VHCAX vs. VFSUX

Last updated Jun 23, 2026

VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) and VFSUX (Vanguard Short-Term Investment-Grade Fund Admiral Shares) are both mutual funds - VHCAX is a Large Cap Growth Equities fund managed by Vanguard, while VFSUX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, VHCAX returned 17.59%/yr vs 2.60%/yr for VFSUX. At a correlation of -0.12, they often move in opposite directions. VHCAX charges 0.36%/yr vs 0.10%/yr for VFSUX.

Performance

VHCAX vs. VFSUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHCAX achieves a 26.85% return, which is significantly higher than VFSUX's 0.53% return. Over the past 10 years, VHCAX has outperformed VFSUX with an annualized return of 17.59%, while VFSUX has yielded a comparatively lower 2.60% annualized return.

VHCAX

• 1D: 2.38%
• 1M: 7.14%
• YTD: 26.85%
• 6M: 25.41%
• 1Y: 56.45%
• 3Y*: 25.85%
• 5Y*: 14.75%
• 10Y*: 17.59%

VFSUX

• 1D: 0.10%
• 1M: 0.31%
• YTD: 0.53%
• 6M: 0.91%
• 1Y: 4.40%
• 3Y*: 5.63%
• 5Y*: 2.38%
• 10Y*: 2.60%

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

VHCAX vs. VFSUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	26.85%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%
VFSUX Vanguard Short-Term Investment-Grade Fund Admiral Shares	0.53%	6.87%	5.08%	6.17%	-5.75%	-0.62%	5.26%	5.85%	0.98%	2.13%

Correlation

The correlation between VHCAX and VFSUX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	-0.12

The correlation between VHCAX and VFSUX shifts across timeframes, from -0.12 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VHCAX vs. VFSUX — Risk / Return Rank

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

VHCAX

VHCAX Risk / Return Rank: 91
VHCAX Sharpe Ratio Rank: 95
VHCAX Sortino Ratio Rank: 89
VHCAX Omega Ratio Rank: 85
VHCAX Calmar Ratio Rank: 91
VHCAX Martin Ratio Rank: 95

VFSUX

VFSUX Risk / Return Rank: 60
VFSUX Sharpe Ratio Rank: 49
VFSUX Sortino Ratio Rank: 76
VFSUX Omega Ratio Rank: 72
VFSUX Calmar Ratio Rank: 50
VFSUX Martin Ratio Rank: 52

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.

VHCAX vs. VFSUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) and Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX). 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.

	VHCAX	VFSUX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.89	+1.14
Sortino ratio: Return per unit of downside risk	4.00	3.31	+0.69
Omega ratio: Gain probability vs. loss probability	1.54	1.43	+0.11
Calmar ratio: Return relative to maximum drawdown	4.51	2.59	+1.92
Martin ratio: Return relative to average drawdown	19.87	10.04	+9.83

VHCAX vs. VFSUX - Sharpe Ratio Comparison

The current VHCAX Sharpe Ratio is 3.03, which is higher than the VFSUX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VHCAX and VFSUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VHCAX vs. VFSUX - Drawdown Comparison

The maximum VHCAX drawdown since its inception was -54.27%, which is greater than VFSUX's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for VHCAX and VFSUX.

Drawdown Indicators

	VHCAX	VFSUX	Difference
Max Drawdown Largest peak-to-trough decline	-54.27%	-9.24%	-45.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-1.71%	-10.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.92%	-1.71%	-22.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-9.24%	-18.31%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-9.24%	-24.54%
Current Drawdown Current decline from peak	-0.34%	-0.52%	+0.18%
Average Drawdown Average peak-to-trough decline	-8.39%	-0.87%	-7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	0.44%	+2.37%

Volatility

VHCAX vs. VFSUX - Volatility Comparison

Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) has a higher volatility of 8.52% compared to Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX) at 0.80%. This indicates that VHCAX's price experiences larger fluctuations and is considered to be riskier than VFSUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCAX	VFSUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	0.80%	+7.72%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	1.73%	+13.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	2.33%	+16.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	2.99%	+17.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	2.49%	+17.95%

VHCAX vs. VFSUX - Expense Ratio Comparison

VHCAX has a 0.36% expense ratio, which is higher than VFSUX's 0.10% expense ratio.

Dividends

VHCAX vs. VFSUX - Dividend Comparison

VHCAX's dividend yield for the trailing twelve months is around 7.66%, more than VFSUX's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFSUX Vanguard Short-Term Investment-Grade Fund Admiral Shares	4.73%	4.59%	4.16%	3.14%	2.03%	1.79%	2.34%	2.92%	2.79%	2.11%	2.14%	2.09%
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.66%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%

Frequently Asked Questions

Can I hold both VHCAX and VFSUX in my portfolio?

VHCAX and VFSUX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCAX or VFSUX?

VHCAX has higher volatility (8.52%) compared to VFSUX (0.80%). In terms of maximum drawdown, VHCAX dropped -54.27% vs VFSUX's -9.24%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (3.03 vs 1.89), 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.