VGSH vs. MAIN

Last updated Jul 21, 2026

VGSH (Vanguard Short-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while MAIN (Main Street Capital Corporation) is a stock. Over the past 10 years, VGSH returned 1.74%/yr vs 13.39%/yr for MAIN. At a correlation of -0.09, they often move in opposite directions.

Performance

VGSH vs. MAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Treasury ETF (VGSH) and Main Street Capital Corporation (MAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGSH achieves a 0.76% return, which is significantly higher than MAIN's -5.54% return. Over the past 10 years, VGSH has underperformed MAIN with an annualized return of 1.74%, while MAIN has yielded a comparatively higher 13.39% annualized return.

VGSH

• 1D: -0.07%
• 1M: 0.25%
• 6M: 0.78%
• YTD: 0.76%
• 1Y: 3.07%
• 3Y*: 4.25%
• 5Y*: 1.87%
• 10Y*: 1.74%
• ALL TIME*: 1.41%

MAIN

• 1D: -1.41%
• 1M: 8.28%
• 6M: -11.20%
• YTD: -5.54%
• 1Y: -8.71%
• 3Y*: 18.72%
• 5Y*: 14.18%
• 10Y*: 13.39%
• ALL TIME*: 16.56%

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

VGSH vs. MAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSH Vanguard Short-Term Treasury ETF	0.76%	5.07%	4.00%	4.31%	-3.86%	-0.60%	3.04%	3.52%	1.55%	0.04%
MAIN Main Street Capital Corporation	-5.54%	10.74%	47.30%	28.22%	-11.37%	48.31%	-19.54%	36.88%	-8.27%	16.62%

Correlation

The correlation between VGSH and MAIN is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	-0.09

The correlation between VGSH and MAIN shifts across timeframes, from -0.09 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VGSH vs. MAIN — Risk / Return Rank

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

VGSH

VGSH Risk / Return Rank: 90
VGSH Sharpe Ratio Rank: 90
VGSH Sortino Ratio Rank: 93
VGSH Omega Ratio Rank: 92
VGSH Calmar Ratio Rank: 85
VGSH Martin Ratio Rank: 87

MAIN

MAIN Risk / Return Rank: 29
MAIN Sharpe Ratio Rank: 30
MAIN Sortino Ratio Rank: 27
MAIN Omega Ratio Rank: 27
MAIN Calmar Ratio Rank: 32
MAIN Martin Ratio Rank: 32

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.

VGSH vs. MAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Main Street Capital Corporation (MAIN). 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.

	VGSH	MAIN	Difference
Sharpe ratio: Return per unit of total volatility	2.34	-0.35	+2.69
Sortino ratio: Return per unit of downside risk	3.71	-0.32	+4.03
Omega ratio: Gain probability vs. loss probability	1.48	0.96	+0.52
Calmar ratio: Return relative to maximum drawdown	3.49	-0.39	+3.88
Martin ratio: Return relative to average drawdown	13.46	-0.70	+14.16

VGSH vs. MAIN - Sharpe Ratio Comparison

The current VGSH Sharpe Ratio is 2.34, which is higher than the MAIN Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of VGSH and MAIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VGSH vs. MAIN - Drawdown Comparison

The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for VGSH and MAIN.

Drawdown Indicators

	VGSH	MAIN	Difference
Max Drawdown Largest peak-to-trough decline	-5.70%	-64.53%	+58.83%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	-22.43%	+21.55%
Max Drawdown (3Y) Largest decline over 3 years	-0.97%	-22.43%	+21.46%
Max Drawdown (5Y) Largest decline over 5 years	-5.66%	-27.06%	+21.40%
Max Drawdown (10Y) Largest decline over 10 years	-5.70%	-64.53%	+58.83%
Current Drawdown Current decline from peak	-0.07%	-13.30%	+13.23%
Average Drawdown Average peak-to-trough decline	-0.59%	-7.36%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	12.47%	-12.24%

Volatility

VGSH vs. MAIN - Volatility Comparison

The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.39%, while Main Street Capital Corporation (MAIN) has a volatility of 5.94%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSH	MAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	5.94%	-5.55%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	19.81%	-18.81%
Volatility (1Y) Calculated over the trailing 1-year period	1.32%	25.32%	-24.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	21.60%	-19.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.58%	27.36%	-25.78%

Dividends

VGSH vs. MAIN - Dividend Comparison

VGSH's dividend yield for the trailing twelve months is around 3.85%, less than MAIN's 7.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIN Main Street Capital Corporation	7.88%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%
VGSH Vanguard Short-Term Treasury ETF	3.85%	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

Can I hold both VGSH and MAIN in my portfolio?

VGSH and MAIN have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGSH or MAIN?

MAIN has higher volatility (5.94%) compared to VGSH (0.39%). In terms of maximum drawdown, VGSH dropped -5.70% vs MAIN's -64.53%.

Which has better risk-adjusted returns?

VGSH currently has the higher Sharpe Ratio (2.34 vs -0.35), 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.