UTRE vs. SHV
UTRE (US Treasury 3 Year Note ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 3 years, UTRE returned 3.64%/yr vs 4.64%/yr for SHV. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
UTRE vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, UTRE achieves a -0.09% return, which is significantly lower than SHV's 1.42% return.
UTRE
- 1D
- -0.08%
- 1M
- -0.10%
- YTD
- -0.09%
- 6M
- 0.06%
- 1Y
- 2.93%
- 3Y*
- 3.64%
- 5Y*
- —
- 10Y*
- —
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
UTRE vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTRE US Treasury 3 Year Note ETF | -0.09% | 5.68% | 2.96% | 2.16% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 3.91% |
Correlation
The correlation between UTRE and SHV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.32 |
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Return for Risk
UTRE vs. SHV — Risk / Return Rank
UTRE
SHV
UTRE vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.
| UTRE | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.03 | ||
| Sortino ratioReturn per unit of downside risk | -147.26 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 53.77 | -52.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 431.38 | -429.34 |
| Martin ratioReturn relative to average drawdown | 6.10 | 2,419.80 | -2,413.70 |
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
| UTRE | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 19.49 | -18.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 11.56 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.25 | 4.50 | -3.25 |
Drawdowns
UTRE vs. SHV - Drawdown Comparison
The maximum UTRE drawdown since its inception was -2.80%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for UTRE and SHV.
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Drawdown Indicators
| UTRE | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.80% | -0.45% | -2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -0.01% | -1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -1.86% | -0.03% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -1.07% | 0.00% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -0.77% | -0.03% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.00% | +0.48% |
Volatility
UTRE vs. SHV - Volatility Comparison
US Treasury 3 Year Note ETF (UTRE) has a higher volatility of 0.58% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that UTRE's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTRE | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 0.05% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.41% | 0.12% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.02% | 0.20% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.70% | 0.29% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.70% | 0.28% | +2.42% |
UTRE vs. SHV - Expense Ratio Comparison
Both UTRE and SHV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
UTRE vs. SHV - Dividend Comparison
UTRE's dividend yield for the trailing twelve months is around 3.50%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
UTRE US Treasury 3 Year Note ETF | 3.50% | 3.60% | 4.01% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTRE and SHV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTRE has higher volatility (0.58%) compared to SHV (0.05%). In terms of maximum drawdown, UTRE dropped -2.80% vs SHV's -0.45%.
On 3-year performance, SHV leads with 4.64% vs 3.64% for UTRE. Both ETFs have the same 0.15% expense ratio. On volatility, SHV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHV has performed better with a 4.64% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTRE and SHV have the same expense ratio: 0.15% per year.
SHV has the higher dividend yield at 3.83%, compared with 3.50% for UTRE.
UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: US Benchmark Series and iShares.
SHV currently has the higher Sharpe Ratio (19.49 vs 1.46), 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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