VGLT vs. UTEN
VGLT (Vanguard Long-Term Treasury ETF) and UTEN (US Treasury 10 Year Note ETF) are both Government Bonds funds - VGLT tracks the Bloomberg U.S. Long Treasury Index while UTEN tracks the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, VGLT returned -0.75%/yr vs 2.00%/yr for UTEN. With a 0.95 correlation, they move nearly in lockstep. VGLT charges 0.03%/yr vs 0.15%/yr for UTEN.
Performance
VGLT vs. UTEN - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a 0.49% return, which is significantly higher than UTEN's -0.46% return.
VGLT
- 1D
- 0.15%
- 1M
- 2.04%
- YTD
- 0.49%
- 6M
- 0.38%
- 1Y
- 4.08%
- 3Y*
- -0.75%
- 5Y*
- -5.58%
- 10Y*
- -1.20%
UTEN
- 1D
- 0.12%
- 1M
- 0.82%
- YTD
- -0.46%
- 6M
- -0.40%
- 1Y
- 3.23%
- 3Y*
- 2.00%
- 5Y*
- —
- 10Y*
- —
VGLT vs. UTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | 0.49% | 5.35% | -6.28% | 3.27% | -13.67% |
UTEN US Treasury 10 Year Note ETF | -0.46% | 7.82% | -1.67% | 3.18% | -7.81% |
Correlation
The correlation between VGLT and UTEN is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.95 |
The correlation between VGLT and UTEN has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
VGLT vs. UTEN — Risk / Return Rank
VGLT
UTEN
VGLT vs. UTEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) and US Treasury 10 Year Note ETF (UTEN). 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.
| VGLT | UTEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.11 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 0.71 | -0.12 |
| Martin ratioReturn relative to average drawdown | 1.45 | 1.96 | -0.51 |
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Drawdowns
VGLT vs. UTEN - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, which is greater than UTEN's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for VGLT and UTEN.
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Drawdown Indicators
| VGLT | UTEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -13.36% | -32.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -4.57% | -2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -17.68% | -8.60% | -9.08% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | — | — |
Current DrawdownCurrent decline from peak | -36.26% | -2.82% | -33.44% |
Average DrawdownAverage peak-to-trough decline | -15.12% | -4.80% | -10.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 1.65% | +1.17% |
Volatility
VGLT vs. UTEN - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.08% compared to US Treasury 10 Year Note ETF (UTEN) at 1.47%. This indicates that VGLT's price experiences larger fluctuations and is considered to be riskier than UTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGLT | UTEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 1.47% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 3.79% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.61% | 5.16% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.53% | 8.02% | +6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 8.02% | +5.78% |
VGLT vs. UTEN - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than UTEN'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. UTEN - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.57%, more than UTEN's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | 4.04% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGLT Vanguard Long-Term Treasury ETF | 4.57% | 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
With a correlation of 0.95, VGLT and UTEN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VGLT has higher volatility (2.08%) compared to UTEN (1.47%). In terms of maximum drawdown, VGLT dropped -46.18% vs UTEN's -13.36%.
On 3-year performance, UTEN leads with 2.00% vs -0.75% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, UTEN has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTEN has performed better with a 2.00% return vs -0.75%. 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 UTEN.
VGLT has the higher dividend yield at 4.57%, compared with 4.04% for UTEN.
VGLT tracks Bloomberg U.S. Long Treasury Index, while UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: Vanguard and US Benchmark Series. Their fees differ too: 0.03% for VGLT and 0.15% for UTEN.
UTEN currently has the higher Sharpe Ratio (0.63 vs 0.48), 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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