SGOV vs. VNLA
SGOV (iShares 0-3 Month Treasury Bond ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both Ultrashort Bond funds - SGOV tracks the ICE 0-3 Month US Treasury Securities Index while VNLA tracks the FTSE 3-Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, SGOV returned 3.56%/yr vs 3.83%/yr for VNLA. At a 0.17 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.23%/yr for VNLA.
Performance
SGOV vs. VNLA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SGOV having a 1.61% return and VNLA slightly lower at 1.59%.
SGOV
- 1D
- 0.02%
- 1M
- 0.30%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.95%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
VNLA
- 1D
- 0.02%
- 1M
- 0.41%
- YTD
- 1.59%
- 6M
- 1.85%
- 1Y
- 4.72%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
SGOV vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
VNLA Janus Henderson Short Duration Income ETF | 1.59% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 1.65% |
Correlation
The correlation between SGOV and VNLA 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 | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.17 |
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Return for Risk
SGOV vs. VNLA — Risk / Return Rank
SGOV
VNLA
SGOV vs. VNLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and Janus Henderson Short Duration Income ETF (VNLA). 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.
| SGOV | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.74 | ||
| Sortino ratioReturn per unit of downside risk | +260.20 | ||
| Omega ratioGain probability vs. loss probability | 195.55 | 3.56 | +191.99 |
| Calmar ratioReturn relative to maximum drawdown | 398.20 | 11.10 | +387.09 |
| Martin ratioReturn relative to average drawdown | 4,461.98 | 57.09 | +4,404.89 |
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Drawdowns
SGOV vs. VNLA - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum VNLA drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for SGOV and VNLA.
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Drawdown Indicators
| SGOV | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -4.49% | +4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.43% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.49% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -1.76% | +1.73% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.23% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.08% | -0.08% |
Volatility
SGOV vs. VNLA - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while Janus Henderson Short Duration Income ETF (VNLA) has a volatility of 0.15%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGOV | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.15% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.46% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.63% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 1.04% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 1.42% | -1.18% |
SGOV vs. VNLA - Expense Ratio Comparison
SGOV has a 0.09% expense ratio, which is lower than VNLA's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SGOV vs. VNLA - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.85%, less than VNLA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
VNLA Janus Henderson Short Duration Income ETF | 4.77% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
Frequently Asked Questions
SGOV and VNLA 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.
VNLA has higher volatility (0.15%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs VNLA's -4.49%.
On 5-year performance, VNLA leads with 3.83% vs 3.56% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.83% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 4.77%, compared with 3.85% for SGOV.
SGOV tracks ICE 0-3 Month US Treasury Securities Index, while VNLA tracks FTSE 3-Month U.S. Treasury Bill Index. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.09% for SGOV and 0.23% for VNLA.
SGOV currently has the higher Sharpe Ratio (20.28 vs 7.54), 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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