VNQI vs. SHV
VNQI (Vanguard Global ex-U.S. Real Estate ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, VNQI returned 2.74%/yr vs 2.23%/yr for SHV. At a 0.02 correlation, their price movements are largely independent. VNQI charges 0.12%/yr vs 0.15%/yr for SHV.
Performance
VNQI vs. SHV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VNQI achieves a -0.33% return, which is significantly lower than SHV's 1.53% return. Over the past 10 years, VNQI has outperformed SHV with an annualized return of 2.74%, while SHV has yielded a comparatively lower 2.23% annualized return.
VNQI
- 1D
- 0.68%
- 1M
- -3.12%
- YTD
- -0.33%
- 6M
- 0.85%
- 1Y
- 5.87%
- 3Y*
- 8.59%
- 5Y*
- -1.50%
- 10Y*
- 2.74%
SHV
- 1D
- 0.03%
- 1M
- 0.31%
- YTD
- 1.53%
- 6M
- 1.73%
- 1Y
- 3.90%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
VNQI vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQI Vanguard Global ex-U.S. Real Estate ETF | -0.33% | 21.38% | -2.22% | 6.99% | -22.94% | 5.93% | -7.22% | 21.59% | -9.44% | 26.91% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between VNQI and SHV is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.02 |
The correlation between VNQI and SHV shifts across timeframes, from 0.02 (all time) to 0.13 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VNQI vs. SHV — Risk / Return Rank
VNQI
SHV
VNQI vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Real Estate ETF (VNQI) 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.
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.
| VNQI | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.06 | ||
| Sortino ratioReturn per unit of downside risk | -148.84 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 53.77 | -52.68 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 431.38 | -430.98 |
| Martin ratioReturn relative to average drawdown | 1.13 | 2,419.80 | -2,418.67 |
Loading charts...
Drawdowns
VNQI vs. SHV - Drawdown Comparison
The maximum VNQI drawdown since its inception was -38.35%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for VNQI and SHV.
Loading charts...
Drawdown Indicators
| VNQI | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.35% | -0.45% | -37.90% |
Max Drawdown (1Y)Largest decline over 1 year | -14.78% | -0.01% | -14.77% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -0.03% | -16.32% |
Max Drawdown (5Y)Largest decline over 5 years | -35.55% | -0.39% | -35.16% |
Max Drawdown (10Y)Largest decline over 10 years | -38.35% | -0.45% | -37.90% |
Current DrawdownCurrent decline from peak | -9.99% | 0.00% | -9.99% |
Average DrawdownAverage peak-to-trough decline | -10.89% | -0.03% | -10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.19% | 0.00% | +5.19% |
Volatility
VNQI vs. SHV - Volatility Comparison
Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a higher volatility of 4.62% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that VNQI'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.
Loading charts...
Volatility by Period
| VNQI | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 0.04% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 11.75% | 0.12% | +11.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 0.20% | +13.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.54% | 0.29% | +15.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 0.28% | +15.79% |
VNQI vs. SHV - Expense Ratio Comparison
VNQI has a 0.12% expense ratio, which is lower than SHV's 0.15% 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%.
Dividends
VNQI vs. SHV - Dividend Comparison
VNQI's dividend yield for the trailing twelve months is around 4.72%, 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% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 4.72% | 4.70% | 5.16% | 3.74% | 0.57% | 6.48% | 0.93% | 7.58% | 4.62% | 3.86% | 5.18% | 2.86% |
Frequently Asked Questions
VNQI and SHV have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQI has higher volatility (4.62%) compared to SHV (0.04%). In terms of maximum drawdown, VNQI dropped -38.35% vs SHV's -0.45%.
On 10-year performance, VNQI leads with 2.74% vs 2.23% for SHV. On fees, VNQI is cheaper at 0.12% per year. On volatility, SHV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VNQI has performed better with a 2.74% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQI is cheaper with a 0.12% expense ratio, compared with 0.15% for SHV.
VNQI has the higher dividend yield at 4.72%, compared with 3.83% for SHV.
VNQI is categorized as REIT, while SHV is Government Bonds. VNQI tracks S&P Global ex-U.S. Property Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.12% for VNQI and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 0.43), 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.
Find the right allocation for VNQI and SHV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer