VCSH vs. PYLD
VCSH (Vanguard Short-Term Corporate Bond ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index, while PYLD is a Multisector Bonds fund actively managed by PIMCO. VCSH is passively managed, while PYLD is actively managed. Over the past 3 years, VCSH returned 5.42%/yr vs 7.93%/yr for PYLD. Their correlation of 0.83 means they have usually moved in the same direction. VCSH charges 0.04%/yr vs 0.55%/yr for PYLD.
Performance
VCSH vs. PYLD - Performance Comparison
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Returns By Period
In the year-to-date period, VCSH achieves a 0.92% return, which is significantly lower than PYLD's 0.98% return.
VCSH
- 1D
- 0.13%
- 1M
- -0.09%
- 6M
- 0.60%
- YTD
- 0.92%
- 1Y
- 3.20%
- 3Y*
- 5.42%
- 5Y*
- 2.32%
- 10Y*
- 2.65%
- ALL TIME*
- 2.90%
PYLD
- 1D
- 0.15%
- 1M
- -0.76%
- 6M
- 0.38%
- YTD
- 0.98%
- 1Y
- 4.94%
- 3Y*
- 7.93%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $87.11M | $100.81M | $103.51M | |
| $313.19M | $294.57M | $337.26M |
VCSH vs. PYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VCSH Vanguard Short-Term Corporate Bond ETF | 0.92% | 6.77% | 4.91% | 4.25% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 0.98% | 9.57% | 7.69% | 5.46% |
Correlation
The correlation between VCSH and PYLD is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.83 |
The correlation between VCSH and PYLD has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
VCSH vs. PYLD — Risk / Return Rank
VCSH
PYLD
VCSH vs. PYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond ETF (VCSH) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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 | PYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.53 | +0.76 |
| Martin ratioReturn relative to average drawdown | 9.01 | 6.57 | +2.44 |
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Drawdowns
VCSH vs. PYLD - Drawdown Comparison
The maximum VCSH drawdown since its inception was -12.86%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for VCSH and PYLD.
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Drawdown Indicators
| VCSH | PYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.86% | -4.52% | -8.34% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -3.25% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -3.88% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -9.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -12.86% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.98% | +0.81% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -0.64% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.75% | -0.39% |
Volatility
VCSH vs. PYLD - Volatility Comparison
The current volatility for Vanguard Short-Term Corporate Bond ETF (VCSH) is 0.55%, while PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) has a volatility of 0.88%. This indicates that VCSH experiences smaller price fluctuations and is considered to be less risky than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCSH | PYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.88% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 2.73% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.87% | 3.08% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.90% | 3.96% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 3.96% | -0.61% |
VCSH vs. PYLD - Expense Ratio Comparison
VCSH has a 0.04% expense ratio, which is lower than PYLD's 0.55% expense ratio.
Dividends
VCSH vs. PYLD - Dividend Comparison
VCSH's dividend yield for the trailing twelve months is around 4.47%, less than PYLD's 6.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 6.44% | 6.21% | 6.40% | 2.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.47% | 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 PYLD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYLD has higher volatility (0.88%) compared to VCSH (0.55%). In terms of maximum drawdown, VCSH dropped -12.86% vs PYLD's -4.52%.
On 3-year performance, PYLD leads with 7.93% vs 5.42% for VCSH. On fees, VCSH is cheaper at 0.04% per year. On volatility, VCSH has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PYLD has performed better with a 7.93% return vs 5.42%. 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 0.55% for PYLD.
PYLD has the higher dividend yield at 6.44%, compared with 4.47% for VCSH.
VCSH is categorized as Corporate Bonds, while PYLD is Multisector Bonds. They also come from different issuers: Vanguard and PIMCO. Their fees differ too: 0.04% for VCSH and 0.55% for PYLD.
VCSH currently has the higher Sharpe Ratio (1.72 vs 1.61), 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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