VGSH vs. FLTB
VGSH (Vanguard Short-Term Treasury ETF) and FLTB (Fidelity Limited Term Bond ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while FLTB is a Short-Term Bond fund actively managed by Fidelity. VGSH is passively managed, while FLTB is actively managed. Over the past 10 years, VGSH returned 1.71%/yr vs 2.44%/yr for FLTB. A 0.61 correlation means they provide meaningful diversification when combined. VGSH charges 0.03%/yr vs 0.25%/yr for FLTB.
Performance
VGSH vs. FLTB - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.36% return, which is significantly lower than FLTB's 0.54% return. Over the past 10 years, VGSH has underperformed FLTB with an annualized return of 1.71%, while FLTB has yielded a comparatively higher 2.44% annualized return.
VGSH
- 1D
- 0.00%
- 1M
- -0.20%
- YTD
- 0.36%
- 6M
- 0.76%
- 1Y
- 3.41%
- 3Y*
- 4.14%
- 5Y*
- 1.79%
- 10Y*
- 1.71%
FLTB
- 1D
- -0.07%
- 1M
- -0.31%
- YTD
- 0.54%
- 6M
- 0.84%
- 1Y
- 4.44%
- 3Y*
- 5.49%
- 5Y*
- 2.15%
- 10Y*
- 2.44%
VGSH vs. FLTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.36% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
FLTB Fidelity Limited Term Bond ETF | 0.54% | 6.60% | 5.14% | 5.94% | -5.88% | -1.20% | 5.57% | 5.87% | 1.06% | 2.10% |
Correlation
The correlation between VGSH and FLTB is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014 | 0.61 |
The correlation between VGSH and FLTB shifts across timeframes, from 0.61 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGSH vs. FLTB — Risk / Return Rank
VGSH
FLTB
VGSH vs. FLTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Fidelity Limited Term Bond ETF (FLTB). 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.
| VGSH | FLTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.40 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 2.93 | +0.95 |
| Martin ratioReturn relative to average drawdown | 15.29 | 12.33 | +2.96 |
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
| VGSH | FLTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 2.12 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.77 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.09 | 0.83 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 0.82 | +0.18 |
Drawdowns
VGSH vs. FLTB - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum FLTB drawdown of -9.37%. Use the drawdown chart below to compare losses from any high point for VGSH and FLTB.
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Drawdown Indicators
| VGSH | FLTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -9.37% | +3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -1.52% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -1.52% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -9.26% | +3.60% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -9.37% | +3.67% |
Current DrawdownCurrent decline from peak | -0.41% | -0.56% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -1.40% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.36% | -0.14% |
Volatility
VGSH vs. FLTB - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.35%, while Fidelity Limited Term Bond ETF (FLTB) has a volatility of 0.62%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than FLTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | FLTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.62% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 0.89% | 1.64% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 2.11% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 2.80% | -0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 2.94% | -1.36% |
VGSH vs. FLTB - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than FLTB's 0.25% 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
VGSH vs. FLTB - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.88%, less than FLTB's 4.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 4.37% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
VGSH Vanguard Short-Term Treasury ETF | 3.88% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
VGSH and FLTB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLTB has higher volatility (0.62%) compared to VGSH (0.35%). In terms of maximum drawdown, VGSH dropped -5.70% vs FLTB's -9.37%.
On 10-year performance, FLTB leads with 2.44% vs 1.71% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLTB has performed better with a 2.44% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.25% for FLTB.
FLTB has the higher dividend yield at 4.37%, compared with 3.88% for VGSH.
VGSH is categorized as Government Bonds, while FLTB is Short-Term Bond. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.03% for VGSH and 0.25% for FLTB.
VGSH currently has the higher Sharpe Ratio (2.69 vs 2.12), 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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