VCSH vs. GDX
VCSH (Vanguard Short-Term Corporate Bond ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, VCSH returned 2.66%/yr vs 12.82%/yr for GDX. At a 0.27 correlation, their price movements are largely independent. VCSH charges 0.04%/yr vs 0.51%/yr for GDX.
Performance
VCSH vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, VCSH achieves a 0.44% return, which is significantly higher than GDX's -8.28% return. Over the past 10 years, VCSH has underperformed GDX with an annualized return of 2.66%, while GDX has yielded a comparatively higher 12.82% annualized return.
VCSH
- 1D
- 0.03%
- 1M
- -0.26%
- YTD
- 0.44%
- 6M
- 0.92%
- 1Y
- 4.56%
- 3Y*
- 5.56%
- 5Y*
- 2.26%
- 10Y*
- 2.66%
GDX
- 1D
- -0.22%
- 1M
- -16.83%
- YTD
- -8.28%
- 6M
- 0.10%
- 1Y
- 53.51%
- 3Y*
- 37.89%
- 5Y*
- 17.28%
- 10Y*
- 12.82%
VCSH vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCSH Vanguard Short-Term Corporate Bond ETF | 0.44% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
GDX VanEck Gold Miners ETF | -8.28% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between VCSH and GDX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.27 |
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Return for Risk
VCSH vs. GDX — Risk / Return Rank
VCSH
GDX
VCSH vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond ETF (VCSH) and VanEck Gold Miners ETF (GDX). 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.
| VCSH | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.22 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 1.68 | +1.59 |
| Martin ratioReturn relative to average drawdown | 13.41 | 4.32 | +9.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCSH | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 1.16 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 0.47 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.35 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 0.12 | +0.90 |
Drawdowns
VCSH vs. GDX - Drawdown Comparison
The maximum VCSH drawdown since its inception was -12.86%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for VCSH and GDX.
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Drawdown Indicators
| VCSH | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.86% | -80.34% | +67.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -32.09% | +30.69% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -32.09% | +30.69% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -46.51% | +37.03% |
Max Drawdown (10Y)Largest decline over 10 years | -12.86% | -49.79% | +36.93% |
Current DrawdownCurrent decline from peak | -0.52% | -32.09% | +31.57% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -40.43% | +39.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 12.42% | -12.08% |
Volatility
VCSH vs. GDX - Volatility Comparison
The current volatility for Vanguard Short-Term Corporate Bond ETF (VCSH) is 0.61%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.05%. This indicates that VCSH experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCSH | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 16.05% | -15.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.41% | 38.61% | -37.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.87% | 46.36% | -44.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.88% | 36.61% | -33.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 37.27% | -33.92% |
VCSH vs. GDX - Expense Ratio Comparison
VCSH has a 0.04% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
VCSH vs. GDX - Dividend Comparison
VCSH's dividend yield for the trailing twelve months is around 4.46%, more than GDX's 0.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.80% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.46% | 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
VCSH and GDX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (16.05%) compared to VCSH (0.61%). In terms of maximum drawdown, VCSH dropped -12.86% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.82% vs 2.66% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.82% return vs 2.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.51% for GDX.
VCSH has the higher dividend yield at 4.46%, compared with 0.80% for GDX.
VCSH is categorized as Corporate Bonds, while GDX is Gold. VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.04% for VCSH and 0.51% for GDX.
VCSH currently has the higher Sharpe Ratio (2.45 vs 1.16), 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.
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