VSTBX vs. VSCSX

Last updated Jun 3, 2026

VSTBX (Vanguard Short-Term Corporate Bond Index Fund Institutional Shares) and VSCSX (Vanguard Short-Term Corporate Bond Index Fund Admiral Shares) are both Corporate Bonds funds from Vanguard. Over the past 10 years, VSTBX returned 3.01%/yr vs 2.73%/yr for VSCSX. With a 0.96 correlation, they move nearly in lockstep. VSTBX charges 0.05%/yr vs 0.07%/yr for VSCSX.

Performance

VSTBX vs. VSCSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VSTBX having a 0.73% return and VSCSX slightly lower at 0.71%. Over the past 10 years, VSTBX has outperformed VSCSX with an annualized return of 3.01%, while VSCSX has yielded a comparatively lower 2.73% annualized return.

VSTBX

• 1D: -0.04%
• 1M: 0.19%
• YTD: 0.73%
• 6M: 1.11%
• 1Y: 4.66%
• 3Y*: 5.68%
• 5Y*: 2.40%
• 10Y*: 3.01%

VSCSX

• 1D: -0.05%
• 1M: 0.19%
• YTD: 0.71%
• 6M: 1.08%
• 1Y: 4.68%
• 3Y*: 5.66%
• 5Y*: 2.39%
• 10Y*: 2.73%

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

VSTBX vs. VSCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSTBX Vanguard Short-Term Corporate Bond Index Fund Institutional Shares	0.73%	6.75%	5.37%	6.17%	-5.73%	-0.41%	5.07%	9.68%	0.92%	2.48%
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	0.71%	6.75%	5.36%	6.11%	-5.72%	-0.43%	5.06%	6.85%	0.88%	2.46%

Correlation

The correlation between VSTBX and VSCSX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009	0.96

The correlation between VSTBX and VSCSX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

VSTBX vs. VSCSX — Risk / Return Rank

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

VSTBX

VSTBX Risk / Return Rank: 81
VSTBX Sharpe Ratio Rank: 82
VSTBX Sortino Ratio Rank: 87
VSTBX Omega Ratio Rank: 80
VSTBX Calmar Ratio Rank: 79
VSTBX Martin Ratio Rank: 77

VSCSX

VSCSX Risk / Return Rank: 79
VSCSX Sharpe Ratio Rank: 81
VSCSX Sortino Ratio Rank: 85
VSCSX Omega Ratio Rank: 81
VSCSX Calmar Ratio Rank: 76
VSCSX Martin Ratio Rank: 73

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.

VSTBX vs. VSCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond Index Fund Institutional Shares (VSTBX) and Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX). 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.

	VSTBX	VSCSX	Difference
Sharpe ratio Return per unit of total volatility	2.64	2.63	+0.02
Sortino ratio Return per unit of downside risk	4.13	4.03	+0.10
Omega ratio Gain probability vs. loss probability	1.53	1.53	0.00
Calmar ratio Return relative to maximum drawdown	3.61	3.46	+0.14
Martin ratio Return relative to average drawdown	14.45	13.88	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSTBX vs. VSCSX - Sharpe Ratio Comparison

The current VSTBX Sharpe Ratio is 2.64, which is comparable to the VSCSX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of VSTBX and VSCSX, 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

	VSTBX	VSCSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.63	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.88	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.27	1.16	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.36	+0.10

Drawdowns

VSTBX vs. VSCSX - Drawdown Comparison

The maximum VSTBX drawdown since its inception was -9.34%, roughly equal to the maximum VSCSX drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for VSTBX and VSCSX.

Drawdown Indicators

	VSTBX	VSCSX	Difference
Max Drawdown Largest peak-to-trough decline	-9.34%	-9.36%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-1.36%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-1.31%	-1.36%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-9.34%	-9.36%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-9.34%	-9.36%	+0.02%
Current Drawdown Current decline from peak	-0.24%	-0.26%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.96%	-0.98%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.34%	-0.01%

Volatility

VSTBX vs. VSCSX - Volatility Comparison

Vanguard Short-Term Corporate Bond Index Fund Institutional Shares (VSTBX) and Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) have volatilities of 0.57% and 0.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSTBX	VSCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.57%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.27%	1.27%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.76%	1.75%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	2.71%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	2.37%	+0.01%

VSTBX vs. VSCSX - Expense Ratio Comparison

VSTBX has a 0.05% expense ratio, which is lower than VSCSX's 0.07% 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

VSTBX vs. VSCSX - Dividend Comparison

VSTBX's dividend yield for the trailing twelve months is around 4.44%, which matches VSCSX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	4.42%	4.32%	4.27%	3.07%	1.98%	1.78%	2.25%	2.85%	2.66%	2.26%	1.93%	2.21%
VSTBX Vanguard Short-Term Corporate Bond Index Fund Institutional Shares	4.44%	4.34%	4.29%	3.09%	2.00%	1.80%	2.27%	5.40%	2.67%	2.27%	1.96%	2.25%

Frequently Asked Questions

Can I hold both VSTBX and VSCSX in my portfolio?

With a correlation of 0.97, VSTBX and VSCSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VSTBX or VSCSX?

VSCSX has higher volatility (0.57%) compared to VSTBX (0.57%). In terms of maximum drawdown, VSTBX dropped -9.34% vs VSCSX's -9.36%.

Which has better risk-adjusted returns?

VSTBX currently has the higher Sharpe Ratio (2.64 vs 2.63), 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.