	-0.97%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.34%	-0.02%

Volatility

FYBTX vs. VCSH - Volatility Comparison

The current volatility for Fidelity Series Short-Term Credit Fund (FYBTX) is 0.54%, while Vanguard Short-Term Corporate Bond ETF (VCSH) has a volatility of 0.57%. This indicates that FYBTX experiences smaller price fluctuations and is considered to be less risky than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FYBTX	VCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.57%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.35%	1.38%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	1.88%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	2.88%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.92%	3.35%	-1.43%

FYBTX vs. VCSH - Expense Ratio Comparison

FYBTX has a 0.00% expense ratio, which is lower than VCSH's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FYBTX vs. VCSH - Dividend Comparison

FYBTX's dividend yield for the trailing twelve months is around 4.73%, more than VCSH's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYBTX Fidelity Series Short-Term Credit Fund	4.73%	4.66%	3.67%	2.76%	1.26%	1.65%	2.31%	2.72%	2.45%	1.59%	1.24%	0.00%
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

Can I hold both FYBTX and VCSH in my portfolio?

FYBTX and VCSH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FYBTX or VCSH?

VCSH has higher volatility (0.57%) compared to FYBTX (0.54%). In terms of maximum drawdown, FYBTX dropped -6.00% vs VCSH's -12.86%.

Which has better risk-adjusted returns?

VCSH currently has the higher Sharpe Ratio (2.45 vs 2.20), 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.