VUSUX vs. VGLT

Last updated Jul 16, 2026

VUSUX (Vanguard Long-Term Treasury Fund Admiral Shares) and VGLT (Vanguard Long-Term Treasury ETF) are both Government Bonds funds from Vanguard. Over the past 10 years, VUSUX returned -1.53%/yr vs -1.54%/yr for VGLT. With a 0.98 correlation, they move nearly in lockstep. VUSUX charges 0.10%/yr vs 0.03%/yr for VGLT.

Performance

VUSUX vs. VGLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) and Vanguard Long-Term Treasury ETF (VGLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VUSUX achieves a -1.54% return, which is significantly lower than VGLT's -1.06% return. Both investments have delivered pretty close results over the past 10 years, with VUSUX having a -1.53% annualized return and VGLT not far behind at -1.54%.

VUSUX

• 1D: 0.13%
• 1M: -1.41%
• 6M: -2.28%
• YTD: -1.54%
• 1Y: 4.04%
• 3Y*: -0.71%
• 5Y*: -6.53%
• 10Y*: -1.53%

VGLT

• 1D: 0.24%
• 1M: -1.11%
• 6M: -2.16%
• YTD: -1.06%
• 1Y: 4.15%
• 3Y*: -0.78%
• 5Y*: -6.49%
• 10Y*: -1.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VUSUX vs. VGLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUSUX Vanguard Long-Term Treasury Fund Admiral Shares	-1.54%	5.66%	-6.30%	3.43%	-29.51%	-4.71%	18.10%	14.26%	-1.80%	8.72%
VGLT Vanguard Long-Term Treasury ETF	-1.06%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	-1.54%	8.64%

Correlation

The correlation between VUSUX and VGLT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.98

The correlation between VUSUX and VGLT has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

VUSUX vs. VGLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VUSUX

VUSUX Risk / Return Rank: 7
VUSUX Sharpe Ratio Rank: 7
VUSUX Sortino Ratio Rank: 7
VUSUX Omega Ratio Rank: 7
VUSUX Calmar Ratio Rank: 8
VUSUX Martin Ratio Rank: 7

VGLT

VGLT Risk / Return Rank: 18
VGLT Sharpe Ratio Rank: 19
VGLT Sortino Ratio Rank: 17
VGLT Omega Ratio Rank: 16
VGLT Calmar Ratio Rank: 18
VGLT Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VUSUX vs. VGLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) and Vanguard Long-Term Treasury ETF (VGLT). 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.

	VUSUX	VGLT	Difference
Sharpe ratio: Return per unit of total volatility	0.39	0.49	-0.10
Sortino ratio: Return per unit of downside risk	0.62	0.77	-0.15
Omega ratio: Gain probability vs. loss probability	1.07	1.09	-0.02
Calmar ratio: Return relative to maximum drawdown	0.47	0.59	-0.12
Martin ratio: Return relative to average drawdown	1.14	1.42	-0.27

VUSUX vs. VGLT - Sharpe Ratio Comparison

The current VUSUX Sharpe Ratio is 0.39, which is comparable to the VGLT Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of VUSUX and VGLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VUSUX vs. VGLT - Drawdown Comparison

The maximum VUSUX drawdown since its inception was -46.12%, roughly equal to the maximum VGLT drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for VUSUX and VGLT.

Drawdown Indicators

	VUSUX	VGLT	Difference
Max Drawdown Largest peak-to-trough decline	-46.12%	-46.18%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-7.01%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	-17.45%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-41.34%	-40.98%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-46.12%	-46.18%	+0.06%
Current Drawdown Current decline from peak	-36.98%	-37.24%	+0.26%
Average Drawdown Average peak-to-trough decline	-11.64%	-15.20%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.93%	+0.03%

Volatility

VUSUX vs. VGLT - Volatility Comparison

The current volatility for Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) is 2.27%, while Vanguard Long-Term Treasury ETF (VGLT) has a volatility of 2.39%. This indicates that VUSUX experiences smaller price fluctuations and is considered to be less risky than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSUX	VGLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.39%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	6.35%	6.26%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	8.53%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	14.50%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	13.75%	-0.06%

VUSUX vs. VGLT - Expense Ratio Comparison

VUSUX has a 0.10% expense ratio, which is higher than VGLT'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

VUSUX vs. VGLT - Dividend Comparison

VUSUX's dividend yield for the trailing twelve months is around 4.65%, which matches VGLT's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGLT Vanguard Long-Term Treasury ETF	4.66%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%
VUSUX Vanguard Long-Term Treasury Fund Admiral Shares	4.65%	4.39%	4.15%	3.43%	3.05%	4.46%	10.28%	2.92%	2.91%	2.74%	5.38%	5.62%

Frequently Asked Questions

Can I hold both VUSUX and VGLT in my portfolio?

With a correlation of 0.97, VUSUX and VGLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VUSUX or VGLT?

VGLT has higher volatility (2.39%) compared to VUSUX (2.27%). In terms of maximum drawdown, VUSUX dropped -46.12% vs VGLT's -46.18%.

Which has better risk-adjusted returns?

VGLT currently has the higher Sharpe Ratio (0.49 vs 0.39), 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.