IIGD vs. VCSH
IIGD (Invesco Investment Grade Defensive ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both Corporate Bonds funds - IIGD tracks the Invesco Investment Grade Defensive Index while VCSH tracks the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 5 years, IIGD returned 1.52%/yr vs 2.30%/yr for VCSH. Their correlation of 0.86 means they have usually moved in the same direction. IIGD charges 0.13%/yr vs 0.04%/yr for VCSH.
Performance
IIGD vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, IIGD achieves a 0.22% return, which is significantly lower than VCSH's 0.79% return.
IIGD
- 1D
- -0.10%
- 1M
- -0.40%
- 6M
- -0.12%
- YTD
- 0.22%
- 1Y
- 2.37%
- 3Y*
- 5.08%
- 5Y*
- 1.52%
- 10Y*
- —
- ALL TIME*
- 2.77%
VCSH
- 1D
- -0.06%
- 1M
- -0.22%
- 6M
- 0.39%
- YTD
- 0.79%
- 1Y
- 3.07%
- 3Y*
- 5.46%
- 5Y*
- 2.30%
- 10Y*
- 2.64%
- ALL TIME*
- 2.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.71K | $101.17K | $183.77K | |
| $304.83M | $291.45M | $343.43M |
IIGD vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IIGD Invesco Investment Grade Defensive ETF | 0.22% | 7.11% | 3.90% | 5.71% | -7.27% | -1.42% | 6.30% | 7.40% | 0.86% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.79% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.55% |
Correlation
The correlation between IIGD and VCSH is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.86 |
The correlation between IIGD and VCSH has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.
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Return for Risk
IIGD vs. VCSH — Risk / Return Rank
IIGD
VCSH
IIGD vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Investment Grade Defensive ETF (IIGD) 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.
| IIGD | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 2.61 | -0.79 |
| Martin ratioReturn relative to average drawdown | 5.44 | 10.26 | -4.82 |
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Drawdowns
IIGD vs. VCSH - Drawdown Comparison
The maximum IIGD drawdown since its inception was -11.43%, smaller than the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for IIGD and VCSH.
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Drawdown Indicators
| IIGD | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.43% | -12.86% | +1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.67% | -1.40% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -1.97% | -1.40% | -0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -11.33% | -9.45% | -1.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -0.83% | -0.29% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -0.96% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.36% | +0.19% |
Volatility
IIGD vs. VCSH - Volatility Comparison
Invesco Investment Grade Defensive ETF (IIGD) has a higher volatility of 0.65% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.55%. This indicates that IIGD'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
| IIGD | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.55% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 1.56% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 1.94% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.67% | 2.90% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.68% | 3.35% | +0.33% |
IIGD vs. VCSH - Expense Ratio Comparison
IIGD has a 0.13% expense ratio, which is higher than VCSH's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IIGD vs. VCSH - Dividend Comparison
IIGD's dividend yield for the trailing twelve months is around 4.26%, less than VCSH's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIGD Invesco Investment Grade Defensive ETF | 4.26% | 4.25% | 4.13% | 3.74% | 1.73% | 1.77% | 3.21% | 2.44% | 1.23% | 0.00% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.08% | 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
With a correlation of 0.94, IIGD and VCSH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IIGD has higher volatility (0.65%) compared to VCSH (0.55%). In terms of maximum drawdown, IIGD dropped -11.43% vs VCSH's -12.86%.
On 5-year performance, VCSH leads with 2.30% vs 1.52% for IIGD. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VCSH has performed better with a 2.30% return vs 1.52%. 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 0.13% for IIGD.
IIGD has the higher dividend yield at 4.26%, compared with 4.08% for VCSH.
IIGD tracks Invesco Investment Grade Defensive Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.13% for IIGD and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (1.89 vs 1.29), 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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