IUSB vs. VOE

Last updated Jun 13, 2026

IUSB (iShares Core Universal USD Bond ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - IUSB is a Intermediate Core-Plus Bond fund tracking the Bloomberg U.S. Universal Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, IUSB returned 1.97%/yr vs 10.92%/yr for VOE. At a 0.04 correlation, their price movements are largely independent. IUSB charges 0.06%/yr vs 0.05%/yr for VOE.

Performance

IUSB vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Universal USD Bond ETF (IUSB) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUSB achieves a 0.67% return, which is significantly lower than VOE's 12.81% return. Over the past 10 years, IUSB has underperformed VOE with an annualized return of 1.97%, while VOE has yielded a comparatively higher 10.92% annualized return.

IUSB

• 1D: -0.07%
• 1M: 0.46%
• YTD: 0.67%
• 6M: 1.05%
• 1Y: 4.82%
• 3Y*: 4.70%
• 5Y*: 0.39%
• 10Y*: 1.97%

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

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

IUSB vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSB iShares Core Universal USD Bond ETF	0.67%	7.38%	2.11%	6.23%	-13.04%	-1.33%	7.62%	9.13%	-0.27%	3.82%
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between IUSB and VOE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.04

Over the past year, IUSB and VOE have become more correlated (0.34) than their long-term average of 0.04, meaning their price movements have been converging.

IUSB vs. VOE - Sectors Allocation Comparison

Sectors	IUSB	VOE
Energy	100.0%	12.8%
Basic Materials	-	5.8%
Communication Services	-	2.2%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	7.9%
Financial Services	-	16.5%
Healthcare	-	6.3%
Industrials	-	14.0%
Real Estate	-	6.0%
Technology	-	10.9%
Utilities	-	12.1%

Return for Risk

IUSB vs. VOE — Risk / Return Rank

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

IUSB

IUSB Risk / Return Rank: 43
IUSB Sharpe Ratio Rank: 44
IUSB Sortino Ratio Rank: 45
IUSB Omega Ratio Rank: 42
IUSB Calmar Ratio Rank: 44
IUSB Martin Ratio Rank: 40

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

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.

IUSB vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Universal USD Bond ETF (IUSB) and Vanguard Mid-Cap Value ETF (VOE). 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.

	IUSB	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.10	-0.74
Sortino ratio: Return per unit of downside risk	2.02	3.01	-0.99
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.92	3.52	-1.60
Martin ratio: Return relative to average drawdown	5.62	13.34	-7.72

IUSB vs. VOE - Sharpe Ratio Comparison

The current IUSB Sharpe Ratio is 1.35, which is lower than the VOE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of IUSB and VOE, 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

IUSB vs. VOE - Drawdown Comparison

The maximum IUSB drawdown since its inception was -17.90%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for IUSB and VOE.

Drawdown Indicators

	IUSB	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-61.50%	+43.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-6.93%	+4.40%
Max Drawdown (3Y) Largest decline over 3 years	-5.82%	-18.45%	+12.63%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-19.70%	+1.83%
Max Drawdown (10Y) Largest decline over 10 years	-17.90%	-43.18%	+25.28%
Current Drawdown Current decline from peak	-1.09%	0.00%	-1.09%
Average Drawdown Average peak-to-trough decline	-3.58%	-8.34%	+4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.83%	-0.97%

Volatility

IUSB vs. VOE - Volatility Comparison

The current volatility for iShares Core Universal USD Bond ETF (IUSB) is 1.30%, while Vanguard Mid-Cap Value ETF (VOE) has a volatility of 3.19%. This indicates that IUSB experiences smaller price fluctuations and is considered to be less risky than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSB	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	3.19%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	8.30%	-5.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	11.63%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.80%	16.06%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	18.83%	-13.79%

IUSB vs. VOE - Expense Ratio Comparison

IUSB has a 0.06% expense ratio, which is higher than VOE's 0.05% 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

IUSB vs. VOE - Dividend Comparison

IUSB's dividend yield for the trailing twelve months is around 4.22%, more than VOE's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUSB iShares Core Universal USD Bond ETF	4.22%	4.17%	4.04%	3.46%	2.53%	1.74%	2.68%	3.04%	2.98%	2.56%	2.60%	1.95%
VOE Vanguard Mid-Cap Value ETF	1.84%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both IUSB and VOE in my portfolio?

IUSB and VOE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IUSB or VOE?

VOE has higher volatility (3.19%) compared to IUSB (1.30%). In terms of maximum drawdown, IUSB dropped -17.90% vs VOE's -61.50%.

Which ETF is better, IUSB or VOE?

On 10-year performance, VOE leads with 10.92% vs 1.97% for IUSB. On fees, VOE is cheaper at 0.05% per year. On volatility, IUSB has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUSB or VOE?

Over the 10-year period, VOE has performed better with a 10.92% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUSB or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.06% for IUSB.

Which ETF pays a higher dividend yield, IUSB or VOE?

IUSB has the higher dividend yield at 4.22%, compared with 1.84% for VOE.

What is the main difference between IUSB and VOE?

IUSB is categorized as Intermediate Core-Plus Bond, while VOE is Mid Cap Value Equities. IUSB tracks Bloomberg U.S. Universal Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.06% for IUSB and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.10 vs 1.35), 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.