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USD=X vs. VGSH
Performance
Return for Risk
Drawdowns
Volatility

USD=X vs. VGSH

Last updated Jun 13, 2026

USD=X (USD Cash) is a currency, while VGSH (Vanguard Short-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 10 years, USD=X returned 0.00%/yr vs 1.73%/yr for VGSH.

Performance

USD=X vs. VGSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USD Cash (USD=X) and Vanguard Short-Term Treasury ETF (VGSH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%

VGSH

1D
-0.03%
1M
0.13%
YTD
0.57%
6M
0.83%
1Y
3.31%
3Y*
4.25%
5Y*
1.83%
10Y*
1.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD=X vs. VGSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VGSH
Vanguard Short-Term Treasury ETF		0.57%5.07%4.00%4.31%-3.86%-0.60%3.04%3.52%1.55%0.04%

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USD Cash

Vanguard Short-Term Treasury ETF

Often compared with USD=X:
USD=X vs. UUPUSD=X vs. EUR=XUSD=X vs. XRP-USDUSD=X vs. BTC-USDUSD=X vs. QQQUSD=X vs. TSLAUSD=X vs. USDX
Often compared with VGSH:
VGSH vs. sgovVGSH vs. SHVVGSH vs. SGOVVGSH vs. SHYVGSH vs. BNDVGSH vs. VTIPVGSH vs. VCSH

Return for Risk

USD=X vs. VGSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VGSH
VGSH Risk / Return Rank: 8888
Overall Rank
VGSH Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VGSH Sortino Ratio Rank: 9494
Sortino Ratio Rank
VGSH Omega Ratio Rank: 9292
Omega Ratio Rank
VGSH Calmar Ratio Rank: 8181
Calmar Ratio Rank
VGSH Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USD=X vs. VGSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) and Vanguard Short-Term Treasury ETF (VGSH). 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.

USD=XVGSHDifference
Sharpe ratioReturn per unit of total volatility

—

2.61

—

Sortino ratioReturn per unit of downside risk

—

4.30

—

Omega ratioGain probability vs. loss probability

—

1.55

—

Calmar ratioReturn relative to maximum drawdown

—

3.76

—

Martin ratioReturn relative to average drawdown

—

14.67

—

USD=X vs. VGSH - Sharpe Ratio Comparison

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Drawdowns

USD=X vs. VGSH - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for USD=X and VGSH.

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Drawdown Indicators

USD=XVGSHDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-5.70%

+5.70%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-0.88%

+0.88%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-0.97%

+0.97%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-5.66%

+5.66%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-5.70%

+5.70%

Current Drawdown

Current decline from peak

0.00%

-0.21%

+0.21%

Average Drawdown

Average peak-to-trough decline

0.00%

-0.60%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

0.23%

-0.23%

Volatility

USD=X vs. VGSH - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.37%. This indicates that USD=X experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USD=XVGSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

0.37%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

0.90%

-0.90%

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

1.28%

-1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

1.97%

-1.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

1.58%

-1.58%

Frequently Asked Questions

VGSH has higher volatility (0.37%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs VGSH's -5.70%.

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