SHV vs. BND
SHV (iShares 0-1 Year Treasury Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, SHV returned 2.23%/yr vs 1.53%/yr for BND. At a 0.17 correlation, their price movements are largely independent. SHV charges 0.15%/yr vs 0.03%/yr for BND.
Performance
SHV vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SHV achieves a 1.47% return, which is significantly higher than BND's -0.07% return. Over the past 10 years, SHV has outperformed BND with an annualized return of 2.23%, while BND has yielded a comparatively lower 1.53% annualized return.
SHV
- 1D
- 0.01%
- 1M
- 0.26%
- YTD
- 1.47%
- 6M
- 1.74%
- 1Y
- 3.90%
- 3Y*
- 4.63%
- 5Y*
- 3.33%
- 10Y*
- 2.23%
BND
- 1D
- -0.03%
- 1M
- -0.67%
- YTD
- -0.07%
- 6M
- 0.23%
- 1Y
- 4.87%
- 3Y*
- 3.89%
- 5Y*
- -0.05%
- 10Y*
- 1.53%
SHV vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.47% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
BND Vanguard Total Bond Market ETF | -0.07% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SHV and BND is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.17 |
The correlation between SHV and BND shifts across timeframes, from 0.17 (all time) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHV vs. BND — Risk / Return Rank
SHV
BND
SHV vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) and Vanguard Total Bond Market ETF (BND). 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.
| SHV | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.17 | ||
| Sortino ratioReturn per unit of downside risk | +147.58 | ||
| Omega ratioGain probability vs. loss probability | 53.77 | 1.23 | +52.54 |
| Calmar ratioReturn relative to maximum drawdown | 431.38 | 1.83 | +429.56 |
| Martin ratioReturn relative to average drawdown | 2,419.80 | 5.43 | +2,414.37 |
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
| SHV | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.49 | 1.32 | +18.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.62 | -0.01 | +11.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.09 | 0.28 | +7.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.50 | 0.58 | +3.92 |
Drawdowns
SHV vs. BND - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SHV and BND.
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Drawdown Indicators
| SHV | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -18.58% | +18.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.68% | +2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -5.92% | +5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -0.39% | -17.91% | +17.52% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | -18.58% | +18.13% |
Current DrawdownCurrent decline from peak | 0.00% | -2.70% | +2.70% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -3.06% | +3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.90% | -0.90% |
Volatility
SHV vs. BND - Volatility Comparison
The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.05%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.20%. This indicates that SHV experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHV | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 1.20% | -1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 2.69% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 3.72% | -3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 6.02% | -5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 5.53% | -5.25% |
SHV vs. BND - Expense Ratio Comparison
SHV has a 0.15% expense ratio, which is higher than BND'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
SHV vs. BND - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, less than BND's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
SHV and BND have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BND has higher volatility (1.20%) compared to SHV (0.05%). In terms of maximum drawdown, SHV dropped -0.45% vs BND's -18.58%.
On 10-year performance, SHV leads with 2.23% vs 1.53% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, SHV 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 10-year period, SHV has performed better with a 2.23% return vs 1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.15% for SHV.
BND has the higher dividend yield at 3.98%, compared with 3.83% for SHV.
SHV is categorized as Government Bonds, while BND is Total Bond Market. SHV tracks ICE Short US Treasury Securities Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for SHV and 0.03% for BND.
SHV currently has the higher Sharpe Ratio (19.49 vs 1.32), 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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