VNLA vs. VGSH
VNLA (Janus Henderson Short Duration Income ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, VNLA returned 3.83%/yr vs 1.87%/yr for VGSH. At a 0.41 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.03%/yr for VGSH.
Performance
VNLA vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, VNLA achieves a 1.63% return, which is significantly higher than VGSH's 0.64% return.
VNLA
- 1D
- 0.04%
- 1M
- 0.45%
- YTD
- 1.63%
- 6M
- 1.87%
- 1Y
- 4.81%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
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 vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between VNLA and VGSH 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, VNLA and VGSH 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
VNLA vs. VGSH — Risk / Return Rank
VNLA
VGSH
VNLA vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and Vanguard Short-Term Treasury ETF (VGSH). 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.
| VNLA | VGSH | 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 | 3.67 | 1.58 | +2.09 |
| Calmar ratioReturn relative to maximum drawdown | 11.30 | 3.90 | +7.41 |
| Martin ratioReturn relative to average drawdown | 58.12 | 15.21 | +42.91 |
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Drawdowns
VNLA vs. VGSH - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for VNLA and VGSH.
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Drawdown Indicators
| VNLA | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -5.70% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.88% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -0.97% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -5.66% | +3.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.14% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.60% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.23% | -0.15% |
Volatility
VNLA vs. VGSH - Volatility Comparison
The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.15%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.37%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNLA | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.37% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 0.90% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 1.28% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 1.97% | -0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 1.58% | -0.16% |
VNLA vs. VGSH - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is higher than VGSH's 0.03% 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. VGSH - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.77%, more than VGSH's 3.87% 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
VNLA and VGSH 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, VNLA dropped -4.49% vs VGSH's -5.70%.
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.
VNLA is categorized as Ultrashort Bond, while VGSH is Government Bonds. VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.23% for VNLA and 0.03% for VGSH.
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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