VFMO vs. VCEB

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard U.S. Momentum Factor ETF (VFMO) and Vanguard ESG U.S. Corporate Bond ETF (VCEB).

VFMO and VCEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VFMO is an actively managed fund by Vanguard. It was launched on Feb 13, 2018. VCEB is a passively managed fund by Vanguard that tracks the performance of the Bloomberg Barclays MSCI US Corp SRI Select Index. It was launched on Sep 22, 2020.

Performance

VFMO vs. VCEB - Performance Comparison

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

VFMO vs. VCEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VFMO Vanguard U.S. Momentum Factor ETF	4.82%	17.39%	26.14%	16.25%	-12.84%	19.16%	24.84%
VCEB Vanguard ESG U.S. Corporate Bond ETF	-0.36%	7.48%	2.23%	8.52%	-15.15%	-1.99%	2.46%

Returns By Period

In the year-to-date period, VFMO achieves a 4.82% return, which is significantly higher than VCEB's -0.36% return.

VFMO

• 1D: 1.59%
• 1M: -4.52%
• YTD: 4.82%
• 6M: 4.66%
• 1Y: 32.56%
• 3Y*: 22.16%
• 5Y*: 10.89%
• 10Y*: —

VCEB

• 1D: 0.15%
• 1M: -1.43%
• YTD: -0.36%
• 6M: -0.06%
• 1Y: 4.43%
• 3Y*: 4.56%
• 5Y*: 0.61%
• 10Y*: —

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

VFMO vs. VCEB - Expense Ratio Comparison

VFMO has a 0.13% expense ratio, which is higher than VCEB's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VFMO

Vanguard U.S. Momentum Factor ETF

VCEB

Vanguard ESG U.S. Corporate Bond ETF

Return for Risk

VFMO vs. VCEB — Risk / Return Rank

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

VFMO

VFMO Risk / Return Rank: 75
VFMO Sharpe Ratio Rank: 71
VFMO Sortino Ratio Rank: 71
VFMO Omega Ratio Rank: 67
VFMO Calmar Ratio Rank: 83
VFMO Martin Ratio Rank: 82

VCEB

VCEB Risk / Return Rank: 48
VCEB Sharpe Ratio Rank: 45
VCEB Sortino Ratio Rank: 41
VCEB Omega Ratio Rank: 40
VCEB Calmar Ratio Rank: 62
VCEB Martin Ratio Rank: 51

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.

VFMO vs. VCEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) and Vanguard ESG U.S. Corporate Bond ETF (VCEB). 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.

	VFMO	VCEB	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.87	+0.43
Sortino ratio Return per unit of downside risk	1.83	1.23	+0.60
Omega ratio Gain probability vs. loss probability	1.25	1.17	+0.09
Calmar ratio Return relative to maximum drawdown	2.50	1.67	+0.83
Martin ratio Return relative to average drawdown	9.55	5.21	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFMO vs. VCEB - Sharpe Ratio Comparison

The current VFMO Sharpe Ratio is 1.30, which is higher than the VCEB Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of VFMO and VCEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFMO	VCEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.87	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.09	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.03	+0.54

Correlation

The correlation between VFMO and VCEB is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VFMO vs. VCEB - Dividend Comparison

VFMO's dividend yield for the trailing twelve months is around 0.74%, less than VCEB's 4.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VFMO Vanguard U.S. Momentum Factor ETF	0.74%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%
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%

Drawdowns

VFMO vs. VCEB - Drawdown Comparison

The maximum VFMO drawdown since its inception was -36.77%, which is greater than VCEB's maximum drawdown of -21.60%. Use the drawdown chart below to compare losses from any high point for VFMO and VCEB.

Drawdown Indicators

	VFMO	VCEB	Difference
Max Drawdown Largest peak-to-trough decline	-36.77%	-21.60%	-15.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.25%	-2.82%	-10.43%
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	-21.39%	-4.41%
Current Drawdown Current decline from peak	-4.87%	-1.72%	-3.15%
Average Drawdown Average peak-to-trough decline	-7.91%	-7.83%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	0.90%	+2.56%

Volatility

VFMO vs. VCEB - Volatility Comparison

Vanguard U.S. Momentum Factor ETF (VFMO) has a higher volatility of 9.31% compared to Vanguard ESG U.S. Corporate Bond ETF (VCEB) at 2.16%. This indicates that VFMO's price experiences larger fluctuations and is considered to be riskier than VCEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFMO	VCEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	2.16%	+7.15%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	2.94%	+14.84%
Volatility (1Y) Calculated over the trailing 1-year period	25.09%	5.10%	+19.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	6.84%	+14.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	6.72%	+16.92%