GVI vs. VGSH
GVI (iShares Intermediate Government/Credit Bond ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, 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, GVI returned 1.80%/yr vs 1.74%/yr for VGSH. A 0.72 correlation means they provide meaningful diversification when combined. GVI charges 0.20%/yr vs 0.03%/yr for VGSH.
Performance
GVI vs. VGSH - Performance Comparison
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Returns By Period
Both investments have delivered pretty close results over the past 10 years, with GVI having a 1.80% annualized return and VGSH not far behind at 1.74%.
GVI
- 1D
- -0.13%
- 1M
- -0.00%
- YTD
- -0.00%
- 6M
- 0.05%
- 1Y
- 3.89%
- 3Y*
- 4.18%
- 5Y*
- 0.98%
- 10Y*
- 1.80%
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%
GVI vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVI iShares Intermediate Government/Credit Bond ETF | -0.00% | 6.66% | 2.92% | 5.15% | -8.28% | -1.90% | 6.38% | 6.54% | 0.77% | 1.83% |
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 GVI and VGSH is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.72 |
The correlation between GVI and VGSH shifts across timeframes, from 0.72 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GVI vs. VGSH — Risk / Return Rank
GVI
VGSH
GVI vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) 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.
| GVI | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.57 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 3.90 | -1.72 |
| Martin ratioReturn relative to average drawdown | 6.60 | 15.52 | -8.92 |
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
| GVI | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 2.68 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.93 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 1.11 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 1.01 | -0.25 |
Drawdowns
GVI vs. VGSH - Drawdown Comparison
The maximum GVI drawdown since its inception was -12.93%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for GVI and VGSH.
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Drawdown Indicators
| GVI | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.93% | -5.70% | -7.23% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -0.88% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -0.97% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -12.93% | -5.66% | -7.27% |
Max Drawdown (10Y)Largest decline over 10 years | -12.93% | -5.70% | -7.23% |
Current DrawdownCurrent decline from peak | -1.17% | -0.29% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -0.60% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.22% | +0.37% |
Volatility
GVI vs. VGSH - Volatility Comparison
iShares Intermediate Government/Credit Bond ETF (GVI) has a higher volatility of 0.77% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that GVI'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
| GVI | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.35% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 0.88% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 1.29% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 1.97% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.53% | 1.57% | +1.96% |
GVI vs. VGSH - Expense Ratio Comparison
GVI has a 0.20% 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
GVI vs. VGSH - Dividend Comparison
GVI's dividend yield for the trailing twelve months is around 3.62%, less than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVI iShares Intermediate Government/Credit Bond ETF | 3.62% | 3.48% | 3.40% | 2.75% | 1.86% | 1.46% | 1.84% | 2.29% | 2.16% | 1.91% | 1.77% | 1.75% |
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 0.91, GVI 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.
GVI has higher volatility (0.77%) compared to VGSH (0.35%). In terms of maximum drawdown, GVI dropped -12.93% vs VGSH's -5.70%.
On 10-year performance, GVI leads with 1.80% vs 1.74% for VGSH. On fees, VGSH is cheaper at 0.03% per year. 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, GVI has performed better with a 1.80% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.20% for GVI.
VGSH has the higher dividend yield at 3.87%, compared with 3.62% for GVI.
GVI is categorized as Short-Term Bond, while VGSH is Government Bonds. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for GVI and 0.03% for VGSH.
VGSH currently has the higher Sharpe Ratio (2.68 vs 1.56), 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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