VGLT vs. SHV
VGLT (Vanguard Long-Term Treasury ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - VGLT tracks the Bloomberg U.S. Long Treasury Index while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, VGLT returned -1.10%/yr vs 2.23%/yr for SHV. At a 0.12 correlation, their price movements are largely independent. VGLT charges 0.03%/yr vs 0.15%/yr for SHV.
Performance
VGLT vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -0.41% return, which is significantly lower than SHV's 1.42% return. Over the past 10 years, VGLT has underperformed SHV with an annualized return of -1.10%, while SHV has yielded a comparatively higher 2.23% 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%
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%
VGLT vs. SHV - 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% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between VGLT and SHV is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2009 | 0.12 |
The correlation between VGLT and SHV shifts across timeframes, from 0.10 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGLT vs. SHV — Risk / Return Rank
VGLT
SHV
VGLT vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.90 | ||
| Sortino ratioReturn per unit of downside risk | -148.63 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 53.77 | -52.66 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 431.38 | -430.63 |
| Martin ratioReturn relative to average drawdown | 1.96 | 2,419.80 | -2,417.84 |
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
| VGLT | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 19.49 | -18.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 11.56 | -11.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | 8.09 | -8.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 4.50 | -4.31 |
Drawdowns
VGLT vs. SHV - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for VGLT and SHV.
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Drawdown Indicators
| VGLT | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -0.45% | -45.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -0.01% | -7.00% |
Max Drawdown (3Y)Largest decline over 3 years | -17.68% | -0.03% | -17.65% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -0.40% | -40.58% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -0.45% | -45.73% |
Current DrawdownCurrent decline from peak | -36.83% | 0.00% | -36.83% |
Average DrawdownAverage peak-to-trough decline | -15.06% | -0.03% | -15.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 0.00% | +2.68% |
Volatility
VGLT vs. SHV - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.59% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that VGLT'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
| VGLT | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 0.05% | +2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.94% | 0.12% | +5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 0.20% | +8.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.58% | 0.29% | +14.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.81% | 0.28% | +13.53% |
VGLT vs. SHV - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than SHV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGLT vs. SHV - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.61%, more 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% |
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
VGLT and SHV have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGLT has higher volatility (2.59%) compared to SHV (0.05%). In terms of maximum drawdown, VGLT dropped -46.18% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs -1.10% for VGLT. On fees, VGLT is cheaper at 0.03% per year. 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 10-year period, SHV has performed better with a 2.23% return vs -1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.15% for SHV.
VGLT has the higher dividend yield at 4.61%, compared with 3.83% for SHV.
VGLT tracks Bloomberg U.S. Long Treasury Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VGLT and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 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.
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