VSBIX vs. VSB.TO

Last updated Jun 6, 2026

VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) and VSB.TO (Vanguard Canadian Short Term Bond) are both funds - VSBIX is a Government Bonds fund managed by Vanguard, while VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index. Over the past 10 years, VSBIX returned 1.78%/yr vs 1.02%/yr for VSB.TO. At a 0.22 correlation, their price movements are largely independent. VSBIX charges 0.05%/yr vs 0.15%/yr for VSB.TO.

Performance

VSBIX vs. VSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) and Vanguard Canadian Short Term Bond (VSB.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VSBIX achieves a 0.57% return, which is significantly higher than VSB.TO's -0.71% return. Over the past 10 years, VSBIX has outperformed VSB.TO with an annualized return of 1.78%, while VSB.TO has yielded a comparatively lower 1.02% annualized return.

VSBIX

• 1D: 0.08%
• 1M: -0.01%
• YTD: 0.57%
• 6M: 0.93%
• 1Y: 3.44%
• 3Y*: 4.29%
• 5Y*: 1.89%
• 10Y*: 1.78%

VSB.TO

• 1D: -0.38%
• 1M: -1.85%
• YTD: -0.71%
• 6M: 0.33%
• 1Y: 0.73%
• 3Y*: 3.28%
• 5Y*: -0.89%
• 10Y*: 1.02%

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

VSBIX vs. VSB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	0.57%	5.11%	4.37%	4.28%	-3.87%	-0.67%	3.11%	3.53%	1.52%	0.40%
VSB.TO Vanguard Canadian Short Term Bond	-0.71%	8.62%	-2.80%	7.30%	-10.36%	-0.42%	7.40%	8.21%	-6.22%	6.52%

Correlation

The correlation between VSBIX and VSB.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011	0.22

Over the past year, VSBIX and VSB.TO have become more correlated (0.47) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

VSBIX vs. VSB.TO — Risk / Return Rank

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

VSBIX

VSBIX Risk / Return Rank: 87
VSBIX Sharpe Ratio Rank: 83
VSBIX Sortino Ratio Rank: 91
VSBIX Omega Ratio Rank: 84
VSBIX Calmar Ratio Rank: 88
VSBIX Martin Ratio Rank: 90

VSB.TO

VSB.TO Risk / Return Rank: 43
VSB.TO Sharpe Ratio Rank: 44
VSB.TO Sortino Ratio Rank: 42
VSB.TO Omega Ratio Rank: 46
VSB.TO Calmar Ratio Rank: 41
VSB.TO Martin Ratio Rank: 42

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.

VSBIX vs. VSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) and Vanguard Canadian Short Term Bond (VSB.TO). 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.

	VSBIX	VSB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.67	0.15	+2.53
Sortino ratio: Return per unit of downside risk	4.46	0.26	+4.20
Omega ratio: Gain probability vs. loss probability	1.56	1.03	+0.54
Calmar ratio: Return relative to maximum drawdown	4.18	0.21	+3.96
Martin ratio: Return relative to average drawdown	17.23	0.52	+16.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSBIX vs. VSB.TO - Sharpe Ratio Comparison

The current VSBIX Sharpe Ratio is 2.67, which is higher than the VSB.TO Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of VSBIX and VSB.TO, 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

	VSBIX	VSB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	0.15	+2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	-0.13	+1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.16	0.13	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	-0.03	+1.12

Drawdowns

VSBIX vs. VSB.TO - Drawdown Comparison

The maximum VSBIX drawdown since its inception was -5.74%, smaller than the maximum VSB.TO drawdown of -28.64%. Use the drawdown chart below to compare losses from any high point for VSBIX and VSB.TO.

Drawdown Indicators

	VSBIX	VSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.74%	-28.64%	+22.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-3.44%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-0.81%	-6.77%	+5.96%
Max Drawdown (5Y) Largest decline over 5 years	-5.74%	-18.36%	+12.62%
Max Drawdown (10Y) Largest decline over 10 years	-5.74%	-18.64%	+12.90%
Current Drawdown Current decline from peak	-0.16%	-8.71%	+8.55%
Average Drawdown Average peak-to-trough decline	-0.59%	-13.36%	+12.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	1.41%	-1.21%

Volatility

VSBIX vs. VSB.TO - Volatility Comparison

The current volatility for Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) is 0.39%, while Vanguard Canadian Short Term Bond (VSB.TO) has a volatility of 1.23%. This indicates that VSBIX experiences smaller price fluctuations and is considered to be less risky than VSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSBIX	VSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	1.23%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	3.74%	-2.88%
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	4.90%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	6.97%	-5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.53%	7.82%	-6.29%

VSBIX vs. VSB.TO - Expense Ratio Comparison

VSBIX has a 0.05% expense ratio, which is lower than VSB.TO's 0.15% 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

VSBIX vs. VSB.TO - Dividend Comparison

VSBIX's dividend yield for the trailing twelve months is around 3.87%, more than VSB.TO's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSB.TO Vanguard Canadian Short Term Bond	3.00%	3.04%	3.04%	2.66%	2.24%	2.02%	2.24%	2.31%	2.29%	2.34%	2.45%	2.38%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	3.87%	3.99%	4.52%	3.31%	1.14%	0.65%	1.74%	2.28%	1.81%	1.11%	0.80%	0.74%

Frequently Asked Questions

Can I hold both VSBIX and VSB.TO in my portfolio?

VSBIX and VSB.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.