VNLA vs. SHV
VNLA (Janus Henderson Short Duration Income ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 5 years, VNLA returned 3.79%/yr vs 3.31%/yr for SHV. At a 0.24 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.15%/yr for SHV.
Performance
VNLA vs. SHV - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VNLA having a 1.43% return and SHV slightly lower at 1.42%.
VNLA
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 1.43%
- 6M
- 1.85%
- 1Y
- 4.75%
- 3Y*
- 5.76%
- 5Y*
- 3.79%
- 10Y*
- —
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
VNLA vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 1.43% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between VNLA and SHV is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016 | 0.24 |
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Return for Risk
VNLA vs. SHV — Risk / Return Rank
VNLA
SHV
VNLA vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.
| VNLA | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.95 | ||
| Sortino ratioReturn per unit of downside risk | -134.06 | ||
| Omega ratioGain probability vs. loss probability | 3.58 | 53.77 | -50.19 |
| Calmar ratioReturn relative to maximum drawdown | 11.15 | 431.38 | -420.23 |
| Martin ratioReturn relative to average drawdown | 57.27 | 2,419.80 | -2,362.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VNLA | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.55 | 19.49 | -11.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.66 | 11.56 | -7.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.10 | 4.50 | -2.40 |
Drawdowns
VNLA vs. SHV - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for VNLA and SHV.
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Drawdown Indicators
| VNLA | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -0.45% | -4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.01% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -0.03% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -0.40% | -1.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.03% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.00% | +0.08% |
Volatility
VNLA vs. SHV - Volatility Comparison
Janus Henderson Short Duration Income ETF (VNLA) has a higher volatility of 0.18% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that VNLA's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNLA | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.05% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 0.12% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 0.20% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 0.29% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 0.28% | +1.14% |
VNLA vs. SHV - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is higher than SHV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VNLA vs. SHV - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.78%, more than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
VNLA Janus Henderson Short Duration Income ETF | 4.78% | 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
VNLA and SHV have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNLA has higher volatility (0.18%) compared to SHV (0.05%). In terms of maximum drawdown, VNLA dropped -4.49% vs SHV's -0.45%.
On 5-year performance, VNLA leads with 3.79% vs 3.31% for SHV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.05%. 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 3.79% return vs 3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 4.78%, compared with 3.83% for SHV.
VNLA is categorized as Ultrashort Bond, while SHV is Government Bonds. VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.23% for VNLA and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 7.55), 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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