BSV vs. VGSH
BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, BSV returned 1.95%/yr vs 1.74%/yr for VGSH. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
BSV vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, BSV achieves a 0.29% return, which is significantly lower than VGSH's 0.48% return. Over the past 10 years, BSV has outperformed VGSH with an annualized return of 1.95%, while VGSH has yielded a comparatively lower 1.74% annualized return.
BSV
- 1D
- -0.08%
- 1M
- 0.06%
- YTD
- 0.29%
- 6M
- 0.52%
- 1Y
- 3.68%
- 3Y*
- 4.41%
- 5Y*
- 1.62%
- 10Y*
- 1.95%
VGSH
- 1D
- -0.03%
- 1M
- 0.08%
- YTD
- 0.48%
- 6M
- 0.74%
- 1Y
- 3.43%
- 3Y*
- 4.15%
- 5Y*
- 1.81%
- 10Y*
- 1.74%
BSV vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.29% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
VGSH Vanguard Short-Term Treasury ETF | 0.48% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
Correlation
The correlation between BSV and VGSH is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.77 |
The correlation between BSV and VGSH shifts across timeframes, from 0.77 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSV vs. VGSH — Risk / Return Rank
BSV
VGSH
BSV vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) 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.
| BSV | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.57 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 3.90 | -1.03 |
| Martin ratioReturn relative to average drawdown | 10.07 | 15.52 | -5.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSV | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 2.68 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.93 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | 1.11 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 1.01 | -0.16 |
Drawdowns
BSV vs. VGSH - Drawdown Comparison
The maximum BSV drawdown since its inception was -8.54%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for BSV and VGSH.
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Drawdown Indicators
| BSV | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.54% | -5.70% | -2.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -0.88% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -1.53% | -0.97% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -8.54% | -5.66% | -2.88% |
Max Drawdown (10Y)Largest decline over 10 years | -8.54% | -5.70% | -2.84% |
Current DrawdownCurrent decline from peak | -0.63% | -0.29% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.60% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.22% | +0.15% |
Volatility
BSV vs. VGSH - Volatility Comparison
Vanguard Short-Term Bond Index Fund ETF Shares (BSV) has a higher volatility of 0.52% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that BSV's price experiences larger fluctuations and is considered to be riskier than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSV | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.35% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 1.26% | 0.88% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.81% | 1.29% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 1.97% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.37% | 1.57% | +0.80% |
BSV vs. VGSH - Expense Ratio Comparison
Both BSV and VGSH have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BSV vs. VGSH - Dividend Comparison
BSV's dividend yield for the trailing twelve months is around 4.00%, more than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 4.00% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
With a correlation of 0.94, BSV 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.
BSV has higher volatility (0.52%) compared to VGSH (0.35%). In terms of maximum drawdown, BSV dropped -8.54% vs VGSH's -5.70%.
On 10-year performance, BSV leads with 1.95% vs 1.74% for VGSH. Both ETFs have the same 0.03% expense ratio. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BSV has performed better with a 1.95% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSV and VGSH have the same expense ratio: 0.03% per year.
BSV has the higher dividend yield at 4.00%, compared with 3.87% for VGSH.
BSV is categorized as Short-Term Bond, while VGSH is Government Bonds. BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index.
VGSH currently has the higher Sharpe Ratio (2.68 vs 2.05), 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.
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