SHY vs. IEUR
SHY (iShares 1-3 Year Treasury Bond ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, SHY returned 1.65%/yr vs 10.11%/yr for IEUR. At a 0.01 correlation, their price movements are largely independent. SHY charges 0.15%/yr vs 0.09%/yr for IEUR.
Performance
SHY vs. IEUR - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.55% return, which is significantly lower than IEUR's 7.65% return. Over the past 10 years, SHY has underperformed IEUR with an annualized return of 1.65%, while IEUR has yielded a comparatively higher 10.11% annualized return.
SHY
- 1D
- -0.02%
- 1M
- 0.19%
- YTD
- 0.55%
- 6M
- 0.80%
- 1Y
- 3.29%
- 3Y*
- 4.15%
- 5Y*
- 1.74%
- 10Y*
- 1.65%
IEUR
- 1D
- 0.14%
- 1M
- 2.40%
- YTD
- 7.65%
- 6M
- 9.78%
- 1Y
- 19.09%
- 3Y*
- 16.42%
- 5Y*
- 8.26%
- 10Y*
- 10.11%
SHY vs. IEUR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
IEUR iShares Core MSCI Europe ETF | 7.65% | 35.67% | 1.40% | 19.71% | -15.90% | 16.71% | 5.31% | 24.95% | -14.86% | 26.70% |
Correlation
The correlation between SHY and IEUR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.01 |
Over the past year, SHY and IEUR have become more correlated (0.40) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
SHY vs. IEUR — Risk / Return Rank
SHY
IEUR
SHY vs. IEUR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and iShares Core MSCI Europe ETF (IEUR). 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.
| SHY | IEUR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.20 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 1.44 | +2.19 |
| Martin ratioReturn relative to average drawdown | 14.45 | 5.40 | +9.05 |
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Drawdowns
SHY vs. IEUR - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for SHY and IEUR.
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Drawdown Indicators
| SHY | IEUR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -36.96% | +31.25% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -12.04% | +11.15% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -14.25% | +13.28% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -32.75% | +27.04% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -36.96% | +31.25% |
Current DrawdownCurrent decline from peak | -0.18% | -0.44% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -8.21% | +7.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 3.22% | -3.00% |
Volatility
SHY vs. IEUR - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.40%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 5.70%. This indicates that SHY experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | IEUR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 5.70% | -5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 13.31% | -12.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 15.83% | -14.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 17.81% | -15.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 18.68% | -17.11% |
SHY vs. IEUR - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is higher than IEUR's 0.09% 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
SHY vs. IEUR - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.68%, more than IEUR's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
SHY and IEUR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEUR has higher volatility (5.70%) compared to SHY (0.40%). In terms of maximum drawdown, SHY dropped -5.71% vs IEUR's -36.96%.
On 10-year performance, IEUR leads with 10.11% vs 1.65% for SHY. On fees, IEUR is cheaper at 0.09% per year. On volatility, SHY has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEUR has performed better with a 10.11% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEUR is cheaper with a 0.09% expense ratio, compared with 0.15% for SHY.
SHY has the higher dividend yield at 3.68%, compared with 2.76% for IEUR.
SHY is categorized as Government Bonds, while IEUR is Europe Equities. SHY tracks ICE US Treasury 1-3 Year Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.15% for SHY and 0.09% for IEUR.
SHY currently has the higher Sharpe Ratio (2.43 vs 1.10), 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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