UTEN vs. VGSH
UTEN (US Treasury 10 Year Note ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both Government Bonds funds - UTEN tracks the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross while VGSH tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 3 years, UTEN returned 1.86%/yr vs 4.15%/yr for VGSH. Their correlation of 0.81 suggests significant overlap in exposure. UTEN charges 0.15%/yr vs 0.03%/yr for VGSH.
Performance
UTEN vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, UTEN achieves a -0.69% return, which is significantly lower than VGSH's 0.48% return.
UTEN
- 1D
- -0.26%
- 1M
- 0.01%
- YTD
- -0.69%
- 6M
- -1.30%
- 1Y
- 4.26%
- 3Y*
- 1.86%
- 5Y*
- —
- 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%
UTEN vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.69% | 7.82% | -1.67% | 3.18% | -7.79% |
VGSH Vanguard Short-Term Treasury ETF | 0.48% | 5.07% | 4.00% | 4.31% | -0.69% |
Correlation
The correlation between UTEN and VGSH is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.81 |
The correlation between UTEN and VGSH has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.
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Return for Risk
UTEN vs. VGSH — Risk / Return Rank
UTEN
VGSH
UTEN vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) 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.
| UTEN | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.57 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 3.90 | -2.96 |
| Martin ratioReturn relative to average drawdown | 2.82 | 15.52 | -12.69 |
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
| UTEN | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 2.68 | -1.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.93 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 1.01 | -1.01 |
Drawdowns
UTEN vs. VGSH - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for UTEN and VGSH.
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Drawdown Indicators
| UTEN | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -5.70% | -7.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -0.88% | -3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -0.97% | -7.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | -3.05% | -0.29% | -2.76% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -0.60% | -4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 0.22% | +1.29% |
Volatility
UTEN vs. VGSH - Volatility Comparison
US Treasury 10 Year Note ETF (UTEN) has a higher volatility of 1.71% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that UTEN's price experiences larger fluctuations and is considered to be riskier 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
| UTEN | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 0.35% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 0.88% | +2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 1.29% | +3.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 1.97% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.05% | 1.57% | +6.48% |
UTEN vs. VGSH - Expense Ratio Comparison
UTEN has a 0.15% expense ratio, which is higher than VGSH'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
UTEN vs. VGSH - Dividend Comparison
UTEN's dividend yield for the trailing twelve months is around 4.05%, more than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | 4.05% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
UTEN and VGSH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTEN has higher volatility (1.71%) compared to VGSH (0.35%). In terms of maximum drawdown, UTEN dropped -13.36% vs VGSH's -5.70%.
On 3-year performance, VGSH leads with 4.15% vs 1.86% for UTEN. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VGSH has performed better with a 4.15% return vs 1.86%. 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 0.15% for UTEN.
UTEN has the higher dividend yield at 4.05%, compared with 3.87% for VGSH.
UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: US Benchmark Series and Vanguard. Their fees differ too: 0.15% for UTEN and 0.03% for VGSH.
VGSH currently has the higher Sharpe Ratio (2.68 vs 0.82), 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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