Vanguard Short-Term Treasury ETF (VGSH) Performance
VGSH total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.1% since Dec 31, 2025
- 1 year
- +1.8% total return
- 5 years
- +2.0% a year
- 10 years
- +1.8% a year
- Since first price
- +1.4% a year since 2009
VGSH trailing returns vs AGG, TLT, SPY
| Period | VGSH total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.8% | +0.5% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.6% | −0.3% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.7% | −1.2% | −1.5% | −3.8% | +7.8% |
| YTD | +1.1% | −1.6% | −1.0% | −3.4% | +12.3% |
| 1 year | +1.8% | −1.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +13.1%+4.2%/yr | +0.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +10.6%+2.0%/yr | −5.6% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +19.3%+1.8%/yr | −5.4% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +23.0%+1.4%/yr | −5.3% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionNov 23, 2009 | +26.7%+1.4%/yr | −3.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: VGSH vs AGG
From Nov 23, 2009: VGSH grew to $12,674, AGG to $14,721.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
VGSH returns by calendar year
14 of 16 full years positive. Best 2025 (+5.1%), worst 2022 (−3.9%). 2026 is year to date.
VGSH annual returns table
| Year | VGSH | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.1% | −0.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +5.1% | −0.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +4.0% | −1.0% | +1.3% | −8.1% | +24.9% |
| 2023 | +4.3% | −1.6% | +5.7% | +2.8% | +26.2% |
| 2022 | −3.9% | −4.9% | −13.0% | −31.2% | −18.2% |
| 2021 | −0.6% | −0.8% | −1.8% | −4.6% | +28.7% |
| 2020 | +3.0% | −0.5% | +7.5% | +18.2% | +18.3% |
| 2019 | +3.5% | −0.7% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.5% | −0.4% | +0.1% | −1.6% | −4.6% |
| 2017 | +0.0% | −0.7% | +3.6% | +9.2% | +21.7% |
| 2016 | +1.1% | −0.9% | +2.4% | +1.2% | +12.0% |
| 2015 | +0.5% | −0.7% | +0.5% | −1.8% | +1.2% |
| 2014 | +0.5% | −0.5% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.3% | −0.4% | −2.0% | −13.4% | +32.3% |
| 2012 | +0.4% | −0.4% | +3.8% | +2.6% | +16.0% |
| 2011 | +1.5% | −0.6% | +7.7% | +34.0% | +1.9% |
| 2010 | +2.3% | −0.7% | +6.4% | +9.0% | +15.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
VGSH largest drawdowns
Now 0.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 20, 2021 | −5.7% | Oct 20, 2022 | May 15, 2024 | 1.5 years | 3.1 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
VGSH risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +4.0% | +1.8% | +1.7% | +1.4% |
| Volatility (annualized) | 1.6% | 2.1% | 1.7% | 1.4% |
| Sharpe ratio | -0.25 | -0.92 | -0.37 | 0.02 |
| Sortino ratio | -0.32 | -1.05 | -0.46 | 0.03 |
| Best month | +1.2% | +1.7% | +1.7% | +1.7% |
| Worst month | −0.6% | −1.4% | −1.4% | −1.4% |
| Best 12 months | +6.7% | +6.7% | +6.7% | +6.7% |
| Worst 12 months | +1.5% | −5.0% | −5.0% | −5.0% |
| Positive months | 81% | 63% | 62% | 63% |
| Beta vs S&P 500 | 0.03 | 0.05 | 0.01 | — |
| Correlation with S&P 500 | 0.24 | 0.38 | 0.08 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
VGSH rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 192 | −5.0% | +0.9% | +6.7% | 84% |
| 3-year (a year) | 168 | −1.1% | +0.7% | +4.7% | 88% |
| 5-year (a year) | 144 | +0.4% | +1.0% | +2.0% | 100% |
| 10-year (a year) | 84 | +0.5% | +1.2% | +1.8% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
VGSH performance overview
Vanguard Short-Term Treasury ETF (VGSH) returned +1.8% over the past year and +1.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +1.4% a year, turning $10,000 into about $12,674. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −5.7%, from Apr 20, 2021 to Oct 20, 2022, and it took 1.6 years to get back to the old high. VGSH finished 14 of its 16 full calendar years with a gain; the best year was 2025 (+5.1%) and the worst 2022 (−3.9%). Volatility has been 1.4% a year.
Related: VGSH chart, VGSH dividends, VGSH bond profile. See the VGSH overview for the latest quote and fund facts.
VGSH performance FAQ
What is the VGSH return over the past year?
VGSH returned +1.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.9%.
What is the average annual return of VGSH?
VGSH has returned +2.0% a year over 5 years, +1.8% a year over 10 years, +1.4% a year since November 23, 2009 (total return, distributions reinvested).
How much would $10,000 invested in VGSH be worth?
$10,000 invested in VGSH at its first recorded close on November 23, 2009 would be worth about $12,674 on October 23, 2026 with distributions reinvested.
What was the worst year for VGSH?
The worst calendar year was 2022, with a total return of −3.9%. The best was 2025 at +5.1%.
What is the biggest drawdown of VGSH?
The largest peak-to-trough decline was −5.7% between April 20, 2021 and October 20, 2022. It recovered to the old high on May 15, 2024, 1.6 years after the bottom.
How volatile is VGSH?
Over the past 3 years VGSH had an annualized volatility of 1.6% and a Sharpe ratio of -0.25 (excess return over 1–3 month T-bills per unit of risk).