VHT vs. ^TNX
VHT (Vanguard Health Care ETF) is Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 Index, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, VHT returned 9.99%/yr vs 10.69%/yr for ^TNX. At a 0.17 correlation, their price movements are largely independent.
Performance
VHT vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, VHT achieves a -0.41% return, which is significantly lower than ^TNX's 7.35% return. Over the past 10 years, VHT has underperformed ^TNX with an annualized return of 9.99%, while ^TNX has yielded a comparatively higher 10.69% annualized return.
VHT
- 1D
- -0.29%
- 1M
- 5.54%
- YTD
- -0.41%
- 6M
- -0.95%
- 1Y
- 16.15%
- 3Y*
- 6.96%
- 5Y*
- 4.83%
- 10Y*
- 9.99%
^TNX
- 1D
- -0.40%
- 1M
- -2.74%
- YTD
- 7.35%
- 6M
- 6.86%
- 1Y
- 1.02%
- 3Y*
- 5.84%
- 5Y*
- 23.29%
- 10Y*
- 10.69%
VHT vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VHT Vanguard Health Care ETF | -0.41% | 15.46% | 2.66% | 2.52% | -5.60% | 20.57% | 18.29% | 21.87% | 5.58% | 23.26% |
^TNX Cboe 10-Year Treasury Note Yield Index | 7.35% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
Correlation
The correlation between VHT and ^TNX is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004 | 0.17 |
The correlation between VHT and ^TNX shifts across timeframes, from -0.29 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VHT vs. ^TNX — Risk / Return Rank
VHT
^TNX
VHT vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Health Care ETF (VHT) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
| VHT | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.02 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 0.09 | +1.47 |
| Martin ratioReturn relative to average drawdown | 3.87 | 0.15 | +3.71 |
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Drawdowns
VHT vs. ^TNX - Drawdown Comparison
The maximum VHT drawdown since its inception was -39.12%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for VHT and ^TNX.
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Drawdown Indicators
| VHT | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.12% | -96.85% | +57.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -11.94% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -16.91% | -27.41% | +10.50% |
Max Drawdown (5Y)Largest decline over 5 years | -17.71% | -27.41% | +9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -28.85% | -84.57% | +55.72% |
Current DrawdownCurrent decline from peak | -3.56% | -71.79% | +68.23% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -55.00% | +49.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 6.59% | -2.40% |
Volatility
VHT vs. ^TNX - Volatility Comparison
Vanguard Health Care ETF (VHT) and Cboe 10-Year Treasury Note Yield Index (^TNX) have volatilities of 4.89% and 5.03%, 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
| VHT | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 5.03% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 10.72% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.72% | 15.13% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 32.36% | -17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.97% | 47.98% | -31.01% |
Frequently Asked Questions
VHT and ^TNX have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (5.03%) compared to VHT (4.89%). In terms of maximum drawdown, VHT dropped -39.12% vs ^TNX's -96.85%.
VHT currently has the higher Sharpe Ratio (1.10 vs 0.07), 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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