VSC.TO vs. VCSH

Last updated Jun 25, 2026

VSC.TO (Vanguard Canadian Short-Term Corporate Bond Index ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - VSC.TO is a Short-Term Bond fund tracking the Bloomberg Global Aggregate Canadian 1-5 Year Corporate Float Adjusted 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, VSC.TO returned 2.79%/yr vs 3.72%/yr for VCSH. At a 0.17 correlation, their price movements are largely independent. VSC.TO charges 0.11%/yr vs 0.04%/yr for VCSH.

Performance

VSC.TO vs. VCSH - Performance Comparison

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

Different Trading Currencies

VSC.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, VSC.TO achieves a 1.52% return, which is significantly lower than VCSH's 4.68% return. Over the past 10 years, VSC.TO has underperformed VCSH with an annualized return of 2.79%, while VCSH has yielded a comparatively higher 3.72% annualized return.

VSC.TO

• 1D: 0.25%
• 1M: 0.55%
• YTD: 1.52%
• 6M: 1.51%
• 1Y: 3.79%
• 3Y*: 6.09%
• 5Y*: 2.93%
• 10Y*: 2.79%

VCSH

• 1D: 0.53%
• 1M: 3.68%
• YTD: 4.68%
• 6M: 4.87%
• 1Y: 7.72%
• 3Y*: 8.42%
• 5Y*: 5.37%
• 10Y*: 3.72%

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

VSC.TO vs. VCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSC.TO Vanguard Canadian Short-Term Corporate Bond Index ETF	1.52%	4.63%	6.69%	6.75%	-4.23%	-0.97%	6.27%	4.72%	1.19%	0.92%
VCSH Vanguard Short-Term Corporate Bond ETF	4.68%	1.90%	13.80%	3.67%	0.36%	-0.68%	2.64%	2.61%	9.41%	-4.74%

Correlation

The correlation between VSC.TO and VCSH is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.17

Return for Risk

VSC.TO vs. VCSH — Risk / Return Rank

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

VSC.TO

VSC.TO Risk / Return Rank: 65
VSC.TO Sharpe Ratio Rank: 66
VSC.TO Sortino Ratio Rank: 66
VSC.TO Omega Ratio Rank: 74
VSC.TO Calmar Ratio Rank: 57
VSC.TO Martin Ratio Rank: 63

VCSH

VCSH Risk / Return Rank: 74
VCSH Sharpe Ratio Rank: 75
VCSH Sortino Ratio Rank: 82
VCSH Omega Ratio Rank: 79
VCSH Calmar Ratio Rank: 65
VCSH Martin Ratio Rank: 71

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Short-Term Corporate Bond Index ETF (VSC.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.

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.

	VSC.TO	VCSH	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.59	+0.31
Sortino ratio: Return per unit of downside risk	2.68	2.28	+0.40
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	2.49	2.12	+0.36
Martin ratio: Return relative to average drawdown	9.91	5.10	+4.81

VSC.TO vs. VCSH - Sharpe Ratio Comparison

The current VSC.TO Sharpe Ratio is 1.90, which is comparable to the VCSH Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of VSC.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.

Drawdowns

VSC.TO vs. VCSH - Drawdown Comparison

The maximum VSC.TO drawdown since its inception was -15.87%, which is greater than VCSH's maximum drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for VSC.TO and VCSH.

Drawdown Indicators

	VSC.TO	VCSH	Difference
Max Drawdown Largest peak-to-trough decline	-15.87%	-13.31%	-2.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.53%	-3.65%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-5.50%	+3.97%
Max Drawdown (5Y) Largest decline over 5 years	-7.68%	-8.39%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-15.87%	-13.31%	-2.56%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.96%	-3.97%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	1.52%	-1.14%

Volatility

VSC.TO vs. VCSH - Volatility Comparison

The current volatility for Vanguard Canadian Short-Term Corporate Bond Index ETF (VSC.TO) is 0.58%, while Vanguard Short-Term Corporate Bond ETF (VCSH) has a volatility of 1.37%. This indicates that VSC.TO experiences smaller price fluctuations and is considered to be less risky than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSC.TO	VCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	1.37%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	3.50%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	4.88%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.74%	6.92%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	7.31%	-2.16%

VSC.TO vs. VCSH - Expense Ratio Comparison

VSC.TO has a 0.11% 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

VSC.TO vs. VCSH - Dividend Comparison

VSC.TO's dividend yield for the trailing twelve months is around 3.68%, less than VCSH's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCSH Vanguard Short-Term Corporate Bond ETF	4.44%	4.35%	3.96%	3.09%	2.01%	1.81%	2.27%	2.87%	2.65%	2.26%	2.10%	2.08%
VSC.TO Vanguard Canadian Short-Term Corporate Bond Index ETF	3.68%	3.61%	3.54%	3.14%	2.85%	2.59%	2.64%	2.71%	2.77%	2.75%	2.89%	3.05%

Frequently Asked Questions

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

VSC.TO and VCSH have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VSC.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, VSC.TO or VCSH?

VCSH is cheaper with a 0.04% expense ratio, compared with 0.11% for VSC.TO.

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

VSC.TO is categorized as Short-Term Bond, while VCSH is Corporate Bonds. VSC.TO tracks Bloomberg Global Aggregate Canadian 1-5 Year Corporate Float Adjusted Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. Their fees differ too: 0.11% for VSC.TO and 0.04% for VCSH.