VTV vs. SHY
VTV (Vanguard Value ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - VTV is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, VTV returned 12.57%/yr vs 1.65%/yr for SHY. Their -0.18 correlation means they have often moved in opposite directions in the past. VTV charges 0.04%/yr vs 0.15%/yr for SHY.
Performance
VTV vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, VTV achieves a 16.37% return, which is significantly higher than SHY's 0.76% return. Over the past 10 years, VTV has outperformed SHY with an annualized return of 12.57%, while SHY has yielded a comparatively lower 1.65% annualized return.
VTV
- 1D
- -0.27%
- 1M
- 0.36%
- 6M
- 11.27%
- YTD
- 16.37%
- 1Y
- 27.94%
- 3Y*
- 17.12%
- 5Y*
- 12.29%
- 10Y*
- 12.57%
- ALL TIME*
- 9.67%
SHY
- 1D
- -0.01%
- 1M
- 0.07%
- 6M
- 0.55%
- YTD
- 0.76%
- 1Y
- 2.53%
- 3Y*
- 4.19%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
- ALL TIME*
- 1.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $257.73M | $267.74M | $273.79M | |
| $688.19M | $688.42M | $619.05M |
VTV vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTV Vanguard Value ETF | 16.37% | 15.27% | 15.95% | 9.32% | -2.09% | 26.53% | 2.33% | 25.66% | -5.47% | 17.15% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between VTV and SHY is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004 | -0.18 |
The correlation between VTV and SHY shifts across timeframes, from -0.18 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VTV vs. SHY — Risk / Return Rank
VTV
SHY
VTV vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Value ETF (VTV) 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.
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.
| VTV | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.45 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 3.43 | +0.81 |
| Martin ratioReturn relative to average drawdown | 16.42 | 13.40 | +3.02 |
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Drawdowns
VTV vs. SHY - Drawdown Comparison
The maximum VTV drawdown since its inception was -59.27%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for VTV and SHY.
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Drawdown Indicators
| VTV | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.27% | -5.71% | -53.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.35% | -0.89% | -5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -14.52% | -0.97% | -13.55% |
Max Drawdown (5Y)Largest decline over 5 years | -17.04% | -5.67% | -11.37% |
Max Drawdown (10Y)Largest decline over 10 years | -36.78% | -5.71% | -31.07% |
Current DrawdownCurrent decline from peak | -1.36% | -0.01% | -1.35% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -0.52% | -7.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 0.23% | +1.41% |
Volatility
VTV vs. SHY - Volatility Comparison
Vanguard Value ETF (VTV) has a higher volatility of 2.62% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.38%. This indicates that VTV'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
| VTV | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 0.38% | +2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 1.07% | +6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.36% | 1.38% | +8.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.82% | 2.00% | +11.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 1.57% | +15.04% |
VTV vs. SHY - Expense Ratio Comparison
VTV has a 0.04% expense ratio, which is lower than SHY'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
VTV vs. SHY - Dividend Comparison
VTV's dividend yield for the trailing twelve months is around 1.86%, less than SHY's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.32% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
VTV Vanguard Value ETF | 1.86% | 2.05% | 2.31% | 2.46% | 2.52% | 2.15% | 2.56% | 2.50% | 2.73% | 2.29% | 2.44% | 2.60% |
Frequently Asked Questions
VTV and SHY have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTV has higher volatility (2.62%) compared to SHY (0.38%). In terms of maximum drawdown, VTV dropped -59.27% vs SHY's -5.71%.
On 10-year performance, VTV leads with 12.57% vs 1.65% for SHY. On fees, VTV is cheaper at 0.04% per year. On volatility, SHY has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTV has performed better with a 12.57% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTV is cheaper with a 0.04% expense ratio, compared with 0.15% for SHY.
SHY has the higher dividend yield at 3.32%, compared with 1.86% for VTV.
VTV is categorized as Large Cap Value Equities, while SHY is Government Bonds. VTV tracks CRSP US Large Cap Value Index, while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.04% for VTV and 0.15% for SHY.
VTV currently has the higher Sharpe Ratio (2.62 vs 2.21), 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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