VGSH vs. VSBIX
VGSH (Vanguard Short-Term Treasury ETF) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds from Vanguard. Over the past 10 years, VGSH returned 1.75%/yr vs 1.76%/yr for VSBIX. Their correlation of 0.82 means they have usually moved in the same direction. VGSH charges 0.03%/yr vs 0.05%/yr for VSBIX.
Performance
VGSH vs. VSBIX - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.85% return, which is significantly higher than VSBIX's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with VGSH having a 1.75% annualized return and VSBIX not far ahead at 1.76%.
VGSH
- 1D
- 0.07%
- 1M
- 0.11%
- 6M
- 0.67%
- YTD
- 0.85%
- 1Y
- 2.65%
- 3Y*
- 4.22%
- 5Y*
- 1.88%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
VSBIX
- 1D
- -0.04%
- 1M
- 0.08%
- 6M
- 0.64%
- YTD
- 0.79%
- 1Y
- 2.60%
- 3Y*
- 4.41%
- 5Y*
- 1.93%
- 10Y*
- 1.76%
- ALL TIME*
- 1.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $149.43M | $165.20M | $192.79M | |
| $0.00 | $0.00 | $0.00 |
VGSH vs. VSBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.85% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 0.79% | 5.11% | 4.37% | 4.28% | -3.87% | -0.67% | 3.11% | 3.53% | 1.52% | 0.40% |
Correlation
The correlation between VGSH and VSBIX is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.82 |
The correlation between VGSH and VSBIX shifts across timeframes, from 0.82 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGSH vs. VSBIX — Risk / Return Rank
VGSH
VSBIX
VGSH vs. VSBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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 | VSBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.50 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 3.86 | -0.85 |
| Martin ratioReturn relative to average drawdown | 11.57 | 15.50 | -3.93 |
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Drawdowns
VGSH vs. VSBIX - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, roughly equal to the maximum VSBIX drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for VGSH and VSBIX.
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Drawdown Indicators
| VGSH | VSBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -5.74% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.81% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.81% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -5.69% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -5.74% | +0.04% |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -0.58% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.20% | +0.03% |
Volatility
VGSH vs. VSBIX - Volatility Comparison
Vanguard Short-Term Treasury ETF (VGSH) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) have volatilities of 0.35% and 0.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | VSBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.35% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 0.99% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.23% | 1.30% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 1.96% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 1.54% | +0.04% |
VGSH vs. VSBIX - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than VSBIX's 0.05% 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. VSBIX - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.82%, more than VSBIX's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 3.82% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 3.50% | 3.99% | 4.52% | 3.31% | 1.14% | 0.65% | 1.74% | 2.28% | 1.81% | 1.11% | 0.80% | 0.74% |
Frequently Asked Questions
With a correlation of 0.93, VGSH and VSBIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VSBIX has higher volatility (0.35%) compared to VGSH (0.35%). In terms of maximum drawdown, VGSH dropped -5.70% vs VSBIX's -5.74%.
VSBIX currently has the higher Sharpe Ratio (2.41 vs 2.17), 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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