VOE vs. VUSB

Last updated Jun 10, 2026

VOE (Vanguard Mid-Cap Value ETF) and VUSB (Vanguard Ultra-Short Bond ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while VUSB is a Ultrashort Bond fund actively managed by Vanguard. VOE is passively managed, while VUSB is actively managed. Over the past 5 years, VOE returned 8.73%/yr vs 3.43%/yr for VUSB. At a 0.13 correlation, their price movements are largely independent. VOE charges 0.05%/yr vs 0.10%/yr for VUSB.

Performance

VOE vs. VUSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and Vanguard Ultra-Short Bond ETF (VUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOE achieves a 11.32% return, which is significantly higher than VUSB's 1.39% return.

VOE

• 1D: 0.73%
• 1M: 2.43%
• YTD: 11.32%
• 6M: 12.25%
• 1Y: 23.44%
• 3Y*: 16.08%
• 5Y*: 8.73%
• 10Y*: 10.62%

VUSB

• 1D: 0.06%
• 1M: 0.26%
• YTD: 1.39%
• 6M: 1.79%
• 1Y: 4.49%
• 3Y*: 5.36%
• 5Y*: 3.43%
• 10Y*: —

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

VOE vs. VUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VOE Vanguard Mid-Cap Value ETF	11.32%	12.08%	14.00%	9.85%	-7.97%	10.92%
VUSB Vanguard Ultra-Short Bond ETF	1.39%	5.20%	5.68%	5.52%	-0.36%	0.08%

Correlation

The correlation between VOE and VUSB is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021	0.13

VOE vs. VUSB - Sectors Allocation Comparison

Sectors	VOE	VUSB
Financial Services	16.5%	-
Industrials	14.0%	-
Energy	12.8%	-
Utilities	12.1%	-
Technology	10.9%	0.2%
Consumer Defensive	7.9%	-
Healthcare	6.3%	-
Real Estate	6.0%	-
Basic Materials	5.8%	-
Consumer Cyclical	5.7%	-
Communication Services	2.2%	-

Return for Risk

VOE vs. VUSB — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 73
VOE Sharpe Ratio Rank: 71
VOE Sortino Ratio Rank: 75
VOE Omega Ratio Rank: 68
VOE Calmar Ratio Rank: 75
VOE Martin Ratio Rank: 76

VUSB

VUSB Risk / Return Rank: 99
VUSB Sharpe Ratio Rank: 99
VUSB Sortino Ratio Rank: 99
VUSB Omega Ratio Rank: 99
VUSB Calmar Ratio Rank: 98
VUSB Martin Ratio Rank: 98

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.

VOE vs. VUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.

	VOE	VUSB	Difference
Sharpe ratio: Return per unit of total volatility	2.05	6.94	-4.89
Sortino ratio: Return per unit of downside risk	2.95	12.52	-9.57
Omega ratio: Gain probability vs. loss probability	1.36	3.35	-1.99
Calmar ratio: Return relative to maximum drawdown	3.40	12.18	-8.78
Martin ratio: Return relative to average drawdown	12.88	70.16	-57.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOE vs. VUSB - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.05, which is lower than the VUSB Sharpe Ratio of 6.94. The chart below compares the historical Sharpe Ratios of VOE and VUSB, 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

	VOE	VUSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	6.94	-4.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	4.13	-3.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	4.09	-3.65

Drawdowns

VOE vs. VUSB - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than VUSB's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for VOE and VUSB.

Drawdown Indicators

	VOE	VUSB	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-1.79%	-59.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-0.37%	-6.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-0.46%	-17.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-1.79%	-17.91%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	—	—
Current Drawdown Current decline from peak	-0.40%	-0.02%	-0.38%
Average Drawdown Average peak-to-trough decline	-8.34%	-0.27%	-8.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.06%	+1.76%

Volatility

VOE vs. VUSB - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) has a higher volatility of 2.63% compared to Vanguard Ultra-Short Bond ETF (VUSB) at 0.18%. This indicates that VOE'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.

Volatility by Period

	VOE	VUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	0.18%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	0.53%	+7.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	0.65%	+10.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	0.83%	+15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	0.82%	+18.01%

VOE vs. VUSB - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than VUSB's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOE vs. VUSB - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.87%, less than VUSB's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOE Vanguard Mid-Cap Value ETF	1.87%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%
VUSB Vanguard Ultra-Short Bond ETF	4.39%	4.63%	5.16%	4.45%	1.56%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOE and VUSB in my portfolio?

VOE and VUSB have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOE or VUSB?

VOE has higher volatility (2.63%) compared to VUSB (0.18%). In terms of maximum drawdown, VOE dropped -61.50% vs VUSB's -1.79%.

Which ETF is better, VOE or VUSB?

On 5-year performance, VOE leads with 8.73% vs 3.43% for VUSB. On fees, VOE is cheaper at 0.05% per year. On volatility, VUSB has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or VUSB?

Over the 5-year period, VOE has performed better with a 8.73% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or VUSB?

VOE is cheaper with a 0.05% expense ratio, compared with 0.10% for VUSB.

Which ETF pays a higher dividend yield, VOE or VUSB?

VUSB has the higher dividend yield at 4.39%, compared with 1.87% for VOE.

What is the main difference between VOE and VUSB?

VOE is categorized as Mid Cap Value Equities, while VUSB is Ultrashort Bond. Their fees differ too: 0.05% for VOE and 0.10% for VUSB.

Which has better risk-adjusted returns?

VUSB currently has the higher Sharpe Ratio (6.94 vs 2.05), 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.