VGSH vs. VNLA
VGSH (Vanguard Short-Term Treasury ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, VGSH returned 1.87%/yr vs 3.83%/yr for VNLA. At a 0.41 correlation, their price movements are largely independent. VGSH charges 0.03%/yr vs 0.23%/yr for VNLA.
Performance
VGSH vs. VNLA - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.64% return, which is significantly lower than VNLA's 1.63% return.
VGSH
- 1D
- 0.07%
- 1M
- 0.35%
- YTD
- 0.64%
- 6M
- 0.85%
- 1Y
- 3.43%
- 3Y*
- 4.27%
- 5Y*
- 1.87%
- 10Y*
- 1.73%
VNLA
- 1D
- 0.04%
- 1M
- 0.45%
- YTD
- 1.63%
- 6M
- 1.87%
- 1Y
- 4.81%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
VGSH vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.64% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
VNLA Janus Henderson Short Duration Income ETF | 1.63% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
Correlation
The correlation between VGSH and VNLA is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.41 |
Over the past year, VGSH and VNLA have become more correlated (0.62) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
VGSH vs. VNLA — Risk / Return Rank
VGSH
VNLA
VGSH vs. VNLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Janus Henderson Short Duration Income ETF (VNLA). 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 | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.00 | ||
| Sortino ratioReturn per unit of downside risk | -11.44 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 3.67 | -2.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.90 | 11.30 | -7.41 |
| Martin ratioReturn relative to average drawdown | 15.21 | 58.12 | -42.91 |
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Drawdowns
VGSH vs. VNLA - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, which is greater than VNLA's maximum drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for VGSH and VNLA.
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Drawdown Indicators
| VGSH | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -4.49% | -1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.43% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.49% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -1.76% | -3.90% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | 0.00% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -0.23% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.08% | +0.15% |
Volatility
VGSH vs. VNLA - Volatility Comparison
Vanguard Short-Term Treasury ETF (VGSH) has a higher volatility of 0.37% compared to Janus Henderson Short Duration Income ETF (VNLA) at 0.15%. This indicates that VGSH's price experiences larger fluctuations and is considered to be riskier than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 0.15% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 0.90% | 0.46% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 0.63% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 1.04% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 1.42% | +0.16% |
VGSH vs. VNLA - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than VNLA's 0.23% 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. VNLA - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.87%, less than VNLA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VNLA Janus Henderson Short Duration Income ETF | 4.77% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% | 0.00% |
Frequently Asked Questions
VGSH and VNLA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.37%) compared to VNLA (0.15%). In terms of maximum drawdown, VGSH dropped -5.70% vs VNLA's -4.49%.
On 5-year performance, VNLA leads with 3.83% vs 1.87% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VNLA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.83% return vs 1.87%. 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 0.23% for VNLA.
VNLA has the higher dividend yield at 4.77%, compared with 3.87% for VGSH.
VGSH is categorized as Government Bonds, while VNLA is Ultrashort Bond. VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while VNLA tracks FTSE 3-Month U.S. Treasury Bill Index. They also come from different issuers: Vanguard and Janus Henderson. Their fees differ too: 0.03% for VGSH and 0.23% for VNLA.
VNLA currently has the higher Sharpe Ratio (7.71 vs 2.71), 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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