VO vs. SHV
VO (Vanguard Mid-Cap ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap 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, VO returned 11.77%/yr vs 2.23%/yr for SHV. At a correlation of -0.06, they often move in opposite directions. VO charges 0.03%/yr vs 0.15%/yr for SHV.
Performance
VO vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 10.43% return, which is significantly higher than SHV's 1.53% return. Over the past 10 years, VO has outperformed SHV with an annualized return of 11.77%, while SHV has yielded a comparatively lower 2.23% annualized return.
VO
- 1D
- 0.97%
- 1M
- 3.61%
- YTD
- 10.43%
- 6M
- 9.31%
- 1Y
- 18.17%
- 3Y*
- 15.74%
- 5Y*
- 7.79%
- 10Y*
- 11.77%
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%
VO vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 10.43% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
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 VO and SHV is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | -0.06 |
The correlation between VO and SHV shifts across timeframes, from -0.06 (all time) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VO vs. SHV — Risk / Return Rank
VO
SHV
VO vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.
| VO | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.06 | ||
| Sortino ratioReturn per unit of downside risk | -147.49 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 53.77 | -52.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 431.38 | -429.15 |
| Martin ratioReturn relative to average drawdown | 8.44 | 2,419.80 | -2,411.36 |
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Drawdowns
VO vs. SHV - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for VO and SHV.
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Drawdown Indicators
| VO | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -0.45% | -58.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -0.01% | -8.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -0.03% | -18.99% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -0.39% | -27.18% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -0.45% | -38.92% |
Current DrawdownCurrent decline from peak | -0.45% | 0.00% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -0.03% | -7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 0.00% | +2.16% |
Volatility
VO vs. SHV - Volatility Comparison
Vanguard Mid-Cap ETF (VO) has a higher volatility of 4.31% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that VO'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
| VO | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 0.04% | +4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 0.12% | +9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.74% | 0.20% | +12.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 0.29% | +17.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.96% | 0.28% | +18.68% |
VO vs. SHV - Expense Ratio Comparison
VO has a 0.03% 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
VO vs. SHV - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.36%, less 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% |
VO Vanguard Mid-Cap ETF | 1.36% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
VO and SHV have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VO has higher volatility (4.31%) compared to SHV (0.04%). In terms of maximum drawdown, VO dropped -58.87% vs SHV's -0.45%.
On 10-year performance, VO leads with 11.77% vs 2.23% for SHV. On fees, VO is cheaper at 0.03% 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, VO has performed better with a 11.77% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 1.36% for VO.
VO is categorized as Mid Cap Blend Equities, while SHV is Government Bonds. VO tracks CRSP US Mid Cap Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VO and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 1.43), 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.
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