USTB vs. VGSH
USTB (VictoryShares Short-Term Bond ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, USTB returned 3.50%/yr vs 1.81%/yr for VGSH. A 0.64 correlation means they provide meaningful diversification when combined. USTB charges 0.34%/yr vs 0.03%/yr for VGSH.
Performance
USTB vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, USTB achieves a 1.19% return, which is significantly higher than VGSH's 0.48% return.
USTB
- 1D
- -0.04%
- 1M
- 0.32%
- YTD
- 1.19%
- 6M
- 1.58%
- 1Y
- 4.75%
- 3Y*
- 6.13%
- 5Y*
- 3.50%
- 10Y*
- —
VGSH
- 1D
- -0.03%
- 1M
- 0.08%
- YTD
- 0.48%
- 6M
- 0.74%
- 1Y
- 3.43%
- 3Y*
- 4.15%
- 5Y*
- 1.81%
- 10Y*
- 1.74%
USTB vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTB VictoryShares Short-Term Bond ETF | 1.19% | 6.08% | 6.49% | 6.69% | -2.82% | 0.90% | 5.12% | 5.10% | 1.08% | 0.35% |
VGSH Vanguard Short-Term Treasury ETF | 0.48% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | -0.13% |
Correlation
The correlation between USTB and VGSH is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.64 |
Over the past year, USTB and VGSH have become more correlated (0.86) than their long-term average of 0.64, meaning their price movements have been converging.
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Return for Risk
USTB vs. VGSH — Risk / Return Rank
USTB
VGSH
USTB vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) 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.
| USTB | VGSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.93 | 2.68 | +1.25 |
Sortino ratioReturn per unit of downside risk | 6.69 | 4.43 | +2.27 |
Omega ratioGain probability vs. loss probability | 1.88 | 1.57 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 5.65 | 3.90 | +1.75 |
Martin ratioReturn relative to average drawdown | 25.66 | 15.52 | +10.14 |
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
| USTB | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.93 | 2.68 | +1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.75 | 0.93 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.73 | 1.01 | +0.72 |
Drawdowns
USTB vs. VGSH - Drawdown Comparison
The maximum USTB drawdown since its inception was -5.32%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for USTB and VGSH.
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Drawdown Indicators
| USTB | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.32% | -5.70% | +0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.84% | -0.88% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -1.02% | -0.97% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -4.96% | -5.66% | +0.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.29% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -0.60% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.22% | -0.03% |
Volatility
USTB vs. VGSH - Volatility Comparison
The current volatility for VictoryShares Short-Term Bond ETF (USTB) is 0.33%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.35%. This indicates that USTB 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
| USTB | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 0.35% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 0.88% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.22% | 1.29% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.01% | 1.97% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.01% | 1.57% | +0.44% |
USTB vs. VGSH - Expense Ratio Comparison
USTB has a 0.34% expense ratio, which is higher than VGSH's 0.03% expense ratio.
Dividends
USTB vs. VGSH - Dividend Comparison
USTB's dividend yield for the trailing twelve months is around 4.58%, more than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USTB VictoryShares Short-Term Bond ETF | 4.58% | 4.62% | 5.05% | 4.49% | 2.54% | 1.84% | 2.59% | 2.69% | 2.32% | 0.43% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
USTB and VGSH have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.35%) compared to USTB (0.33%). In terms of maximum drawdown, USTB dropped -5.32% vs VGSH's -5.70%.
On 5-year performance, USTB leads with 3.50% vs 1.81% for VGSH. On fees, VGSH is cheaper at 0.03% 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, USTB has performed better with a 3.50% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.34% for USTB.
USTB has the higher dividend yield at 4.58%, compared with 3.87% for VGSH.
USTB is categorized as Short-Term Bond, while VGSH is Government Bonds. USTB tracks Bloomberg 1–3 Year Credit Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Victory and Vanguard. Their fees differ too: 0.34% for USTB and 0.03% for VGSH.
USTB currently has the higher Sharpe Ratio (3.93 vs 2.68), 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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