^TNX vs. VHT
^TNX (Cboe 10-Year Treasury Note Yield Index) is an index, while VHT (Vanguard Health Care ETF) is Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 Index. Over the past 10 years, ^TNX returned 10.69%/yr vs 9.99%/yr for VHT. At a 0.17 correlation, their price movements are largely independent.
Performance
^TNX vs. VHT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ^TNX achieves a 7.35% return, which is significantly higher than VHT's -0.41% return. Over the past 10 years, ^TNX has outperformed VHT with an annualized return of 10.69%, while VHT has yielded a comparatively lower 9.99% annualized return.
^TNX
- 1D
- -0.40%
- 1M
- -2.74%
- YTD
- 7.35%
- 6M
- 6.86%
- 1Y
- 1.02%
- 3Y*
- 5.84%
- 5Y*
- 23.29%
- 10Y*
- 10.69%
VHT
- 1D
- -0.29%
- 1M
- 5.54%
- YTD
- -0.41%
- 6M
- -0.95%
- 1Y
- 16.15%
- 3Y*
- 6.96%
- 5Y*
- 4.83%
- 10Y*
- 9.99%
^TNX vs. VHT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Cboe 10-Year Treasury Note Yield Index | 7.35% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
VHT Vanguard Health Care ETF | -0.41% | 15.46% | 2.66% | 2.52% | -5.60% | 20.57% | 18.29% | 21.87% | 5.58% | 23.26% |
Correlation
The correlation between ^TNX and VHT is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004 | 0.17 |
The correlation between ^TNX and VHT shifts across timeframes, from -0.29 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
^TNX vs. VHT — Risk / Return Rank
^TNX
VHT
^TNX vs. VHT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe 10-Year Treasury Note Yield Index (^TNX) and Vanguard Health Care ETF (VHT). 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.
| ^TNX | VHT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.20 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 1.56 | -1.47 |
| Martin ratioReturn relative to average drawdown | 0.15 | 3.87 | -3.71 |
Loading charts...
Drawdowns
^TNX vs. VHT - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, which is greater than VHT's maximum drawdown of -39.12%. Use the drawdown chart below to compare losses from any high point for ^TNX and VHT.
Loading charts...
Drawdown Indicators
| ^TNX | VHT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.85% | -39.12% | -57.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -10.40% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -16.91% | -10.50% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -17.71% | -9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -28.85% | -55.72% |
Current DrawdownCurrent decline from peak | -71.79% | -3.56% | -68.23% |
Average DrawdownAverage peak-to-trough decline | -55.00% | -5.98% | -49.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 4.19% | +2.40% |
Volatility
^TNX vs. VHT - Volatility Comparison
Cboe 10-Year Treasury Note Yield Index (^TNX) and Vanguard Health Care ETF (VHT) have volatilities of 5.03% and 4.89%, 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.
Loading charts...
Volatility by Period
| ^TNX | VHT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 4.89% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 10.42% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.13% | 14.72% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.36% | 15.02% | +17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.98% | 16.97% | +31.01% |
Frequently Asked Questions
^TNX and VHT have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (5.03%) compared to VHT (4.89%). In terms of maximum drawdown, ^TNX dropped -96.85% vs VHT's -39.12%.
VHT currently has the higher Sharpe Ratio (1.10 vs 0.07), 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.
Find the right allocation for ^TNX and VHT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer