VNLA vs. VUSB
VNLA (Janus Henderson Short Duration Income ETF) and VUSB (Vanguard Ultra-Short Bond ETF) are both Ultrashort Bond funds. VNLA is passively managed, while VUSB is actively managed. Over the past 5 years, VNLA returned 3.92%/yr vs 3.54%/yr for VUSB. Their 0.47 correlation means their historical movements had little consistent relationship. VNLA charges 0.23%/yr vs 0.10%/yr for VUSB.
Performance
VNLA vs. VUSB - Performance Comparison
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Returns By Period
In the year-to-date period, VNLA achieves a 2.08% return, which is significantly higher than VUSB's 1.96% return.
VNLA
- 1D
- 0.04%
- 1M
- 0.21%
- 6M
- 1.63%
- YTD
- 2.08%
- 1Y
- 4.27%
- 3Y*
- 5.65%
- 5Y*
- 3.92%
- 10Y*
- —
- ALL TIME*
- 2.99%
VUSB
- 1D
- 0.02%
- 1M
- 0.24%
- 6M
- 1.57%
- YTD
- 1.96%
- 1Y
- 4.09%
- 3Y*
- 5.25%
- 5Y*
- 3.54%
- 10Y*
- —
- ALL TIME*
- 3.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.97M | $17.51M | $18.61M | |
| $68.77M | $73.10M | $81.38M |
VNLA vs. VUSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 2.08% | 5.45% | 6.41% | 6.09% | -0.17% | 0.22% |
VUSB Vanguard Ultra-Short Bond ETF | 1.96% | 5.20% | 5.68% | 5.52% | -0.36% | 0.08% |
Correlation
The correlation between VNLA and VUSB is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.47 |
The correlation between VNLA and VUSB shifts across timeframes, from 0.47 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VNLA vs. VUSB — Risk / Return Rank
VNLA
VUSB
VNLA vs. VUSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and Vanguard Ultra-Short Bond ETF (VUSB). 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.
| VNLA | VUSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +3.15 | ||
| Omega ratioGain probability vs. loss probability | 3.30 | 3.04 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 10.46 | 11.62 | -1.16 |
| Martin ratioReturn relative to average drawdown | 53.53 | 65.56 | -12.03 |
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Drawdowns
VNLA vs. VUSB - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, which is greater than VUSB's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for VNLA and VUSB.
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Drawdown Indicators
| VNLA | VUSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -1.79% | -2.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.37% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -0.46% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -1.79% | +0.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.27% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.07% | +0.01% |
Volatility
VNLA vs. VUSB - Volatility Comparison
Janus Henderson Short Duration Income ETF (VNLA) has a higher volatility of 0.17% compared to Vanguard Ultra-Short Bond ETF (VUSB) at 0.16%. This indicates that VNLA's price experiences larger fluctuations and is considered to be riskier than VUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNLA | VUSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.16% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 0.57% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.64% | 0.67% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 0.84% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 0.82% | +0.60% |
VNLA vs. VUSB - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is higher than VUSB's 0.10% 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
VNLA vs. VUSB - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 5.16%, more than VUSB's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 4.74% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
VUSB Vanguard Ultra-Short Bond ETF | 3.95% | 4.63% | 5.16% | 4.45% | 1.56% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VNLA and VUSB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNLA has higher volatility (0.17%) compared to VUSB (0.16%). In terms of maximum drawdown, VNLA dropped -4.49% vs VUSB's -1.79%.
On 5-year performance, VNLA leads with 3.92% vs 3.54% for VUSB. On fees, VUSB is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.92% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VUSB is cheaper with a 0.10% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 4.74%, compared with 3.95% for VUSB.
They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.23% for VNLA and 0.10% for VUSB.
VNLA currently has the higher Sharpe Ratio (7.03 vs 6.39), 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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