EVSB vs VUSB: Grades, Fees and Holdings Compared

Eaton Vance Ultra-Short Income ETF

EVSBBNYSE Arca

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

0.0%by weight

Expense ratio

VUSB −0.07pt a year

EVSB0.17%VUSB0.10%

Avg volume · 30D

VUSB 29.7×the volume

EVSB67.5KVUSB2.01M

3Y return · a year

EVSB +0.2pt

EVSB+5.3%VUSB+5.1%

EVSB vs VUSB Performance

Nov 4, 2025 – Nov 4, 2026

+4.0%EVSB+3.7%VUSB

Expense ratio: EVSB 0.17%; VUSB 0.10%, better
Fund size: EVSB $374M; VUSB $9.9B
1Y total return: EVSB +4.0%, better; VUSB +3.7%
Yield (12M): EVSB 4.55%, better; VUSB 4.28%
Holdings: EVSB 320; VUSB 1352
Avg volume (30D): EVSB 67.5K sh; VUSB 2.01M sh, better
NAV per share: EVSB $50.65; VUSB $49.45
52W range

ETF.net Grade

Pillar letters and Scores for EVSB, VUSB, with each pillar’s weight
Pillar	EVSB	VUSB
Cost30% weight	C54	A84Higher
Mission25% weight	A100	A100
Risk15% weight	B56Higher	C53
Tradability15% weight	C43	B67Higher
Holdings10% weight	A75	A86Higher
Durability5% weight	B57	A88Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. EVSB and VUSB are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

VUSB ranks 3rd and EVSB 27th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVBILVanguard 0-3 Month Treasury Bill ETFScore 81
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 5ASGOViShares 0-3 Month Treasury Bond ETFScore 80
Rank 27BCGUICapital Group Ultra Short Income ETFScore 66
Rank 27BEVSBEaton Vance Ultra-Short Income ETFScore 66
Rank 27BGSYInvesco Ultra Short Duration ETFScore 66

Our read on each fund

ETF.net Research

EVSBBEaton Vance Ultra-Short Income ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

EVSB Cash-parking with an active bond desk behind the wheel. Eaton Vance hunts investment-grade short, variable and floating-rate paper, keeps weighted-average duration at a year or less, and charges 0.17%, under the typical ultra-short ETF.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

Stated mandate

EVSB The Fund seeks to maximize income while preserving capital. It actively manages primarily investment-grade, short-term fixed, variable, and floating-rate securities, generally keeping weighted-average duration at one year or less.

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

Why people hold it

EVSB Charges 0.17%, undercutting the typical ultra-short bond ETF. In an aisle where yield differences are measured in fractions of a point, the fee line does real work.
Active by design: managers shift among short fixed, variable and floating-rate investment-grade securities rather than tracking a fixed list, with duration generally held to one year or less.
Pays monthly, and the portfolio has stayed tightly aligned with the ultra-short mandate its filings describe.
Lands in the upper half of a crowded ultra-short cohort, holding its own against the index-tracking heavyweights that dominate the category.

VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

Worth knowing

EVSB Thinly traded and one of the smaller funds in the aisle next to VUSB and PULS, so bid-ask spreads can run wider and larger orders need more care.
Investment-grade credit, not Treasury bills: part of the income comes from taking credit and spread risk, and floating-rate coupons reset as short-term rates move.
Launched in 2023, giving it a shorter live record than the decade-plus veterans it competes with.

VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full EVSB profile⁠

Full VUSB profile⁠

EVSB vs VUSB Holdings

How EVSB and VUSB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EVSB and 0.0% of VUSB.

Level by level

Holdings0 in both0.0%
Countryby domicile86.3%

Sector

No Sector split for VUSB.

Country, concentration and asset class

Country by domicile

Country weights in EVSB and VUSB, widest gap first
Country	Gap	EVSB	VUSB
United States	EVSB +8.4 points	85.3%	76.9%
Canada	VUSB +3.5 points	3.7%	7.2%
Cayman Islands	VUSB +2.5 points	0.0%	2.5%
Japan	VUSB +2.1 points	0.0%	2.1%
Germany	VUSB +1.7 points	0.0%	1.7%
Australia	VUSB +1.6 points	0.0%	1.6%
Spain	EVSB +1.4 points	2.1%	0.7%
France	EVSB +1.2 points	1.8%	0.6%
Other countries (13)	EVSB +0.3 points	7.0%	6.7%

Concentration

Weight in the 10 largest Holdings

EVSB22.4%
VUSB12.6%

Securities held

EVSB307
VUSB1,346

Asset class

EVSB: Multi-Asset
VUSB: Fixed Income

Holdings

Only in EVSB307
In both0
Only in VUSB1,346

Only in EVSB

307 securities, 100% of EVSB by weight

United States 3.25% 06/276.87%
Msilf Government3.25%
United States 1.5% 01/272.41%
Bank of America Var 07/282.17%
JPMorgan Chase Var 01/281.84%
Wells Fargo & Var 05/281.83%
Citigroup Inc Var 02/281.26%
Banco Santander Var 03/281.10%
Societe Var 01/281.00%
Smithfield 4.25% 02/270.99%
Viatris Inc 2.3% 06/270.99%
Delta Air 4.75% 10/280.97%
Aviation 3.5% 11/270.96%
Goldman Sachs Var 03/280.95%
Truist Bank Var 07/280.90%
Bnp Paribas SA Var 09/280.85%
Epr Properties 4.5% 06/270.85%
Radian Group 4.875% 03/270.84%
American 5% 06/270.84%
United States 2.75% 04/270.80%
Citadel Lp 4.875% 01/270.78%
Db Master 4.03% 11/470.78%
Oracle Corp 4.55% 02/290.75%
Goldman Sachs Var 08/280.75%
Royal Bank of Var 07/290.74%
Synchrony 3.95% 12/270.70%
Nextera 4.685% 09/270.69%
Conagra 1.375% 11/270.67%
Las Vegas 5.9% 06/270.66%
Ally 4.75% 06/270.64%
Cvs Health 1.3% 08/270.62%
Banco Bilbao Var 09/280.60%
Jde Peet's 1.375% 01/270.60%
Wingspire 4.33% 09/330.59%
Equitable 3.95% 09/270.58%
JPMorgan Chase Var 05/280.57%
Barclays PLC Var 11/270.56%
Stellantis 1.711% 01/270.56%
Nmef Funding 4.64% 01/330.53%
Eqt Corp 3.9% 10/270.53%
Barclays PLC Var 09/280.52%
Jp Morgan Flt 03/560.51%
Truist Bank 4.728% 09/330.51%
Fells Point 3.046% 01/270.50%
Antares 3.75% 07/270.50%
Brookfield 3.9% 01/280.50%
Imperial 6.125% 07/270.50%
Vici 3.75% 02/270.50%
Digital 5.55% 01/280.50%
Fhlmc Remics Flt 04/540.49%

Only in VUSB

1,346 securities, 100% of VUSB by weight

United States Treasury Bill 09/02/20272.39%
United States Treasury Bill 09/30/20272.35%
Usd/Aud Fwd 202612161.07%
Regions Bank/Birmingham AL 4.75% 07/27/20290.89%
PNC Financial Services Group Inc/The 4.62% 10/26/20290.53%
National Bank of Canada 5.00% 09/08/20290.53%
Citizens Bank NA/Providence RI 4.87% 08/10/20290.48%
US Bancorp 5.78% 06/12/20290.47%
Charles Schwab Corp/The 4.60% 07/27/20290.45%
Canadian Imperial Bank of Commerce 4.72% 06/16/20290.42%
AbbVie Inc 4.50% 08/18/20280.41%
United States Treasury Note/Bond 3.50% 10/31/20270.41%
Truist Bank 4.42% 07/24/20280.41%
Province of British Columbia Canada 4.70% 01/24/20280.41%
Westlake Flooring Master Trust 4.23% 10/15/20290.41%
UBS Group AG 4.53% 04/10/20300.38%
OneMain Financial Issuance Trust 2026-2 4.98% 01/14/20380.38%
Bank of Montreal 4.63% 09/22/20280.38%
Hyundai Auto Lease Securitization Trust 2026-C 4.68% 07/16/20290.37%
Dllad 2024-1 Llc 5.30% 07/20/20290.37%
National Bank of Canada 4.17% 01/20/20290.35%
Goldman Sachs Group Inc/The 4.15% 01/21/20290.35%
Equitable Holdings Inc 4.35% 04/20/20280.34%
Truist Bank 4.14% 10/23/20290.34%
Wendy's Funding LLC 3.88% 03/15/20480.34%
Bank of America Corp 5.20% 04/25/20290.34%
PFS Financing Corp 5.34% 04/15/20290.33%
Rktl 2026-3 4.51% 08/27/20350.33%
Extra Space Storage LP 5.70% 04/01/20280.33%
NTT Finance Corp 4.57% 07/16/20270.33%
Truist Bank 4.14% 01/27/20290.32%
Intel Corp 4.88% 02/10/20280.32%
Mercedes-Benz Finance North America LLC 4.13% 03/10/20280.32%
Digital Realty Trust LP 4.45% 07/15/20280.32%
American Honda Finance Corp 4.40% 12/11/20260.31%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.00% 10/29/20280.31%
Navistar Financial Dealer Note Master Owner Trust II 2025-1 4.18% 09/25/20300.30%
Cheniere Corpus Christi Holdings LLC 5.13% 06/30/20270.29%
UBS Group AG 4.73% 12/23/20290.29%
M&T Bank Auto Receivables Trust 2026-1 4.33% 07/16/20290.29%
BAT Capital Corp 2.26% 03/25/20280.28%
Canadian Imperial Bank of Commerce 4.86% 01/13/20280.28%
M&T Bank Auto Receivables Trust 2026-1 4.66% 06/16/20310.28%
Deutsche Bank AG/New York NY 5.27% 09/18/20290.28%
Citizens Bank NA/Providence RI 4.19% 01/29/20290.27%
NatWest Group PLC 4.89% 05/18/20290.27%
Canadian Imperial Bank of Commerce 4.51% 01/29/20300.27%
Goldman Sachs Group Inc/The 3.81% 04/23/20290.27%
Digital Realty Trust LP 5.55% 01/15/20280.27%
Sprint Capital Corp 6.88% 11/15/20280.27%

Weight gaps

EVSB and VUSB share no securities.

All 317 EVSB holdings⁠All 1,347 VUSB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EVSB vs VUSB Cost

Overpaying EVSB vs VUSB

$1,440

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EVSB 0.17%
$3,546
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

EVSB 0.17%
VUSB 0.10%
Overpaying

Year by year

Year	EVSB	VUSB	Overpaying
10	$310	$183	$127
20	$1,211	$717	$494
30	$3,546	$2,106	$1,440

Expense ratio

0.17%EVSB
0.10%VUSB, cheaper

VUSB0.10%EVSB0.17%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

VUSB 13th cheapest of 78 funds

EVSB 33rd cheapest of 78 funds

EVSB vs VUSB Dividends

Last 12 months to Nov 4, 2026

Yield (12M): EVSB 4.55%, better; VUSB 4.28%
Payout (12M): EVSB $2.31; VUSB $2.12
Last payment: EVSB $0.20; VUSB $0.18
Ex-dividend: EVSB Oct 30, 2026; VUSB Nov 2, 2026
Paid on: EVSB Pays Nov 5, 2026; VUSB Nov 4, 2026
Frequency: EVSB Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EVSBMonthly · 36 paymentsAll EVSB payments⁠

VUSBMonthly · 46 paymentsAll VUSB payments⁠

EVSB vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EVSB 0.6%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: EVSB 1.48, betterVUSB 0.86
Worst fallMax drawdown, 5 years: EVSB −0.3%since Oct 2023VUSB −1.7%
Market sensitivityBeta, 5 years: EVSB 0.01VUSB 0.10; Market = 1

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