VFSIX vs. GHYG
VFSIX (Vanguard Short-Term Investment-Grade Fund Institutional Shares) and GHYG (iShares US & Intl High Yield Corp Bond ETF) are both funds - VFSIX is a Total Bond Market fund managed by Vanguard, while GHYG is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets High Yield Index. Over the past 10 years, VFSIX returned 2.63%/yr vs 4.82%/yr for GHYG. At a 0.20 correlation, their price movements are largely independent. VFSIX charges 0.07%/yr vs 0.40%/yr for GHYG.
Performance
VFSIX vs. GHYG - Performance Comparison
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Returns By Period
In the year-to-date period, VFSIX achieves a 0.83% return, which is significantly higher than GHYG's 0.62% return. Over the past 10 years, VFSIX has underperformed GHYG with an annualized return of 2.63%, while GHYG has yielded a comparatively higher 4.82% annualized return.
VFSIX
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 0.83%
- 6M
- 1.12%
- 1Y
- 4.82%
- 3Y*
- 5.55%
- 5Y*
- 2.37%
- 10Y*
- 2.63%
GHYG
- 1D
- -0.15%
- 1M
- 0.20%
- YTD
- 0.62%
- 6M
- 0.87%
- 1Y
- 6.33%
- 3Y*
- 8.91%
- 5Y*
- 3.28%
- 10Y*
- 4.82%
VFSIX vs. GHYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares | 0.83% | 6.89% | 5.12% | 5.88% | -5.72% | -0.59% | 5.28% | 5.88% | 1.00% | 2.15% |
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.62% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
Correlation
The correlation between VFSIX and GHYG is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 9, 2012 | 0.20 |
Over the past year, VFSIX and GHYG have become more correlated (0.50) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
VFSIX vs. GHYG — Risk / Return Rank
VFSIX
GHYG
VFSIX vs. GHYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) and iShares US & Intl High Yield Corp Bond ETF (GHYG). 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.
| VFSIX | GHYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.25 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 1.66 | +1.18 |
| Martin ratioReturn relative to average drawdown | 11.24 | 6.19 | +5.05 |
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
| VFSIX | GHYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 1.36 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.43 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.06 | 0.55 | +0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.53 | 0.55 | +0.98 |
Drawdowns
VFSIX vs. GHYG - Drawdown Comparison
The maximum VFSIX drawdown since its inception was -9.21%, smaller than the maximum GHYG drawdown of -27.36%. Use the drawdown chart below to compare losses from any high point for VFSIX and GHYG.
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Drawdown Indicators
| VFSIX | GHYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.21% | -27.36% | +18.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.71% | -3.84% | +2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.71% | -4.46% | +2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -20.44% | +11.23% |
Max Drawdown (10Y)Largest decline over 10 years | -9.21% | -27.36% | +18.15% |
Current DrawdownCurrent decline from peak | -0.23% | -0.73% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -3.35% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 1.02% | -0.59% |
Volatility
VFSIX vs. GHYG - Volatility Comparison
The current volatility for Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) is 0.75%, while iShares US & Intl High Yield Corp Bond ETF (GHYG) has a volatility of 1.91%. This indicates that VFSIX experiences smaller price fluctuations and is considered to be less risky than GHYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VFSIX | GHYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 1.91% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 3.84% | -2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 4.69% | -2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.99% | 7.64% | -4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.49% | 8.77% | -6.28% |
VFSIX vs. GHYG - Expense Ratio Comparison
VFSIX has a 0.07% expense ratio, which is lower than GHYG's 0.40% expense ratio.
Dividends
VFSIX vs. GHYG - Dividend Comparison
VFSIX's dividend yield for the trailing twelve months is around 4.74%, less than GHYG's 6.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 6.23% | 6.03% | 6.11% | 5.60% | 4.64% | 4.57% | 4.36% | 4.61% | 5.62% | 4.60% | 4.61% | 4.79% |
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares | 4.74% | 4.61% | 4.19% | 2.88% | 2.06% | 1.81% | 2.35% | 2.95% | 2.80% | 2.13% | 2.17% | 2.12% |
Frequently Asked Questions
VFSIX and GHYG have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHYG has higher volatility (1.91%) compared to VFSIX (0.75%). In terms of maximum drawdown, VFSIX dropped -9.21% vs GHYG's -27.36%.
VFSIX currently has the higher Sharpe Ratio (2.08 vs 1.36), 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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