VNO vs. SHY
VNO (Vornado Realty Trust) is a stock, while SHY (iShares 1-3 Year Treasury Bond ETF) is Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Over the past 10 years, VNO returned -4.23%/yr vs 1.65%/yr for SHY. At a correlation of -0.07, they often move in opposite directions.
Performance
VNO vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, VNO achieves a 2.16% return, which is significantly higher than SHY's 0.43% return. Over the past 10 years, VNO has underperformed SHY with an annualized return of -4.23%, while SHY has yielded a comparatively higher 1.65% annualized return.
VNO
- 1D
- -0.64%
- 1M
- 14.59%
- YTD
- 2.16%
- 6M
- -3.39%
- 1Y
- -10.46%
- 3Y*
- 35.95%
- 5Y*
- -3.78%
- 10Y*
- -4.23%
SHY
- 1D
- -0.05%
- 1M
- 0.08%
- YTD
- 0.43%
- 6M
- 0.69%
- 1Y
- 3.32%
- 3Y*
- 4.03%
- 5Y*
- 1.71%
- 10Y*
- 1.65%
VNO vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNO Vornado Realty Trust | 2.16% | -19.09% | 51.32% | 39.50% | -46.66% | 17.78% | -40.43% | 14.93% | -17.75% | -4.53% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.43% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between VNO and SHY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | -0.07 |
The correlation between VNO and SHY shifts across timeframes, from -0.07 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VNO vs. SHY — Risk / Return Rank
VNO
SHY
VNO vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vornado Realty Trust (VNO) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.
| VNO | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.35 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.51 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 3.75 | -4.00 |
| Martin ratioReturn relative to average drawdown | -0.49 | 15.21 | -15.70 |
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
| VNO | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | 2.49 | -2.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.87 | -0.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 1.06 | -1.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 1.28 | -1.00 |
Drawdowns
VNO vs. SHY - Drawdown Comparison
The maximum VNO drawdown since its inception was -80.89%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for VNO and SHY.
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Drawdown Indicators
| VNO | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.89% | -5.71% | -75.18% |
Max Drawdown (1Y)Largest decline over 1 year | -41.22% | -0.89% | -40.33% |
Max Drawdown (3Y)Largest decline over 3 years | -43.88% | -0.97% | -42.91% |
Max Drawdown (5Y)Largest decline over 5 years | -72.46% | -5.71% | -66.75% |
Max Drawdown (10Y)Largest decline over 10 years | -80.89% | -5.71% | -75.18% |
Current DrawdownCurrent decline from peak | -44.88% | -0.31% | -44.57% |
Average DrawdownAverage peak-to-trough decline | -20.59% | -0.52% | -20.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.17% | 0.22% | +20.95% |
Volatility
VNO vs. SHY - Volatility Comparison
Vornado Realty Trust (VNO) has a higher volatility of 10.38% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.35%. This indicates that VNO's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNO | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.38% | 0.35% | +10.03% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 0.92% | +21.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.75% | 1.34% | +31.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.60% | 1.98% | +39.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.08% | 1.57% | +37.51% |
Dividends
VNO vs. SHY - Dividend Comparison
VNO's dividend yield for the trailing twelve months is around 2.18%, less than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
VNO Vornado Realty Trust | 2.18% | 2.22% | 1.76% | 2.39% | 10.19% | 5.06% | 6.37% | 6.90% | 4.06% | 3.00% | 2.41% | 14.41% |
Frequently Asked Questions
VNO and SHY 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.
VNO has higher volatility (10.38%) compared to SHY (0.35%). In terms of maximum drawdown, VNO dropped -80.89% vs SHY's -5.71%.
SHY currently has the higher Sharpe Ratio (2.49 vs -0.32), 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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