VGLT vs. NVG

Last updated Jun 4, 2026

VGLT (Vanguard Long-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while NVG (Nuveen AMT-Free Municipal Credit Income Fund) is a stock. Over the past 10 years, VGLT returned -1.10%/yr vs 3.56%/yr for NVG. At a 0.28 correlation, their price movements are largely independent. VGLT charges 0.03%/yr vs 1.50%/yr for NVG.

Performance

VGLT vs. NVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury ETF (VGLT) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGLT achieves a -0.41% return, which is significantly lower than NVG's 2.31% return. Over the past 10 years, VGLT has underperformed NVG with an annualized return of -1.10%, while NVG has yielded a comparatively higher 3.56% annualized return.

VGLT

• 1D: -0.40%
• 1M: 0.71%
• YTD: -0.41%
• 6M: -1.68%
• 1Y: 5.25%
• 3Y*: -0.72%
• 5Y*: -5.30%
• 10Y*: -1.10%

NVG

• 1D: -0.63%
• 1M: 2.09%
• YTD: 2.31%
• 6M: 2.78%
• 1Y: 14.65%
• 3Y*: 10.49%
• 5Y*: -0.65%
• 10Y*: 3.56%

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

VGLT vs. NVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGLT Vanguard Long-Term Treasury ETF	-0.41%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	-1.54%	8.64%
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.31%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%

Correlation

The correlation between VGLT and NVG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 25, 2009	0.28

The correlation between VGLT and NVG shifts across timeframes, from 0.28 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VGLT vs. NVG — Risk / Return Rank

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

VGLT

VGLT Risk / Return Rank: 18
VGLT Sharpe Ratio Rank: 18
VGLT Sortino Ratio Rank: 17
VGLT Omega Ratio Rank: 16
VGLT Calmar Ratio Rank: 18
VGLT Martin Ratio Rank: 18

NVG

NVG Risk / Return Rank: 74
NVG Sharpe Ratio Rank: 80
NVG Sortino Ratio Rank: 76
NVG Omega Ratio Rank: 76
NVG Calmar Ratio Rank: 67
NVG Martin Ratio Rank: 73

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.

VGLT vs. NVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). 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.

	VGLT	NVG	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.42	-0.82
Sortino ratio: Return per unit of downside risk	0.92	2.10	-1.18
Omega ratio: Gain probability vs. loss probability	1.10	1.28	-0.17
Calmar ratio: Return relative to maximum drawdown	0.75	1.41	-0.66
Martin ratio: Return relative to average drawdown	1.96	4.64	-2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGLT vs. NVG - Sharpe Ratio Comparison

The current VGLT Sharpe Ratio is 0.59, which is lower than the NVG Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of VGLT and NVG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VGLT	NVG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	1.42	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	-0.05	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.28	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.39	-0.21

Drawdowns

VGLT vs. NVG - Drawdown Comparison

The maximum VGLT drawdown since its inception was -46.18%, which is greater than NVG's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for VGLT and NVG.

Drawdown Indicators

	VGLT	NVG	Difference
Max Drawdown Largest peak-to-trough decline	-46.18%	-41.72%	-4.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-10.44%	+3.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-17.22%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-40.98%	-40.58%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-46.18%	-40.58%	-5.60%
Current Drawdown Current decline from peak	-36.83%	-7.76%	-29.07%
Average Drawdown Average peak-to-trough decline	-15.06%	-7.92%	-7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.17%	-0.49%

Volatility

VGLT vs. NVG - Volatility Comparison

The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.59%, while Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a volatility of 3.61%. This indicates that VGLT experiences smaller price fluctuations and is considered to be less risky than NVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGLT	NVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.61%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	8.73%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.88%	10.40%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	13.06%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	12.89%	+0.92%

VGLT vs. NVG - Expense Ratio Comparison

VGLT has a 0.03% expense ratio, which is lower than NVG's 1.50% expense ratio.

Dividends

VGLT vs. NVG - Dividend Comparison

VGLT's dividend yield for the trailing twelve months is around 4.61%, less than NVG's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.55%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%
VGLT Vanguard Long-Term Treasury ETF	4.61%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

Frequently Asked Questions

Can I hold both VGLT and NVG in my portfolio?

VGLT and NVG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGLT or NVG?

NVG has higher volatility (3.61%) compared to VGLT (2.59%). In terms of maximum drawdown, VGLT dropped -46.18% vs NVG's -41.72%.

Which has better risk-adjusted returns?

NVG currently has the higher Sharpe Ratio (1.42 vs 0.59), 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.