SHV vs. TBLL
SHV (iShares 0-1 Year Treasury Bond ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, SHV returned 3.31%/yr vs 3.35%/yr for TBLL. At a 0.45 correlation, their price movements are largely independent. SHV charges 0.15%/yr vs 0.08%/yr for TBLL.
Performance
SHV vs. TBLL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SHV having a 1.42% return and TBLL slightly higher at 1.43%.
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
TBLL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.43%
- 6M
- 1.74%
- 1Y
- 3.93%
- 3Y*
- 4.66%
- 5Y*
- 3.35%
- 10Y*
- —
SHV vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.62% |
TBLL Invesco Short Term Treasury ETF | 1.43% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between SHV and TBLL is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | 0.45 |
The correlation between SHV and TBLL shifts across timeframes, from 0.42 (3 years) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHV vs. TBLL — Risk / Return Rank
SHV
TBLL
SHV vs. TBLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) and Invesco Short Term Treasury ETF (TBLL). 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 | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -68.77 | ||
| Omega ratioGain probability vs. loss probability | 53.77 | 102.92 | -49.15 |
| Calmar ratioReturn relative to maximum drawdown | 431.38 | 416.84 | +14.54 |
| Martin ratioReturn relative to average drawdown | 2,419.80 | 3,533.11 | -1,113.31 |
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 | TBLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.49 | 20.94 | -1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.56 | 7.53 | +4.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.50 | 4.26 | +0.24 |
Drawdowns
SHV vs. TBLL - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum TBLL drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for SHV and TBLL.
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Drawdown Indicators
| SHV | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -0.63% | +0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.01% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -0.36% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -0.36% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -0.14% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
SHV vs. TBLL - Volatility Comparison
iShares 0-1 Year Treasury Bond ETF (SHV) and Invesco Short Term Treasury ETF (TBLL) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHV | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.05% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 0.12% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.19% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 0.45% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 0.56% | -0.28% |
SHV vs. TBLL - Expense Ratio Comparison
SHV has a 0.15% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, which matches TBLL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% | 0.00% |
Frequently Asked Questions
SHV and TBLL have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBLL has higher volatility (0.05%) compared to SHV (0.05%). In terms of maximum drawdown, SHV dropped -0.45% vs TBLL's -0.63%.
On 5-year performance, TBLL leads with 3.35% vs 3.31% for SHV. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBLL has performed better with a 3.35% return vs 3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 3.81% for TBLL.
SHV is categorized as Government Bonds, while TBLL is Ultrashort Bond. SHV tracks ICE Short US Treasury Securities Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for SHV and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.94 vs 19.49), 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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