MSB vs. VGSH

Last updated Jun 4, 2026

MSB (Mesabi Trust) 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, MSB returned 21.03%/yr vs 1.74%/yr for VGSH. At a correlation of -0.07, they often move in opposite directions.

Performance

MSB vs. VGSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mesabi Trust (MSB) 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, MSB achieves a -32.63% return, which is significantly lower than VGSH's 0.48% return. Over the past 10 years, MSB has outperformed VGSH with an annualized return of 21.03%, while VGSH has yielded a comparatively lower 1.74% annualized return.

MSB

• 1D: -1.35%
• 1M: -7.54%
• YTD: -32.63%
• 6M: -20.12%
• 1Y: -1.80%
• 3Y*: 22.80%
• 5Y*: 2.06%
• 10Y*: 21.03%

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%

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

MSB vs. VGSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSB Mesabi Trust	-32.63%	71.88%	47.05%	15.55%	-22.81%	3.66%	30.10%	12.34%	4.11%	155.25%
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 MSB and VGSH is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	-0.07

The correlation between MSB and VGSH shifts across timeframes, from -0.07 (all time) to 0.04 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MSB vs. VGSH — Risk / Return Rank

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

MSB

MSB Risk / Return Rank: 37
MSB Sharpe Ratio Rank: 39
MSB Sortino Ratio Rank: 37
MSB Omega Ratio Rank: 36
MSB Calmar Ratio Rank: 38
MSB Martin Ratio Rank: 37

VGSH

VGSH Risk / Return Rank: 83
VGSH Sharpe Ratio Rank: 81
VGSH Sortino Ratio Rank: 91
VGSH Omega Ratio Rank: 88
VGSH Calmar Ratio Rank: 76
VGSH Martin Ratio Rank: 78

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.

MSB vs. VGSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mesabi Trust (MSB) 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.

	MSB	VGSH	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	2.68	-2.72
Sortino ratio: Return per unit of downside risk	0.29	4.43	-4.14
Omega ratio: Gain probability vs. loss probability	1.03	1.57	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.05	3.90	-3.95
Martin ratio: Return relative to average drawdown	-0.11	15.52	-15.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSB vs. VGSH - Sharpe Ratio Comparison

The current MSB Sharpe Ratio is -0.04, which is lower than the VGSH Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of MSB 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.

Sharpe Ratios by Period

	MSB	VGSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	2.68	-2.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.93	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	1.11	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.01	-0.69

Drawdowns

MSB vs. VGSH - Drawdown Comparison

The maximum MSB drawdown since its inception was -92.01%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for MSB and VGSH.

Drawdown Indicators

	MSB	VGSH	Difference
Max Drawdown Largest peak-to-trough decline	-92.01%	-5.70%	-86.31%
Max Drawdown (1Y) Largest decline over 1 year	-37.08%	-0.88%	-36.20%
Max Drawdown (3Y) Largest decline over 3 years	-37.08%	-0.97%	-36.11%
Max Drawdown (5Y) Largest decline over 5 years	-47.08%	-5.66%	-41.42%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-5.70%	-60.78%
Current Drawdown Current decline from peak	-36.93%	-0.29%	-36.64%
Average Drawdown Average peak-to-trough decline	-26.73%	-0.60%	-26.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.18%	0.22%	+15.96%

Volatility

MSB vs. VGSH - Volatility Comparison

Mesabi Trust (MSB) has a higher volatility of 13.46% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that MSB'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

	MSB	VGSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.46%	0.35%	+13.11%
Volatility (6M) Calculated over the trailing 6-month period	33.99%	0.88%	+33.11%
Volatility (1Y) Calculated over the trailing 1-year period	47.35%	1.29%	+46.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.19%	1.97%	+47.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.69%	1.57%	+47.12%

Dividends

MSB vs. VGSH - Dividend Comparison

MSB's dividend yield for the trailing twelve months is around 3.76%, less than VGSH's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSB Mesabi Trust	3.76%	18.09%	4.80%	1.71%	20.14%	10.83%	5.95%	14.27%	11.78%	5.92%	5.14%	15.04%
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

Can I hold both MSB and VGSH in my portfolio?

MSB and VGSH have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSB or VGSH?

MSB has higher volatility (13.46%) compared to VGSH (0.35%). In terms of maximum drawdown, MSB dropped -92.01% vs VGSH's -5.70%.

Which has better risk-adjusted returns?

VGSH currently has the higher Sharpe Ratio (2.68 vs -0.04), 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.