MFDX vs. VCSH
MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 5 years, MFDX returned 9.63%/yr vs 2.26%/yr for VCSH. At a 0.25 correlation, their price movements are largely independent. MFDX charges 0.39%/yr vs 0.04%/yr for VCSH.
Performance
MFDX vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, MFDX achieves a 8.03% return, which is significantly higher than VCSH's 0.44% return.
MFDX
- 1D
- 0.29%
- 1M
- -2.47%
- YTD
- 8.03%
- 6M
- 10.99%
- 1Y
- 20.50%
- 3Y*
- 17.76%
- 5Y*
- 9.63%
- 10Y*
- —
VCSH
- 1D
- 0.03%
- 1M
- -0.26%
- YTD
- 0.44%
- 6M
- 0.92%
- 1Y
- 4.56%
- 3Y*
- 5.56%
- 5Y*
- 2.26%
- 10Y*
- 2.66%
MFDX vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 8.03% | 34.27% | 4.40% | 17.54% | -10.27% | 11.07% | 6.90% | 19.88% | -14.88% | 7.02% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.44% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | -0.34% |
Correlation
The correlation between MFDX and VCSH is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.25 |
Over the past year, MFDX and VCSH have become more correlated (0.50) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
MFDX vs. VCSH — Risk / Return Rank
MFDX
VCSH
MFDX vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) 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.
| MFDX | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.48 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 3.27 | -1.34 |
| Martin ratioReturn relative to average drawdown | 7.62 | 13.41 | -5.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MFDX | VCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 2.45 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.79 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 1.01 | -0.48 |
Drawdowns
MFDX vs. VCSH - Drawdown Comparison
The maximum MFDX drawdown since its inception was -36.05%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for MFDX and VCSH.
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Drawdown Indicators
| MFDX | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.05% | -12.86% | -23.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.66% | -1.40% | -9.26% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -1.40% | -10.22% |
Max Drawdown (5Y)Largest decline over 5 years | -25.58% | -9.48% | -16.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -3.36% | -0.52% | -2.84% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -0.97% | -5.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 0.34% | +2.36% |
Volatility
MFDX vs. VCSH - Volatility Comparison
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a higher volatility of 4.25% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.61%. This indicates that MFDX'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
| MFDX | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 0.61% | +3.64% |
Volatility (6M)Calculated over the trailing 6-month period | 11.62% | 1.41% | +10.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.94% | 1.87% | +12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.07% | 2.88% | +12.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.42% | 3.35% | +13.07% |
MFDX vs. VCSH - Expense Ratio Comparison
MFDX has a 0.39% expense ratio, which is higher than VCSH's 0.04% expense ratio.
Dividends
MFDX vs. VCSH - Dividend Comparison
MFDX's dividend yield for the trailing twelve months is around 2.84%, less than VCSH's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 2.84% | 2.97% | 3.16% | 3.12% | 2.85% | 2.99% | 1.58% | 2.88% | 2.13% | 0.71% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.46% | 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
MFDX and VCSH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFDX has higher volatility (4.25%) compared to VCSH (0.61%). In terms of maximum drawdown, MFDX dropped -36.05% vs VCSH's -12.86%.
On 5-year performance, MFDX leads with 9.63% vs 2.26% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFDX has performed better with a 9.63% return vs 2.26%. 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 0.39% for MFDX.
VCSH has the higher dividend yield at 4.46%, compared with 2.84% for MFDX.
MFDX is categorized as Foreign Large Cap Equities, while VCSH is Corporate Bonds. MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: PIMCO and Vanguard. Their fees differ too: 0.39% for MFDX and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.45 vs 1.48), 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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