VCEB vs. FNIDX

Last updated Jun 4, 2026

VCEB (Vanguard ESG U.S. Corporate Bond ETF) and FNIDX (Fidelity International Sustainability Index Fd) are both funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while FNIDX is a Foreign Large Cap Equities fund managed by Fidelity. Over the past 5 years, VCEB returned 0.51%/yr vs 6.90%/yr for FNIDX. At a 0.32 correlation, their price movements are largely independent. VCEB charges 0.12%/yr vs 0.20%/yr for FNIDX.

Performance

VCEB vs. FNIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard ESG U.S. Corporate Bond ETF (VCEB) and Fidelity International Sustainability Index Fd (FNIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCEB achieves a 0.32% return, which is significantly lower than FNIDX's 11.27% return.

VCEB

• 1D: -0.18%
• 1M: 0.67%
• YTD: 0.32%
• 6M: 0.15%
• 1Y: 5.34%
• 3Y*: 5.05%
• 5Y*: 0.51%
• 10Y*: —

FNIDX

• 1D: 0.89%
• 1M: 4.36%
• YTD: 11.27%
• 6M: 13.24%
• 1Y: 27.92%
• 3Y*: 17.30%
• 5Y*: 6.90%
• 10Y*: —

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

VCEB vs. FNIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VCEB Vanguard ESG U.S. Corporate Bond ETF	0.32%	7.48%	2.23%	8.52%	-15.15%	-1.99%	2.46%
FNIDX Fidelity International Sustainability Index Fd	11.27%	29.80%	5.67%	14.65%	-18.89%	7.65%	17.05%

Correlation

The correlation between VCEB and FNIDX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.32

The correlation between VCEB and FNIDX shifts across timeframes, from 0.32 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VCEB vs. FNIDX — Risk / Return Rank

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

VCEB

VCEB Risk / Return Rank: 36
VCEB Sharpe Ratio Rank: 35
VCEB Sortino Ratio Rank: 35
VCEB Omega Ratio Rank: 33
VCEB Calmar Ratio Rank: 38
VCEB Martin Ratio Rank: 37

FNIDX

FNIDX Risk / Return Rank: 40
FNIDX Sharpe Ratio Rank: 40
FNIDX Sortino Ratio Rank: 37
FNIDX Omega Ratio Rank: 39
FNIDX Calmar Ratio Rank: 40
FNIDX Martin Ratio Rank: 43

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.

VCEB vs. FNIDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) and Fidelity International Sustainability Index Fd (FNIDX). 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.

	VCEB	FNIDX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.83	-0.55
Sortino ratio: Return per unit of downside risk	1.87	2.55	-0.68
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.90	2.40	-0.50
Martin ratio: Return relative to average drawdown	5.87	9.14	-3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCEB vs. FNIDX - Sharpe Ratio Comparison

The current VCEB Sharpe Ratio is 1.28, which is lower than the FNIDX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VCEB and FNIDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCEB	FNIDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.83	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.44	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.50	-0.45

Drawdowns

VCEB vs. FNIDX - Drawdown Comparison

The maximum VCEB drawdown since its inception was -21.60%, smaller than the maximum FNIDX drawdown of -33.17%. Use the drawdown chart below to compare losses from any high point for VCEB and FNIDX.

Drawdown Indicators

	VCEB	FNIDX	Difference
Max Drawdown Largest peak-to-trough decline	-21.60%	-33.17%	+11.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-11.36%	+8.54%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-14.92%	+8.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.39%	-32.79%	+11.40%
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-7.63%	-8.26%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.97%	-2.06%

Volatility

VCEB vs. FNIDX - Volatility Comparison

The current volatility for Vanguard ESG U.S. Corporate Bond ETF (VCEB) is 1.32%, while Fidelity International Sustainability Index Fd (FNIDX) has a volatility of 4.45%. This indicates that VCEB experiences smaller price fluctuations and is considered to be less risky than FNIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCEB	FNIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	4.45%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	12.32%	-9.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	14.88%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	15.80%	-8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	16.55%	-9.89%

VCEB vs. FNIDX - Expense Ratio Comparison

VCEB has a 0.12% expense ratio, which is lower than FNIDX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VCEB vs. FNIDX - Dividend Comparison

VCEB's dividend yield for the trailing twelve months is around 4.65%, more than FNIDX's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNIDX Fidelity International Sustainability Index Fd	2.53%	2.81%	2.34%	2.64%	2.32%	1.93%	1.13%	2.17%	2.28%	1.27%
VCEB Vanguard ESG U.S. Corporate Bond ETF	4.65%	4.57%	4.47%	3.70%	2.84%	1.69%	0.43%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCEB and FNIDX in my portfolio?

VCEB and FNIDX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCEB or FNIDX?

FNIDX has higher volatility (4.45%) compared to VCEB (1.32%). In terms of maximum drawdown, VCEB dropped -21.60% vs FNIDX's -33.17%.

Which has better risk-adjusted returns?

FNIDX currently has the higher Sharpe Ratio (1.83 vs 1.28), 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.