VFIRX vs. GUSTX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and GMO U.S. Treasury Fund (GUSTX).

VFIRX is managed by Vanguard. It was launched on Feb 13, 2001. GUSTX is managed by GMO. It was launched on Mar 16, 2009.

Performance

VFIRX vs. GUSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and GMO U.S. Treasury Fund (GUSTX). The values are adjusted to include any dividend payments, if applicable.

VFIRX vs. GUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	-0.01%	5.47%	3.85%	3.66%	-4.61%	-0.80%	4.06%	3.71%	1.47%	0.40%
GUSTX GMO U.S. Treasury Fund	0.51%	4.45%	2.21%	2.52%	-0.73%	-0.06%	0.89%	0.14%	-79.59%	0.43%

Returns By Period

In the year-to-date period, VFIRX achieves a -0.01% return, which is significantly lower than GUSTX's 0.51% return. Over the past 10 years, VFIRX has outperformed GUSTX with an annualized return of 1.68%, while GUSTX has yielded a comparatively lower -13.82% annualized return.

VFIRX

• 1D: 0.10%
• 1M: -0.70%
• YTD: -0.01%
• 6M: 0.94%
• 1Y: 3.42%
• 3Y*: 3.83%
• 5Y*: 1.48%
• 10Y*: 1.68%

GUSTX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.51%
• 6M: 1.51%
• 1Y: 3.69%
• 3Y*: 3.15%
• 5Y*: 1.76%
• 10Y*: -13.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VFIRX vs. GUSTX - Expense Ratio Comparison

VFIRX has a 0.10% expense ratio, which is higher than GUSTX's 0.01% 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%.

VFIRX

Vanguard Short-Term Treasury Fund Admiral Shares

GUSTX

GMO U.S. Treasury Fund

Return for Risk

VFIRX vs. GUSTX — Risk / Return Rank

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

VFIRX

VFIRX Risk / Return Rank: 87
VFIRX Sharpe Ratio Rank: 82
VFIRX Sortino Ratio Rank: 90
VFIRX Omega Ratio Rank: 82
VFIRX Calmar Ratio Rank: 92
VFIRX Martin Ratio Rank: 89

GUSTX

GUSTX Risk / Return Rank: 99
GUSTX Sharpe Ratio Rank: 98
GUSTX Sortino Ratio Rank: 100
GUSTX Omega Ratio Rank: 100
GUSTX Calmar Ratio Rank: 100
GUSTX Martin Ratio Rank: 100

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.

VFIRX vs. GUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) and GMO U.S. Treasury Fund (GUSTX). 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.

	VFIRX	GUSTX	Difference
Sharpe ratio Return per unit of total volatility	1.59	3.18	-1.59
Sortino ratio Return per unit of downside risk	2.63	10.74	-8.11
Omega ratio Gain probability vs. loss probability	1.34	7.08	-5.74
Calmar ratio Return relative to maximum drawdown	2.78	20.50	-17.72
Martin ratio Return relative to average drawdown	9.85	58.55	-48.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFIRX vs. GUSTX - Sharpe Ratio Comparison

The current VFIRX Sharpe Ratio is 1.59, which is lower than the GUSTX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of VFIRX and GUSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFIRX	GUSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.18	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	1.03	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	-0.55	+1.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	-0.44	+1.60

Correlation

The correlation between VFIRX and GUSTX is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VFIRX vs. GUSTX - Dividend Comparison

VFIRX's dividend yield for the trailing twelve months is around 3.57%, less than GUSTX's 3.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFIRX Vanguard Short-Term Treasury Fund Admiral Shares	3.57%	3.99%	4.49%	4.07%	2.03%	0.60%	2.30%	2.49%	2.21%	1.25%	1.28%	0.93%
GUSTX GMO U.S. Treasury Fund	3.62%	4.15%	1.98%	2.28%	0.26%	0.14%	0.09%	0.14%	8.96%	0.50%	0.05%	0.04%

Drawdowns

VFIRX vs. GUSTX - Drawdown Comparison

The maximum VFIRX drawdown since its inception was -6.73%, smaller than the maximum GUSTX drawdown of -79.98%. Use the drawdown chart below to compare losses from any high point for VFIRX and GUSTX.

Drawdown Indicators

	VFIRX	GUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-6.73%	-79.98%	+73.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	-0.20%	-1.20%
Max Drawdown (5Y) Largest decline over 5 years	-6.73%	-1.19%	-5.54%
Max Drawdown (10Y) Largest decline over 10 years	-6.73%	-79.98%	+73.25%
Current Drawdown Current decline from peak	-1.00%	-77.89%	+76.89%
Average Drawdown Average peak-to-trough decline	-0.71%	-35.61%	+34.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.07%	+0.33%

Volatility

VFIRX vs. GUSTX - Volatility Comparison

Vanguard Short-Term Treasury Fund Admiral Shares (VFIRX) has a higher volatility of 0.66% compared to GMO U.S. Treasury Fund (GUSTX) at 0.29%. This indicates that VFIRX's price experiences larger fluctuations and is considered to be riskier than GUSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFIRX	GUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.29%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	0.83%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.27%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	1.73%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.11%	25.44%	-23.33%