VGSH vs. VUSXX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Short-Term Treasury ETF (VGSH) and Vanguard Treasury Money Market Fund (VUSXX).

VGSH is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Nov 19, 2009. VUSXX is managed by Vanguard. It was launched on Sep 1, 2010.

Performance

VGSH vs. VUSXX - Performance Comparison

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

VGSH vs. VUSXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VGSH Vanguard Short-Term Treasury ETF	0.28%	5.07%	4.00%	4.31%	-3.86%	-0.65%
VUSXX Vanguard Treasury Money Market Fund	0.59%	4.25%	1.65%	0.43%	0.00%	0.00%

Returns By Period

In the year-to-date period, VGSH achieves a 0.28% return, which is significantly lower than VUSXX's 0.59% return.

VGSH

• 1D: 0.09%
• 1M: -0.49%
• YTD: 0.28%
• 6M: 1.37%
• 1Y: 3.75%
• 3Y*: 3.98%
• 5Y*: 1.79%
• 10Y*: 1.74%

VUSXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.59%
• 1Y: 3.76%
• 3Y*: 2.30%
• 5Y*: —
• 10Y*: —

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

VGSH vs. VUSXX - Expense Ratio Comparison

VGSH has a 0.03% expense ratio, which is lower than VUSXX's 0.08% 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%.

VUSXX

Vanguard Treasury Money Market Fund

VGSH

Vanguard Short-Term Treasury ETF

Return for Risk

VGSH vs. VUSXX — Risk / Return Rank

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

VGSH

VGSH Risk / Return Rank: 97
VGSH Sharpe Ratio Rank: 97
VGSH Sortino Ratio Rank: 98
VGSH Omega Ratio Rank: 97
VGSH Calmar Ratio Rank: 96
VGSH Martin Ratio Rank: 96

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. VUSXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and Vanguard Treasury Money Market Fund (VUSXX). 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.

	VGSH	VUSXX	Difference
Sharpe ratio Return per unit of total volatility	2.62	3.68	-1.06
Sortino ratio Return per unit of downside risk	4.21	—	—
Omega ratio Gain probability vs. loss probability	1.57	—	—
Calmar ratio Return relative to maximum drawdown	4.26	—	—
Martin ratio Return relative to average drawdown	16.28	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSH vs. VUSXX - Sharpe Ratio Comparison

The current VGSH Sharpe Ratio is 2.62, which is comparable to the VUSXX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of VGSH and VUSXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VGSH	VUSXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	3.68	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	2.02	-1.01

Correlation

The correlation between VGSH and VUSXX is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VGSH vs. VUSXX - Dividend Comparison

VGSH's dividend yield for the trailing twelve months is around 3.95%, more than VUSXX's 3.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGSH Vanguard Short-Term Treasury ETF	3.95%	4.00%	4.18%	3.31%	1.15%	0.66%	1.74%	2.28%	1.79%	1.10%	0.84%	0.69%
VUSXX Vanguard Treasury Money Market Fund	3.69%	4.15%	1.63%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VGSH vs. VUSXX - Drawdown Comparison

The maximum VGSH drawdown since its inception was -5.70%, which is greater than VUSXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VGSH and VUSXX.

Drawdown Indicators

	VGSH	VUSXX	Difference
Max Drawdown Largest peak-to-trough decline	-5.70%	0.00%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	0.00%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-5.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.70%	—	—
Current Drawdown Current decline from peak	-0.49%	0.00%	-0.49%
Average Drawdown Average peak-to-trough decline	-0.60%	0.00%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.00%	+0.23%

Volatility

VGSH vs. VUSXX - Volatility Comparison

Vanguard Short-Term Treasury ETF (VGSH) has a higher volatility of 0.52% compared to Vanguard Treasury Money Market Fund (VUSXX) at 0.00%. This indicates that VGSH's price experiences larger fluctuations and is considered to be riskier than VUSXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSH	VUSXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.00%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	0.77%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	1.17%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	0.72%	+1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	0.72%	+0.85%