ZCBC vs. VGSH

Last updated Jun 6, 2026

ZCBC (Global X Zero Coupon Bond 2032 ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both Government Bonds funds - ZCBC tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2032 Maturity Index while VGSH tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. ZCBC charges 0.07%/yr vs 0.03%/yr for VGSH.

Performance

ZCBC vs. VGSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2032 ETF (ZCBC) and Vanguard Short-Term Treasury ETF (VGSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBC

• 1D: -0.51%
• 1M: -1.15%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGSH

• 1D: -0.17%
• 1M: -0.22%
• YTD: 0.36%
• 6M: 0.74%
• 1Y: 3.24%
• 3Y*: 4.11%
• 5Y*: 1.79%
• 10Y*: 1.72%

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

ZCBC vs. VGSH - Yearly Performance Comparison

	2026 (YTD)
ZCBC Global X Zero Coupon Bond 2032 ETF	-0.79%
VGSH Vanguard Short-Term Treasury ETF	0.29%

Correlation

The correlation between ZCBC and VGSH is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 8, 2026	0.92

Return for Risk

ZCBC vs. VGSH — Risk / Return Rank

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

VGSH

VGSH Risk / Return Rank: 82
VGSH Sharpe Ratio Rank: 80
VGSH Sortino Ratio Rank: 90
VGSH Omega Ratio Rank: 87
VGSH Calmar Ratio Rank: 74
VGSH Martin Ratio Rank: 77

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.

ZCBC vs. VGSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2032 ETF (ZCBC) and Vanguard Short-Term Treasury ETF (VGSH). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZCBC	VGSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.53	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.91	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	1.01	-1.43

Drawdowns

ZCBC vs. VGSH - Drawdown Comparison

The maximum ZCBC drawdown since its inception was -3.65%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for ZCBC and VGSH.

Drawdown Indicators

	ZCBC	VGSH	Difference
Max Drawdown Largest peak-to-trough decline	-3.65%	-5.70%	+2.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.70%	—
Current Drawdown Current decline from peak	-3.05%	-0.41%	-2.64%
Average Drawdown Average peak-to-trough decline	-1.46%	-0.60%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.22%	—

Volatility

Volatility by Period

	ZCBC	VGSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.59%	1.29%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.59%	1.97%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	1.58%	+3.01%

ZCBC vs. VGSH - Expense Ratio Comparison

ZCBC has a 0.07% expense ratio, which is higher than VGSH's 0.03% 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

ZCBC vs. VGSH - Dividend Comparison

ZCBC's dividend yield for the trailing twelve months is around 1.61%, less than VGSH's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGSH Vanguard Short-Term Treasury ETF	3.88%	4.00%	4.18%	3.31%	1.15%	0.66%	1.74%	2.28%	1.79%	1.10%	0.84%	0.69%
ZCBC Global X Zero Coupon Bond 2032 ETF	1.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCBC and VGSH in my portfolio?

With a correlation of 0.92, ZCBC and VGSH 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 ETF is better, ZCBC or VGSH?

On fees, VGSH is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCBC or VGSH?

VGSH is cheaper with a 0.03% expense ratio, compared with 0.07% for ZCBC.

Which ETF pays a higher dividend yield, ZCBC or VGSH?

VGSH has the higher dividend yield at 3.88%, compared with 1.61% for ZCBC.

What is the main difference between ZCBC and VGSH?

ZCBC tracks FTSE Zero Coupon U.S. Treasury STRIPS 2032 Maturity Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.07% for ZCBC and 0.03% for VGSH.