VBCC vs. MILK

Last updated Aug 2, 2026

VBCC (Vanguard Target Maturity 2029 Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - VBCC tracks the ICE 2029 Maturity US Corporate Constrained Index while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Their correlation of 0.84 means they have usually moved in the same direction. VBCC charges 0.08%/yr vs 0.49%/yr for MILK.

Performance

VBCC vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Maturity 2029 Corporate Bond ETF (VBCC) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VBCC

• 1D: -0.09%
• 1M: -0.18%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MILK

• 1D: -0.15%
• 1M: -1.69%
• 6M: 0.04%
• YTD: 0.94%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.21%

*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)
MILK Pacer US Cash Cows Bond ETF	$195.76K	$144.48K	$113.75K
VBCC Vanguard Target Maturity 2029 Corporate Bond ETF	$576.39K	$637.25K	$642.30K

VBCC vs. MILK - Yearly Performance Comparison

	2026 (YTD)
VBCC Vanguard Target Maturity 2029 Corporate Bond ETF	1.01%
MILK Pacer US Cash Cows Bond ETF	1.56%

Correlation

The correlation between VBCC and MILK is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.84

Return for Risk

VBCC vs. MILK — Risk / Return Rank

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

VBCC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MILK

MILK Risk / Return Rank: 37
MILK Sharpe Ratio Rank: 38
MILK Sortino Ratio Rank: 37
MILK Omega Ratio Rank: 35
MILK Calmar Ratio Rank: 37
MILK Martin Ratio Rank: 40

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.

VBCC vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Maturity 2029 Corporate Bond ETF (VBCC) and Pacer US Cash Cows Bond ETF (MILK). 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.

	VBCC	MILK	Difference
Sharpe ratio: Return per unit of total volatility	—	0.96	—
Sortino ratio: Return per unit of downside risk	—	1.40	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.28	—
Martin ratio: Return relative to average drawdown	—	4.33	—

Drawdowns

VBCC vs. MILK - Drawdown Comparison

The maximum VBCC drawdown since its inception was -0.79%, smaller than the maximum MILK drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for VBCC and MILK.

Drawdown Indicators

	VBCC	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-0.79%	-6.16%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.75%	—
Current Drawdown Current decline from peak	-0.21%	-2.13%	+1.92%
Average Drawdown Average peak-to-trough decline	-0.23%	-1.13%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.11%	—

Volatility

Volatility by Period

	VBCC	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	5.01%	-2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	6.55%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.19%	6.55%	-4.36%

VBCC vs. MILK - Expense Ratio Comparison

VBCC has a 0.08% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

VBCC vs. MILK - Dividend Comparison

VBCC's dividend yield for the trailing twelve months is around 0.79%, less than MILK's 7.07% yield.

Position	TTM	2025
MILK Pacer US Cash Cows Bond ETF	7.07%	6.97%
VBCC Vanguard Target Maturity 2029 Corporate Bond ETF	0.79%	0.00%

Frequently Asked Questions

Can I hold both VBCC and MILK in my portfolio?

VBCC and MILK have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VBCC or MILK?

On fees, VBCC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VBCC or MILK?

VBCC is cheaper with a 0.08% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, VBCC or MILK?

MILK has the higher dividend yield at 7.07%, compared with 0.79% for VBCC.

What is the main difference between VBCC and MILK?

VBCC tracks ICE 2029 Maturity US Corporate Constrained Index, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: Vanguard and Pacer. Their fees differ too: 0.08% for VBCC and 0.49% for MILK.