MAIN vs. VGSH

Last updated Jul 21, 2026

MAIN (Main Street Capital Corporation) is a stock, while VGSH (Vanguard Short-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 10 years, MAIN returned 13.39%/yr vs 1.74%/yr for VGSH. At a correlation of -0.09, they often move in opposite directions.

Performance

MAIN vs. VGSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Street Capital Corporation (MAIN) and Vanguard Short-Term Treasury ETF (VGSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAIN achieves a -5.54% return, which is significantly lower than VGSH's 0.76% return. Over the past 10 years, MAIN has outperformed VGSH with an annualized return of 13.39%, while VGSH has yielded a comparatively lower 1.74% annualized return.

MAIN

• 1D: -1.41%
• 1M: 8.28%
• 6M: -11.20%
• YTD: -5.54%
• 1Y: -8.71%
• 3Y*: 18.72%
• 5Y*: 14.18%
• 10Y*: 13.39%
• ALL TIME*: 16.56%

VGSH

• 1D: -0.07%
• 1M: 0.25%
• 6M: 0.78%
• YTD: 0.76%
• 1Y: 3.07%
• 3Y*: 4.25%
• 5Y*: 1.87%
• 10Y*: 1.74%
• ALL TIME*: 1.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MAIN vs. VGSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAIN Main Street Capital Corporation	-5.54%	10.74%	47.30%	28.22%	-11.37%	48.31%	-19.54%	36.88%	-8.27%	16.62%
VGSH Vanguard Short-Term Treasury ETF	0.76%	5.07%	4.00%	4.31%	-3.86%	-0.60%	3.04%	3.52%	1.55%	0.04%

Correlation

The correlation between MAIN and VGSH is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	-0.09

The correlation between MAIN and VGSH shifts across timeframes, from -0.09 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MAIN vs. VGSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MAIN

MAIN Risk / Return Rank: 29
MAIN Sharpe Ratio Rank: 30
MAIN Sortino Ratio Rank: 27
MAIN Omega Ratio Rank: 27
MAIN Calmar Ratio Rank: 32
MAIN Martin Ratio Rank: 32

VGSH

VGSH Risk / Return Rank: 90
VGSH Sharpe Ratio Rank: 90
VGSH Sortino Ratio Rank: 93
VGSH Omega Ratio Rank: 92
VGSH Calmar Ratio Rank: 85
VGSH Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MAIN vs. VGSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Street Capital Corporation (MAIN) 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.

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.

	MAIN	VGSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	2.34	-2.69
Sortino ratio: Return per unit of downside risk	-0.32	3.71	-4.03
Omega ratio: Gain probability vs. loss probability	0.96	1.48	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.39	3.49	-3.88
Martin ratio: Return relative to average drawdown	-0.70	13.46	-14.16

MAIN vs. VGSH - Sharpe Ratio Comparison

The current MAIN Sharpe Ratio is -0.35, which is lower than the VGSH Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MAIN and VGSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAIN vs. VGSH - Drawdown Comparison

The maximum MAIN drawdown since its inception was -64.53%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for MAIN and VGSH.

Drawdown Indicators

	MAIN	VGSH	Difference
Max Drawdown Largest peak-to-trough decline	-64.53%	-5.70%	-58.83%
Max Drawdown (1Y) Largest decline over 1 year	-22.43%	-0.88%	-21.55%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-0.97%	-21.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.06%	-5.66%	-21.40%
Max Drawdown (10Y) Largest decline over 10 years	-64.53%	-5.70%	-58.83%
Current Drawdown Current decline from peak	-13.30%	-0.07%	-13.23%
Average Drawdown Average peak-to-trough decline	-7.36%	-0.59%	-6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.47%	0.23%	+12.24%

Volatility

MAIN vs. VGSH - Volatility Comparison

Main Street Capital Corporation (MAIN) has a higher volatility of 5.94% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.39%. This indicates that MAIN'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.

Volatility by Period

	MAIN	VGSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	0.39%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	19.81%	1.00%	+18.81%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	1.32%	+24.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	1.98%	+19.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.36%	1.58%	+25.78%

Dividends

MAIN vs. VGSH - Dividend Comparison

MAIN's dividend yield for the trailing twelve months is around 7.88%, more than VGSH's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIN Main Street Capital Corporation	7.88%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%
VGSH Vanguard Short-Term Treasury ETF	3.85%	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

Can I hold both MAIN and VGSH in my portfolio?

MAIN and VGSH have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAIN or VGSH?

MAIN has higher volatility (5.94%) compared to VGSH (0.39%). In terms of maximum drawdown, MAIN dropped -64.53% vs VGSH's -5.70%.

Which has better risk-adjusted returns?

VGSH currently has the higher Sharpe Ratio (2.34 vs -0.35), 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.