VFV.TO vs. VCSH

Last updated Jun 9, 2026

VFV.TO (Vanguard S&P 500 Index ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - VFV.TO is a S&P 500 fund tracking the S&P 500 Index, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, VFV.TO returned 16.02%/yr vs 3.60%/yr for VCSH. At a 0.03 correlation, their price movements are largely independent. VFV.TO charges 0.09%/yr vs 0.04%/yr for VCSH.

Performance

VFV.TO vs. VCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard S&P 500 Index ETF (VFV.TO) and Vanguard Short-Term Corporate Bond ETF (VCSH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VFV.TO is traded in CAD, while VCSH is traded in USD. To make them comparable, the VCSH values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VFV.TO achieves a 10.42% return, which is significantly higher than VCSH's 2.27% return. Over the past 10 years, VFV.TO has outperformed VCSH with an annualized return of 16.02%, while VCSH has yielded a comparatively lower 3.60% annualized return.

VFV.TO

• 1D: 0.33%
• 1M: 2.27%
• YTD: 10.42%
• 6M: 9.43%
• 1Y: 26.89%
• 3Y*: 22.95%
• 5Y*: 16.42%
• 10Y*: 16.02%

VCSH

• 1D: 0.30%
• 1M: 1.81%
• YTD: 2.27%
• 6M: 1.72%
• 1Y: 6.69%
• 3Y*: 7.07%
• 5Y*: 5.19%
• 10Y*: 3.60%

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

VFV.TO vs. VCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFV.TO Vanguard S&P 500 Index ETF	10.42%	12.18%	35.23%	23.23%	-12.58%	27.51%	15.61%	25.14%	2.95%	13.69%
VCSH Vanguard Short-Term Corporate Bond ETF	2.27%	1.90%	13.80%	3.67%	0.36%	-0.68%	2.64%	2.61%	9.41%	-4.74%

Correlation

The correlation between VFV.TO and VCSH is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.03

The correlation between VFV.TO and VCSH shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VFV.TO vs. VCSH — Risk / Return Rank

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

VFV.TO

VFV.TO Risk / Return Rank: 76
VFV.TO Sharpe Ratio Rank: 80
VFV.TO Sortino Ratio Rank: 78
VFV.TO Omega Ratio Rank: 81
VFV.TO Calmar Ratio Rank: 69
VFV.TO Martin Ratio Rank: 70

VCSH

VCSH Risk / Return Rank: 82
VCSH Sharpe Ratio Rank: 84
VCSH Sortino Ratio Rank: 90
VCSH Omega Ratio Rank: 86
VCSH Calmar Ratio Rank: 72
VCSH Martin Ratio Rank: 77

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.

VFV.TO vs. VCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Index ETF (VFV.TO) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.

	VFV.TO	VCSH	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.38	+0.95
Sortino ratio: Return per unit of downside risk	3.13	1.96	+1.17
Omega ratio: Gain probability vs. loss probability	1.43	1.24	+0.19
Calmar ratio: Return relative to maximum drawdown	3.13	1.84	+1.30
Martin ratio: Return relative to average drawdown	11.91	4.41	+7.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFV.TO vs. VCSH - Sharpe Ratio Comparison

The current VFV.TO Sharpe Ratio is 2.33, which is higher than the VCSH Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VFV.TO and VCSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VFV.TO	VCSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.38	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.75	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.49	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.59	+0.54

Drawdowns

VFV.TO vs. VCSH - Drawdown Comparison

The maximum VFV.TO drawdown since its inception was -27.43%, which is greater than VCSH's maximum drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for VFV.TO and VCSH.

Drawdown Indicators

	VFV.TO	VCSH	Difference
Max Drawdown Largest peak-to-trough decline	-27.43%	-13.31%	-14.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-3.65%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-5.50%	-13.55%
Max Drawdown (5Y) Largest decline over 5 years	-22.19%	-8.39%	-13.80%
Max Drawdown (10Y) Largest decline over 10 years	-27.43%	-13.31%	-14.12%
Current Drawdown Current decline from peak	-2.03%	-0.38%	-1.65%
Average Drawdown Average peak-to-trough decline	-3.35%	-3.98%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.52%	+0.74%

Volatility

VFV.TO vs. VCSH - Volatility Comparison

Vanguard S&P 500 Index ETF (VFV.TO) has a higher volatility of 3.79% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 1.07%. This indicates that VFV.TO's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFV.TO	VCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	1.07%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	3.47%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	4.89%	+6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	6.93%	+8.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	7.31%	+9.28%

VFV.TO vs. VCSH - Expense Ratio Comparison

VFV.TO has a 0.09% expense ratio, which is higher than VCSH's 0.04% 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%.

Dividends

VFV.TO vs. VCSH - Dividend Comparison

VFV.TO's dividend yield for the trailing twelve months is around 0.85%, less than VCSH's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VFV.TO Vanguard S&P 500 Index ETF	0.85%	0.92%	0.99%	1.20%	1.31%	1.06%	1.33%	1.55%	1.69%	1.51%	1.65%	1.63%

Frequently Asked Questions

Can I hold both VFV.TO and VCSH in my portfolio?

VFV.TO and VCSH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VFV.TO or VCSH?

On fees, VCSH is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VFV.TO or VCSH?

VCSH is cheaper with a 0.04% expense ratio, compared with 0.09% for VFV.TO.

What is the main difference between VFV.TO and VCSH?

VFV.TO is categorized as S&P 500, while VCSH is Corporate Bonds. VFV.TO tracks S&P 500 Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. Their fees differ too: 0.09% for VFV.TO and 0.04% for VCSH.