VCSH vs. ICSH
VCSH (Vanguard Short-Term Corporate Bond ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. VCSH is passively managed, while ICSH is actively managed. Over the past 10 years, VCSH returned 2.64%/yr vs 2.80%/yr for ICSH. At a 0.27 correlation, their price movements are largely independent. VCSH charges 0.04%/yr vs 0.08%/yr for ICSH.
Performance
VCSH vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, VCSH achieves a 0.82% return, which is significantly lower than ICSH's 1.92% return. Over the past 10 years, VCSH has underperformed ICSH with an annualized return of 2.64%, while ICSH has yielded a comparatively higher 2.80% annualized return.
VCSH
- 1D
- -0.10%
- 1M
- 0.10%
- 6M
- 0.78%
- YTD
- 0.82%
- 1Y
- 3.73%
- 3Y*
- 5.46%
- 5Y*
- 2.34%
- 10Y*
- 2.64%
- ALL TIME*
- 2.90%
ICSH
- 1D
- 0.00%
- 1M
- 0.36%
- 6M
- 1.77%
- YTD
- 1.92%
- 1Y
- 4.16%
- 3Y*
- 5.09%
- 5Y*
- 3.76%
- 10Y*
- 2.80%
- ALL TIME*
- 2.32%
VCSH vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCSH Vanguard Short-Term Corporate Bond ETF | 0.82% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.92% | 4.96% | 5.52% | 5.58% | 0.97% | 0.16% | 1.61% | 3.17% | 2.25% | 1.63% |
Correlation
The correlation between VCSH and ICSH is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2013 | 0.27 |
Over the past year, VCSH and ICSH have become more correlated (0.53) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
VCSH vs. ICSH — Risk / Return Rank
VCSH
ICSH
VCSH vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond ETF (VCSH) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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.
| VCSH | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.10 | ||
| Sortino ratioReturn per unit of downside risk | -19.42 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 5.55 | -4.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 42.22 | -39.55 |
| Martin ratioReturn relative to average drawdown | 10.74 | 238.25 | -227.51 |
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Drawdowns
VCSH vs. ICSH - Drawdown Comparison
The maximum VCSH drawdown since its inception was -12.86%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for VCSH and ICSH.
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Drawdown Indicators
| VCSH | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.86% | -3.94% | -8.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -0.10% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -0.10% | -1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -0.73% | -8.75% |
Max Drawdown (10Y)Largest decline over 10 years | -12.86% | -3.94% | -8.92% |
Current DrawdownCurrent decline from peak | -0.27% | 0.00% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -0.08% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.02% | +0.33% |
Volatility
VCSH vs. ICSH - Volatility Comparison
Vanguard Short-Term Corporate Bond ETF (VCSH) has a higher volatility of 0.59% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.12%. This indicates that VCSH's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCSH | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.12% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 0.32% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.94% | 0.42% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.90% | 0.49% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 1.05% | +2.30% |
VCSH vs. ICSH - Expense Ratio Comparison
VCSH has a 0.04% expense ratio, which is lower than ICSH's 0.08% 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
VCSH vs. ICSH - Dividend Comparison
VCSH's dividend yield for the trailing twelve months is around 4.46%, more than ICSH's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.28% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
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 ICSH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCSH has higher volatility (0.59%) compared to ICSH (0.12%). In terms of maximum drawdown, VCSH dropped -12.86% vs ICSH's -3.94%.
On 10-year performance, ICSH leads with 2.80% vs 2.64% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, ICSH has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICSH has performed better with a 2.80% return vs 2.64%. 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 0.08% for ICSH.
VCSH has the higher dividend yield at 4.46%, compared with 4.28% for ICSH.
VCSH is categorized as Corporate Bonds, while ICSH is Ultrashort Bond. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.04% for VCSH and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (10.04 vs 1.94), 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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