VGSH vs. NVO
VGSH (Vanguard Short-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, VGSH returned 1.73%/yr vs 7.56%/yr for NVO. At a correlation of -0.04, they often move in opposite directions.
Performance
VGSH vs. NVO - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.57% return, which is significantly higher than NVO's -10.74% return. Over the past 10 years, VGSH has underperformed NVO with an annualized return of 1.73%, while NVO has yielded a comparatively higher 7.56% annualized return.
VGSH
- 1D
- -0.03%
- 1M
- 0.16%
- YTD
- 0.57%
- 6M
- 0.83%
- 1Y
- 3.36%
- 3Y*
- 4.25%
- 5Y*
- 1.83%
- 10Y*
- 1.73%
NVO
- 1D
- -0.18%
- 1M
- -4.19%
- YTD
- -10.74%
- 6M
- -9.50%
- 1Y
- -42.47%
- 3Y*
- -15.59%
- 5Y*
- 2.92%
- 10Y*
- 7.56%
VGSH vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.57% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
NVO Novo Nordisk A/S | -10.74% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between VGSH and NVO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | -0.04 |
The correlation between VGSH and NVO shifts across timeframes, from -0.04 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGSH vs. NVO — Risk / Return Rank
VGSH
NVO
VGSH vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Novo Nordisk A/S (NVO). 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 | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.45 | ||
| Sortino ratioReturn per unit of downside risk | +5.35 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 0.85 | +0.70 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | -0.80 | +4.56 |
| Martin ratioReturn relative to average drawdown | 14.67 | -1.18 | +15.85 |
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Drawdowns
VGSH vs. NVO - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum NVO drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for VGSH and NVO.
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Drawdown Indicators
| VGSH | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -74.70% | +69.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -54.34% | +53.46% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -74.70% | +73.73% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -74.70% | +69.04% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -74.70% | +69.00% |
Current DrawdownCurrent decline from peak | -0.21% | -68.11% | +67.90% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -17.79% | +17.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 37.62% | -37.39% |
Volatility
VGSH vs. NVO - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.37%, while Novo Nordisk A/S (NVO) has a volatility of 10.68%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 10.68% | -10.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.90% | 38.04% | -37.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 51.88% | -50.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 38.33% | -36.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 32.56% | -30.98% |
Dividends
VGSH vs. NVO - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.87%, less than NVO's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 4.11% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 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 NVO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVO has higher volatility (10.68%) compared to VGSH (0.37%). In terms of maximum drawdown, VGSH dropped -5.70% vs NVO's -74.70%.
VGSH currently has the higher Sharpe Ratio (2.61 vs -0.84), 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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