VCEB vs. GRNB

Last updated Jun 3, 2026

VCEB (Vanguard ESG U.S. Corporate Bond ETF) and GRNB (VanEck Green Bond ETF) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index. Both are passively managed. Over the past 5 years, VCEB returned 0.66%/yr vs 0.89%/yr for GRNB. Their correlation of 0.87 suggests significant overlap in exposure. VCEB charges 0.12%/yr vs 0.20%/yr for GRNB.

Performance

VCEB vs. GRNB - Performance Comparison

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

Returns By Period

In the year-to-date period, VCEB achieves a 0.50% return, which is significantly lower than GRNB's 0.61% return.

VCEB

• 1D: 0.01%
• 1M: 0.58%
• YTD: 0.50%
• 6M: 0.49%
• 1Y: 5.58%
• 3Y*: 5.11%
• 5Y*: 0.66%
• 10Y*: —

GRNB

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.61%
• 6M: 0.76%
• 1Y: 5.18%
• 3Y*: 5.13%
• 5Y*: 0.89%
• 10Y*: —

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

VCEB vs. GRNB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VCEB Vanguard ESG U.S. Corporate Bond ETF	0.50%	7.48%	2.23%	8.52%	-15.15%	-1.99%	2.46%
GRNB VanEck Green Bond ETF	0.61%	7.09%	3.31%	7.08%	-11.93%	-2.36%	1.33%

Correlation

The correlation between VCEB and GRNB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.87

The correlation between VCEB and GRNB has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

VCEB vs. GRNB — Risk / Return Rank

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

VCEB

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

GRNB

GRNB Risk / Return Rank: 49
GRNB Sharpe Ratio Rank: 51
GRNB Sortino Ratio Rank: 53
GRNB Omega Ratio Rank: 54
GRNB Calmar Ratio Rank: 40
GRNB Martin Ratio Rank: 47

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. GRNB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) and VanEck Green Bond ETF (GRNB). 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	GRNB	Difference
Sharpe ratio Return per unit of total volatility	1.34	1.76	-0.42
Sortino ratio Return per unit of downside risk	1.96	2.58	-0.62
Omega ratio Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio Return relative to maximum drawdown	1.92	2.03	-0.11
Martin ratio Return relative to average drawdown	5.96	7.96	-2.01
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. GRNB - Sharpe Ratio Comparison

The current VCEB Sharpe Ratio is 1.34, which is comparable to the GRNB Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of VCEB and GRNB, 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	GRNB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	1.76	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.18	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.46	-0.41

Drawdowns

VCEB vs. GRNB - Drawdown Comparison

The maximum VCEB drawdown since its inception was -21.60%, which is greater than GRNB's maximum drawdown of -18.08%. Use the drawdown chart below to compare losses from any high point for VCEB and GRNB.

Drawdown Indicators

	VCEB	GRNB	Difference
Max Drawdown Largest peak-to-trough decline	-21.60%	-18.08%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.51%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-4.24%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-21.39%	-17.94%	-3.45%
Current Drawdown Current decline from peak	-0.87%	-0.39%	-0.48%
Average Drawdown Average peak-to-trough decline	-7.64%	-4.58%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.64%	+0.27%

Volatility

VCEB vs. GRNB - Volatility Comparison

Vanguard ESG U.S. Corporate Bond ETF (VCEB) has a higher volatility of 1.34% compared to VanEck Green Bond ETF (GRNB) at 0.98%. This indicates that VCEB's price experiences larger fluctuations and is considered to be riskier than GRNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCEB	GRNB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.98%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	2.35%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	2.96%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	4.92%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	4.88%	+1.78%

VCEB vs. GRNB - Expense Ratio Comparison

VCEB has a 0.12% expense ratio, which is lower than GRNB'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. GRNB - Dividend Comparison

VCEB's dividend yield for the trailing twelve months is around 4.64%, more than GRNB's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRNB VanEck Green Bond ETF	4.23%	4.18%	3.83%	3.17%	2.60%	1.97%	2.24%	1.79%	1.21%	1.09%
VCEB Vanguard ESG U.S. Corporate Bond ETF	4.64%	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 GRNB in my portfolio?

VCEB and GRNB have a correlation of 0.86, 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 GRNB?

VCEB has higher volatility (1.34%) compared to GRNB (0.98%). In terms of maximum drawdown, VCEB dropped -21.60% vs GRNB's -18.08%.

Which ETF is better, VCEB or GRNB?

On 5-year performance, GRNB leads with 0.89% vs 0.66% for VCEB. On fees, VCEB is cheaper at 0.12% per year. On volatility, GRNB has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCEB or GRNB?

Over the 5-year period, GRNB has performed better with a 0.89% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCEB or GRNB?

VCEB is cheaper with a 0.12% expense ratio, compared with 0.20% for GRNB.

Which ETF pays a higher dividend yield, VCEB or GRNB?

VCEB has the higher dividend yield at 4.64%, compared with 4.23% for GRNB.

What is the main difference between VCEB and GRNB?

VCEB is categorized as Corporate Bonds, while GRNB is Global Bonds. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while GRNB tracks S&P Green Bond U.S. Dollar Select Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.12% for VCEB and 0.20% for GRNB.

Which has better risk-adjusted returns?

GRNB currently has the higher Sharpe Ratio (1.76 vs 1.34), 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.