VCSH vs. USD=X

Last updated Jul 21, 2026

VCSH (Vanguard Short-Term Corporate Bond ETF) is Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index, while USD=X (USD Cash) is a currency. Over the past 10 years, VCSH returned 2.64%/yr vs 0.00%/yr for USD=X.

Performance

VCSH vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Corporate Bond ETF (VCSH) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

USD=X

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%
• ALL TIME*: 0.00%

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

VCSH vs. USD=X - 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%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

VCSH vs. USD=X — Risk / Return Rank

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

VCSH

VCSH Risk / Return Rank: 80
VCSH Sharpe Ratio Rank: 81
VCSH Sortino Ratio Rank: 85
VCSH Omega Ratio Rank: 82
VCSH Calmar Ratio Rank: 72
VCSH Martin Ratio Rank: 78

USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VCSH vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond ETF (VCSH) and USD Cash (USD=X). 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	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.94	—	—
Sortino ratio: Return per unit of downside risk	2.93	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.67	—	—
Martin ratio: Return relative to average drawdown	10.74	—	—

Drawdowns

VCSH vs. USD=X - Drawdown Comparison

The maximum VCSH drawdown since its inception was -12.86%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VCSH and USD=X.

Drawdown Indicators

	VCSH	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-12.86%	0.00%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	0.00%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-1.40%	0.00%	-1.40%
Max Drawdown (5Y) Largest decline over 5 years	-9.48%	0.00%	-9.48%
Max Drawdown (10Y) Largest decline over 10 years	-12.86%	0.00%	-12.86%
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-0.96%	0.00%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.00%	+0.35%

Volatility

VCSH vs. USD=X - Volatility Comparison

Vanguard Short-Term Corporate Bond ETF (VCSH) has a higher volatility of 0.59% compared to USD Cash (USD=X) at 0.00%. This indicates that VCSH's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCSH	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.00%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	0.00%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	1.94%	0.00%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.90%	0.00%	+2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	0.00%	+3.35%

Frequently Asked Questions

Which is riskier, VCSH or USD=X?

VCSH has higher volatility (0.59%) compared to USD=X (0.00%). In terms of maximum drawdown, VCSH dropped -12.86% vs USD=X's 0.00%.