SHY vs. XONE
SHY (iShares 1-3 Year Treasury Bond ETF) and XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) are both Government Bonds funds - SHY tracks the ICE US Treasury 1-3 Year Index while XONE tracks the Bloomberg US Treasury 1 Year Target Duration Index. Both are passively managed. Over the past 3 years, SHY returned 4.04%/yr vs 4.55%/yr for XONE. Their correlation of 0.81 suggests significant overlap in exposure. SHY charges 0.15%/yr vs 0.03%/yr for XONE.
Performance
SHY vs. XONE - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.50% return, which is significantly lower than XONE's 1.16% return.
SHY
- 1D
- 0.07%
- 1M
- 0.10%
- YTD
- 0.50%
- 6M
- 0.84%
- 1Y
- 3.20%
- 3Y*
- 4.04%
- 5Y*
- 1.73%
- 10Y*
- 1.66%
XONE
- 1D
- 0.04%
- 1M
- 0.23%
- YTD
- 1.16%
- 6M
- 1.52%
- 1Y
- 3.81%
- 3Y*
- 4.55%
- 5Y*
- —
- 10Y*
- —
SHY vs. XONE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.50% | 4.95% | 3.92% | 4.16% | 0.17% |
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 1.16% | 4.41% | 4.83% | 4.74% | 0.60% |
Correlation
The correlation between SHY and XONE is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.81 |
The correlation between SHY and XONE has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.
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Return for Risk
SHY vs. XONE — Risk / Return Rank
SHY
XONE
SHY vs. XONE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). 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.
| SHY | XONE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.61 | ||
| Sortino ratioReturn per unit of downside risk | -12.81 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 3.55 | -2.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 23.89 | -20.27 |
| Martin ratioReturn relative to average drawdown | 14.74 | 138.39 | -123.66 |
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
| SHY | XONE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 7.03 | -4.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.29 | 4.97 | -3.68 |
Drawdowns
SHY vs. XONE - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, which is greater than XONE's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for SHY and XONE.
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Drawdown Indicators
| SHY | XONE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -0.40% | -5.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -0.16% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.28% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | — | — |
Current DrawdownCurrent decline from peak | -0.23% | 0.00% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -0.04% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.03% | +0.19% |
Volatility
SHY vs. XONE - Volatility Comparison
iShares 1-3 Year Treasury Bond ETF (SHY) has a higher volatility of 0.35% compared to BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at 0.09%. This indicates that SHY's price experiences larger fluctuations and is considered to be riskier than XONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | XONE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.09% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 0.34% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.34% | 0.55% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 0.86% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 0.86% | +0.71% |
SHY vs. XONE - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is higher than XONE'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
SHY vs. XONE - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.68%, less than XONE's 4.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 4.06% | 4.33% | 5.21% | 4.46% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHY and XONE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHY has higher volatility (0.35%) compared to XONE (0.09%). In terms of maximum drawdown, SHY dropped -5.71% vs XONE's -0.40%.
On 3-year performance, XONE leads with 4.55% vs 4.04% for SHY. On fees, XONE is cheaper at 0.03% per year. On volatility, XONE has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XONE has performed better with a 4.55% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XONE is cheaper with a 0.03% expense ratio, compared with 0.15% for SHY.
XONE has the higher dividend yield at 4.06%, compared with 3.68% for SHY.
SHY tracks ICE US Treasury 1-3 Year Index, while XONE tracks Bloomberg US Treasury 1 Year Target Duration Index. They also come from different issuers: iShares and BondBloxx. Their fees differ too: 0.15% for SHY and 0.03% for XONE.
XONE currently has the higher Sharpe Ratio (7.03 vs 2.42), 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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