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 0.27%/yr vs 2.54%/yr for UTEN. Their 0.95 correlation means they have historically moved very closely together. 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 -1.98% return, which is significantly lower than UTEN's -0.96% return.
VGLT
- 1D
- 0.17%
- 1M
- -2.13%
- 6M
- -1.56%
- YTD
- -1.98%
- 1Y
- -0.89%
- 3Y*
- 0.27%
- 5Y*
- -6.65%
- 10Y*
- -1.63%
- ALL TIME*
- 2.34%
UTEN
- 1D
- 0.04%
- 1M
- -0.81%
- 6M
- -0.54%
- YTD
- -0.96%
- 1Y
- 1.12%
- 3Y*
- 2.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $2.26M | $1.82M | |
| $107.06M | $103.64M | $108.85M |
VGLT vs. UTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -1.98% | 5.35% | -6.28% | 3.27% | -13.67% |
UTEN US Treasury 10 Year Note ETF | -0.96% | 7.82% | -1.67% | 3.18% | -7.81% |
Correlation
The correlation between VGLT and UTEN is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 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 | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.04 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.25 | -0.37 |
| Martin ratioReturn relative to average drawdown | -0.27 | 0.57 | -0.85 |
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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 | -7.03% | -4.57% | -2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -7.72% | -5.66% |
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 | -37.83% | -3.32% | -34.51% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -4.75% | -10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 1.96% | +1.30% |
Volatility
VGLT vs. UTEN - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.32% compared to US Treasury 10 Year Note ETF (UTEN) at 1.35%. 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 | 2.32% | 1.35% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 3.99% | +2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 5.00% | +3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 7.95% | +6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.74% | 7.95% | +5.79% |
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 4.74%, more than UTEN's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | 4.10% | 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 | 4.74% | 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 (2.32%) compared to UTEN (1.35%). In terms of maximum drawdown, VGLT dropped -46.18% vs UTEN's -13.36%.
On 3-year performance, UTEN leads with 2.54% vs 0.27% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, UTEN has been the lower-risk option at 1.35%. 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 2.54% return vs 0.27%. 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 4.74%, compared with 4.10% 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 (0.23 vs -0.11), 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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