PSHYX vs. VCSH

Last updated Jun 24, 2026

PSHYX (Pioneer Short Term Income Fund) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both funds - PSHYX is a Short-Term Bond fund managed by Amundi, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Over the past 10 years, PSHYX returned 2.52%/yr vs 2.65%/yr for VCSH. A 0.51 correlation means they provide meaningful diversification when combined. PSHYX charges 0.46%/yr vs 0.04%/yr for VCSH.

Performance

PSHYX vs. VCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Short Term Income Fund (PSHYX) 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, PSHYX achieves a 0.55% return, which is significantly lower than VCSH's 0.72% return. Over the past 10 years, PSHYX has underperformed VCSH with an annualized return of 2.52%, while VCSH has yielded a comparatively higher 2.65% annualized return.

PSHYX

• 1D: -0.11%
• 1M: 0.18%
• YTD: 0.55%
• 6M: 0.98%
• 1Y: 2.91%
• 3Y*: 4.56%
• 5Y*: 2.53%
• 10Y*: 2.52%

VCSH

• 1D: 0.10%
• 1M: 0.35%
• YTD: 0.72%
• 6M: 0.95%
• 1Y: 4.09%
• 3Y*: 5.59%
• 5Y*: 2.37%
• 10Y*: 2.65%

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

PSHYX vs. VCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHYX Pioneer Short Term Income Fund	0.55%	4.96%	4.93%	5.64%	-3.42%	1.83%	1.79%	4.74%	1.77%	1.72%
VCSH Vanguard Short-Term Corporate Bond ETF	0.72%	6.77%	4.91%	6.20%	-5.62%	-0.63%	5.13%	7.02%	0.92%	2.17%

Correlation

The correlation between PSHYX and VCSH is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.51

The correlation between PSHYX and VCSH shifts across timeframes, from 0.51 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSHYX vs. VCSH — Risk / Return Rank

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

PSHYX

PSHYX Risk / Return Rank: 47
PSHYX Sharpe Ratio Rank: 32
PSHYX Sortino Ratio Rank: 54
PSHYX Omega Ratio Rank: 54
PSHYX Calmar Ratio Rank: 54
PSHYX Martin Ratio Rank: 41

VCSH

VCSH Risk / Return Rank: 70
VCSH Sharpe Ratio Rank: 69
VCSH Sortino Ratio Rank: 78
VCSH Omega Ratio Rank: 74
VCSH Calmar Ratio Rank: 62
VCSH Martin Ratio Rank: 67

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.

PSHYX vs. VCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Short Term Income Fund (PSHYX) 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.

	PSHYX	VCSH	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.14	-0.63
Sortino ratio: Return per unit of downside risk	2.82	3.30	-0.48
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.04
Calmar ratio: Return relative to maximum drawdown	2.69	2.93	-0.24
Martin ratio: Return relative to average drawdown	8.34	11.86	-3.52

PSHYX vs. VCSH - Sharpe Ratio Comparison

The current PSHYX Sharpe Ratio is 1.51, which is comparable to the VCSH Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PSHYX 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.

Drawdowns

PSHYX vs. VCSH - Drawdown Comparison

The maximum PSHYX drawdown since its inception was -12.98%, roughly equal to the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for PSHYX and VCSH.

Drawdown Indicators

	PSHYX	VCSH	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-12.86%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.40%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-1.40%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-5.88%	-9.48%	+3.60%
Max Drawdown (10Y) Largest decline over 10 years	-12.98%	-12.86%	-0.12%
Current Drawdown Current decline from peak	-0.34%	-0.24%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.96%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.35%	+0.01%

Volatility

PSHYX vs. VCSH - Volatility Comparison

The current volatility for Pioneer Short Term Income Fund (PSHYX) is 0.64%, while Vanguard Short-Term Corporate Bond ETF (VCSH) has a volatility of 0.69%. This indicates that PSHYX 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

	PSHYX	VCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.69%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	1.48%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	1.92%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.26%	2.89%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	3.35%	-0.86%

PSHYX vs. VCSH - Expense Ratio Comparison

PSHYX has a 0.46% expense ratio, which is higher than VCSH's 0.04% expense ratio.

Dividends

PSHYX vs. VCSH - Dividend Comparison

PSHYX's dividend yield for the trailing twelve months is around 5.10%, more than VCSH's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSHYX Pioneer Short Term Income Fund	5.10%	5.20%	4.23%	3.96%	3.46%	2.47%	2.77%	3.35%	2.71%	2.24%	2.04%	1.85%
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 PSHYX and VCSH in my portfolio?

PSHYX and VCSH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSHYX or VCSH?

VCSH has higher volatility (0.69%) compared to PSHYX (0.64%). In terms of maximum drawdown, PSHYX dropped -12.98% vs VCSH's -12.86%.

Which has better risk-adjusted returns?

VCSH currently has the higher Sharpe Ratio (2.14 vs 1.51), 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.