VGSH vs. VIOO
VGSH (Vanguard Short-Term Treasury ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, VGSH returned 1.71%/yr vs 11.00%/yr for VIOO. At a correlation of -0.11, they often move in opposite directions. VGSH charges 0.03%/yr vs 0.07%/yr for VIOO.
Performance
VGSH vs. VIOO - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.38% return, which is significantly lower than VIOO's 17.50% return. Over the past 10 years, VGSH has underperformed VIOO with an annualized return of 1.71%, while VIOO has yielded a comparatively higher 11.00% annualized return.
VGSH
- 1D
- -0.29%
- 1M
- 0.06%
- YTD
- 0.38%
- 6M
- 0.52%
- 1Y
- 3.13%
- 3Y*
- 4.18%
- 5Y*
- 1.83%
- 10Y*
- 1.71%
VIOO
- 1D
- -1.46%
- 1M
- 5.02%
- YTD
- 17.50%
- 6M
- 15.98%
- 1Y
- 34.74%
- 3Y*
- 14.35%
- 5Y*
- 6.87%
- 10Y*
- 11.00%
VGSH vs. VIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.38% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
VIOO Vanguard S&P Small-Cap 600 ETF | 17.50% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
Correlation
The correlation between VGSH and VIOO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.11 |
The correlation between VGSH and VIOO shifts across timeframes, from -0.11 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGSH vs. VIOO — Risk / Return Rank
VGSH
VIOO
VGSH vs. VIOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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 | VIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.34 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 3.98 | -0.42 |
| Martin ratioReturn relative to average drawdown | 13.78 | 13.44 | +0.35 |
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Drawdowns
VGSH vs. VIOO - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for VGSH and VIOO.
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Drawdown Indicators
| VGSH | VIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -44.15% | +38.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -8.77% | +7.89% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -27.93% | +26.96% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -27.93% | +22.27% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -44.15% | +38.45% |
Current DrawdownCurrent decline from peak | -0.39% | -1.98% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -7.32% | +6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 2.59% | -2.36% |
Volatility
VGSH vs. VIOO - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.46%, while Vanguard S&P Small-Cap 600 ETF (VIOO) has a volatility of 5.13%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | VIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 5.13% | -4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 12.02% | -11.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.31% | 17.73% | -16.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 21.43% | -19.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 23.01% | -21.43% |
VGSH vs. VIOO - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than VIOO's 0.07% 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. VIOO - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.88%, more than VIOO's 1.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.16% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
VGSH and VIOO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIOO has higher volatility (5.13%) compared to VGSH (0.46%). In terms of maximum drawdown, VGSH dropped -5.70% vs VIOO's -44.15%.
On 10-year performance, VIOO leads with 11.00% 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 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIOO has performed better with a 11.00% 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 0.07% for VIOO.
VGSH has the higher dividend yield at 3.88%, compared with 1.16% for VIOO.
VGSH is categorized as Government Bonds, while VIOO is Small Cap Blend Equities. VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while VIOO tracks S&P SmallCap 600 Index. Their fees differ too: 0.03% for VGSH and 0.07% for VIOO.
VGSH currently has the higher Sharpe Ratio (2.41 vs 1.97), 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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