Overview
Short-term investment grade corporate bonds. 1-5 year maturities. Minimal interest rate sensitivity with meaningful yield pickup over cash. Vanguard's lowest-risk corporate bond ETF.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| AAPL 0.0% 25 | Apple Inc. | 0.9% |
| MSFT 2.4% 25 | Microsoft | 0.8% |
| JPM 2.0% 25 | JPMorgan | 0.7% |
| BAC 3.0% 25 | Bank of America | 0.7% |
| T 0.0% 25 | AT&T Inc. | 0.6% |
| WFC 2.5% 25 | Wells Fargo | 0.5% |
| GS 3.0% 25 | Goldman Sachs | 0.5% |
| C 3.1% 25 | Citigroup | 0.5% |
| VZ 2.0% 25 | Verizon | 0.4% |
| CMCSA 2.65% 25 | Comcast | 0.4% |
Fund Details
Investment Thesis
VCSH is the ideal cash alternative for investors who need more yield than money market funds without taking significant interest rate risk. The 1-5 year maturity band provides around 4-5% yield in the current rate environment with a duration of approximately 2.7 years, meaning a 1% rise in rates reduces price by only 2.7%. This makes VCSH suitable for cash that may be needed within 2-4 years but is currently idle in low-yielding savings accounts or money market instruments.
Who It's For
Conservative investors, retirees managing short-term spending needs, and portfolio managers seeking a better-yielding alternative to cash and money market funds without meaningful interest rate risk. VCSH suits those building a bond ladder who want the short end of the curve fully represented at minimal cost. Also useful as a temporary parking place during periods of equity market uncertainty.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $79.82 | -- |
| 2017 | $80.42 | +0.8% |
| 2018 | $78.82 | -2.0% |
| 2019 | $81.42 | +3.3% |
| 2020 | $82.42 | +1.2% |
| 2021 | $80.82 | -1.9% |
| 2022 | $75.18 | -7.0% |
| 2023 | $77.42 | +3.0% |
| 2024 | $79.82 | +3.1% |
| 2025 | $84.42 | +5.8% |
| Year | Yield |
|---|---|
| 2016 | 2.42% |
| 2017 | 2.28% |
| 2018 | 2.68% |
| 2019 | 2.48% |
| 2020 | 2.02% |
| 2021 | 1.72% |
| 2022 | 2.88% |
| 2023 | 4.42% |
| 2024 | 4.82% |
| 2025 | 4.42% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $22B | -- |
| 2017 | $26B | +18.2% |
| 2018 | $24B | -7.7% |
| 2019 | $28B | +16.7% |
| 2020 | $36B | +28.6% |
| 2021 | $40B | +11.1% |
| 2022 | $34B | -15.0% |
| 2023 | $40B | +17.6% |
| 2024 | $44B | +10.0% |
| 2025 | $49B | +11.4% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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