PSHYX vs. VSCSX

Last updated Aug 1, 2026

PSHYX (Pioneer Short Term Income Fund) and VSCSX (Vanguard Short-Term Corporate Bond Index Fund Admiral Shares) are both Short-Term Bond funds. Over the past 10 years, PSHYX returned 2.50%/yr vs 2.64%/yr for VSCSX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PSHYX charges 0.46%/yr vs 0.06%/yr for VSCSX.

Performance

PSHYX vs. VSCSX - 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 Index Fund Admiral Shares (VSCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PSHYX having a 0.82% return and VSCSX slightly higher at 0.84%. Over the past 10 years, PSHYX has underperformed VSCSX with an annualized return of 2.50%, while VSCSX has yielded a comparatively higher 2.64% annualized return.

PSHYX

• 1D: 0.00%
• 1M: -0.23%
• 6M: 0.40%
• YTD: 0.82%
• 1Y: 1.99%
• 3Y*: 4.26%
• 5Y*: 2.49%
• 10Y*: 2.50%
• ALL TIME*: 2.79%

VSCSX

• 1D: 0.05%
• 1M: -0.09%
• 6M: 0.47%
• YTD: 0.84%
• 1Y: 3.13%
• 3Y*: 5.51%
• 5Y*: 2.36%
• 10Y*: 2.64%
• ALL TIME*: 2.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PSHYX Pioneer Short Term Income Fund	$0.00	$0.00	$0.00
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

PSHYX vs. VSCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHYX Pioneer Short Term Income Fund	0.82%	4.96%	4.93%	5.64%	-3.42%	1.83%	1.79%	4.74%	1.77%	1.72%
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	0.84%	6.75%	5.36%	6.11%	-5.72%	-0.43%	5.06%	6.85%	0.88%	2.46%

Correlation

The correlation between PSHYX and VSCSX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009	0.58

The correlation between PSHYX and VSCSX shifts across timeframes, from 0.58 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSHYX vs. VSCSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSHYX

PSHYX Risk / Return Rank: 67
PSHYX Sharpe Ratio Rank: 54
PSHYX Sortino Ratio Rank: 75
PSHYX Omega Ratio Rank: 75
PSHYX Calmar Ratio Rank: 76
PSHYX Martin Ratio Rank: 57

VSCSX

VSCSX Risk / Return Rank: 84
VSCSX Sharpe Ratio Rank: 85
VSCSX Sortino Ratio Rank: 85
VSCSX Omega Ratio Rank: 84
VSCSX Calmar Ratio Rank: 82
VSCSX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSHYX vs. VSCSX - 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 Index Fund Admiral Shares (VSCSX). 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	VSCSX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.06	-0.67
Sortino ratio: Return per unit of downside risk	2.54	3.05	-0.51
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	2.46	2.69	-0.23
Martin ratio: Return relative to average drawdown	7.47	10.30	-2.83

PSHYX vs. VSCSX - Sharpe Ratio Comparison

The current PSHYX Sharpe Ratio is 1.39, which is lower than the VSCSX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PSHYX and VSCSX, 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. VSCSX - Drawdown Comparison

The maximum PSHYX drawdown since its inception was -12.98%, which is greater than VSCSX's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for PSHYX and VSCSX.

Drawdown Indicators

	PSHYX	VSCSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-9.36%	-3.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.36%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-1.36%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-5.88%	-9.32%	+3.44%
Max Drawdown (10Y) Largest decline over 10 years	-12.98%	-9.36%	-3.62%
Current Drawdown Current decline from peak	-0.34%	-0.23%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.97%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.36%	+0.01%

Volatility

PSHYX vs. VSCSX - Volatility Comparison

The current volatility for Pioneer Short Term Income Fund (PSHYX) is 0.44%, while Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) has a volatility of 0.51%. This indicates that PSHYX experiences smaller price fluctuations and is considered to be less risky than VSCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHYX	VSCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.51%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.46%	1.43%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	1.79%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.27%	2.73%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	2.37%	+0.12%

PSHYX vs. VSCSX - Expense Ratio Comparison

PSHYX has a 0.46% expense ratio, which is higher than VSCSX's 0.06% expense ratio.

Dividends

PSHYX vs. VSCSX - Dividend Comparison

PSHYX's dividend yield for the trailing twelve months is around 4.64%, more than VSCSX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSHYX Pioneer Short Term Income Fund	4.64%	5.20%	4.23%	3.96%	3.46%	2.47%	2.77%	3.35%	2.71%	2.24%	2.04%	1.85%
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	4.05%	4.32%	4.27%	3.07%	1.98%	1.78%	2.25%	2.85%	2.66%	2.26%	1.93%	2.21%

Frequently Asked Questions

Can I hold both PSHYX and VSCSX in my portfolio?

PSHYX and VSCSX have a correlation of 0.70, 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 VSCSX?

VSCSX has higher volatility (0.51%) compared to PSHYX (0.44%). In terms of maximum drawdown, PSHYX dropped -12.98% vs VSCSX's -9.36%.

Which has better risk-adjusted returns?

VSCSX currently has the higher Sharpe Ratio (2.06 vs 1.39), 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.