IBND vs. VCSH
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both Corporate Bonds funds - IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond while VCSH tracks the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs 2.64%/yr for VCSH. At a 0.39 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.04%/yr for VCSH.
Performance
IBND vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than VCSH's 0.58% return. Over the past 10 years, IBND has underperformed VCSH with an annualized return of 0.56%, while VCSH has yielded a comparatively higher 2.64% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
VCSH
- 1D
- -0.20%
- 1M
- -0.22%
- 6M
- 0.56%
- YTD
- 0.58%
- 1Y
- 3.72%
- 3Y*
- 5.42%
- 5Y*
- 2.31%
- 10Y*
- 2.64%
IBND vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.58% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between IBND and VCSH is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.39 |
Over the past year, IBND and VCSH have become more correlated (0.63) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
IBND vs. VCSH — Risk / Return Rank
IBND
VCSH
IBND vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
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.
| IBND | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.66 | -2.87 |
| Martin ratioReturn relative to average drawdown | -0.48 | 10.74 | -11.23 |
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Drawdowns
IBND vs. VCSH - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for IBND and VCSH.
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Drawdown Indicators
| IBND | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -12.86% | -22.76% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -1.40% | -5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -1.40% | -7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -9.48% | -24.01% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -12.86% | -22.76% |
Current DrawdownCurrent decline from peak | -10.97% | -0.51% | -10.46% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -0.96% | -9.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 0.35% | +2.49% |
Volatility
IBND vs. VCSH - Volatility Comparison
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.12% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.72%. This indicates that IBND'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
| IBND | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 0.72% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 1.53% | +4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 1.93% | +6.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 2.90% | +6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 3.35% | +5.57% |
IBND vs. VCSH - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
IBND vs. VCSH - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, less than VCSH's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.47% | 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
IBND and VCSH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.12%) compared to VCSH (0.72%). In terms of maximum drawdown, IBND dropped -35.62% vs VCSH's -12.86%.
On 10-year performance, VCSH leads with 2.64% vs 0.56% for IBND. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCSH has performed better with a 2.64% return vs 0.56%. 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 IBND.
VCSH has the higher dividend yield at 4.47%, compared with 2.81% for IBND.
IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.50% for IBND and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (1.93 vs -0.17), 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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