VGIVX vs. USVN

Last updated Jun 13, 2026

VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) and USVN (US Treasury 7 Year Note ETF) are both Government Bonds funds. Over the past 3 years, VGIVX returned 9.47%/yr vs 3.04%/yr for USVN. A 0.68 correlation means they provide meaningful diversification when combined. VGIVX charges 0.18%/yr vs 0.15%/yr for USVN.

Performance

VGIVX vs. USVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and US Treasury 7 Year Note ETF (USVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIVX achieves a 1.51% return, which is significantly higher than USVN's -0.54% return.

VGIVX

• 1D: 0.45%
• 1M: 0.71%
• YTD: 1.51%
• 6M: 2.06%
• 1Y: 10.33%
• 3Y*: 9.47%
• 5Y*: 2.07%
• 10Y*: 3.58%

USVN

• 1D: -0.17%
• 1M: 0.15%
• YTD: -0.54%
• 6M: -0.27%
• 1Y: 3.35%
• 3Y*: 3.04%
• 5Y*: —
• 10Y*: —

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

VGIVX vs. USVN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	1.51%	13.05%	6.31%	8.91%
USVN US Treasury 7 Year Note ETF	-0.54%	7.66%	0.03%	0.67%

Correlation

The correlation between VGIVX and USVN is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.68

The correlation between VGIVX and USVN shifts across timeframes, from 0.58 (1 year) to 0.68 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VGIVX vs. USVN — Risk / Return Rank

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

VGIVX

VGIVX Risk / Return Rank: 78
VGIVX Sharpe Ratio Rank: 87
VGIVX Sortino Ratio Rank: 89
VGIVX Omega Ratio Rank: 85
VGIVX Calmar Ratio Rank: 65
VGIVX Martin Ratio Rank: 66

USVN

USVN Risk / Return Rank: 22
USVN Sharpe Ratio Rank: 23
USVN Sortino Ratio Rank: 22
USVN Omega Ratio Rank: 20
USVN Calmar Ratio Rank: 21
USVN Martin Ratio Rank: 21

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.

VGIVX vs. USVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and US Treasury 7 Year Note ETF (USVN). 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.

	VGIVX	USVN	Difference
Sharpe ratio: Return per unit of total volatility	2.47	0.73	+1.74
Sortino ratio: Return per unit of downside risk	3.90	1.10	+2.80
Omega ratio: Gain probability vs. loss probability	1.49	1.12	+0.37
Calmar ratio: Return relative to maximum drawdown	2.59	0.83	+1.77
Martin ratio: Return relative to average drawdown	10.36	2.31	+8.05

VGIVX vs. USVN - Sharpe Ratio Comparison

The current VGIVX Sharpe Ratio is 2.47, which is higher than the USVN Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of VGIVX and USVN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VGIVX vs. USVN - Drawdown Comparison

The maximum VGIVX drawdown since its inception was -26.79%, which is greater than USVN's maximum drawdown of -8.27%. Use the drawdown chart below to compare losses from any high point for VGIVX and USVN.

Drawdown Indicators

	VGIVX	USVN	Difference
Max Drawdown Largest peak-to-trough decline	-26.79%	-8.27%	-18.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-3.68%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.14%	-5.85%	-1.29%
Max Drawdown (5Y) Largest decline over 5 years	-26.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.79%	—	—
Current Drawdown Current decline from peak	-0.25%	-2.51%	+2.26%
Average Drawdown Average peak-to-trough decline	-4.69%	-2.34%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.32%	-0.34%

Volatility

VGIVX vs. USVN - Volatility Comparison

Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) has a higher volatility of 1.51% compared to US Treasury 7 Year Note ETF (USVN) at 1.42%. This indicates that VGIVX's price experiences larger fluctuations and is considered to be riskier than USVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGIVX	USVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.42%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.04%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	4.20%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	5.78%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	5.78%	+0.58%

VGIVX vs. USVN - Expense Ratio Comparison

VGIVX has a 0.18% expense ratio, which is higher than USVN's 0.15% 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

VGIVX vs. USVN - Dividend Comparison

VGIVX's dividend yield for the trailing twelve months is around 5.89%, more than USVN's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USVN US Treasury 7 Year Note ETF	3.74%	3.81%	4.07%	2.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.89%	5.95%	6.58%	5.53%	5.32%	3.53%	4.21%	4.62%	4.62%	4.67%	4.76%	4.55%

Frequently Asked Questions

Can I hold both VGIVX and USVN in my portfolio?

VGIVX and USVN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGIVX or USVN?

VGIVX has higher volatility (1.51%) compared to USVN (1.42%). In terms of maximum drawdown, VGIVX dropped -26.79% vs USVN's -8.27%.

Which has better risk-adjusted returns?

VGIVX currently has the higher Sharpe Ratio (2.47 vs 0.73), 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.