SHV vs. VGUS
SHV (iShares 0-1 Year Treasury Bond ETF) and VGUS (Vanguard Ultra-Short Treasury ETF) are both exchange-traded funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index, while VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index. Both are passively managed. Over the past year, SHV returned 3.77% vs 3.78% for VGUS. Their 0.50 correlation means they have sometimes moved together and sometimes differently. SHV charges 0.15%/yr vs 0.07%/yr for VGUS.
Performance
SHV vs. VGUS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SHV having a 2.03% return and VGUS slightly higher at 2.04%.
SHV
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.74%
- YTD
- 2.03%
- 1Y
- 3.77%
- 3Y*
- 4.55%
- 5Y*
- 3.44%
- 10Y*
- 2.28%
- ALL TIME*
- 1.59%
VGUS
- 1D
- 0.02%
- 1M
- 0.29%
- 6M
- 1.73%
- YTD
- 2.04%
- 1Y
- 3.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $329.30M | $278.55M | $282.49M | |
| $6.38M | $7.76M | $10.61M |
SHV vs. VGUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 2.03% | 3.75% |
VGUS Vanguard Ultra-Short Treasury ETF | 2.04% | 3.78% |
Correlation
The correlation between SHV and VGUS is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | 0.50 |
The correlation between SHV and VGUS has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.
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Return for Risk
SHV vs. VGUS — Risk / Return Rank
SHV
VGUS
SHV vs. VGUS - 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 Ultra-Short Treasury ETF (VGUS). 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.
| SHV | VGUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.86 | ||
| Sortino ratioReturn per unit of downside risk | +52.50 | ||
| Omega ratioGain probability vs. loss probability | 28.22 | 11.37 | +16.85 |
| Calmar ratioReturn relative to maximum drawdown | 139.15 | 52.18 | +86.98 |
| Martin ratioReturn relative to average drawdown | 1,443.44 | 414.28 | +1,029.16 |
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Drawdowns
SHV vs. VGUS - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for SHV and VGUS.
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Drawdown Indicators
| SHV | VGUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -0.07% | -0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.07% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.38% | — | — |
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% | 0.00% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
SHV vs. VGUS - Volatility Comparison
iShares 0-1 Year Treasury Bond ETF (SHV) has a higher volatility of 0.07% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.05%. This indicates that SHV's price experiences larger fluctuations and is considered to be riskier than VGUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHV | VGUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.05% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.18% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.29% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 0.33% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 0.33% | -0.05% |
SHV vs. VGUS - Expense Ratio Comparison
SHV has a 0.15% expense ratio, which is higher than VGUS's 0.07% 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. VGUS - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.74%, more than VGUS's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.74% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
VGUS Vanguard Ultra-Short Treasury ETF | 3.60% | 3.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHV and VGUS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHV has higher volatility (0.07%) compared to VGUS (0.05%). In terms of maximum drawdown, SHV dropped -0.45% vs VGUS's -0.07%.
On 1-year performance, VGUS leads with 3.78% vs 3.77% for SHV. On fees, VGUS is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VGUS has performed better with a 3.78% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGUS is cheaper with a 0.07% expense ratio, compared with 0.15% for SHV.
SHV has the higher dividend yield at 3.74%, compared with 3.60% for VGUS.
SHV is categorized as Government Bonds, while VGUS is Ultrashort Bond. SHV tracks ICE Short US Treasury Securities Index, while VGUS tracks Bloomberg Short Treasury Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for SHV and 0.07% for VGUS.
SHV currently has the higher Sharpe Ratio (18.95 vs 13.08), 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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