Relative Intelligence · Treasury Bonds
How Vanguard Intermediate-Term Treasury ETF (VGIT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VGIT alone. It places VGIT (Vanguard Intermediate-Term Treasury ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VGIT stands in the market, and of the alternatives worth a closer look.
Period covered: VGIT's full trading record, from November 2009 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- What you're buyingA correlation of 0.96 with AGG (iShares Core U.S. Aggregate Bond ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowVGIT has gone against the market, falling 2.9% over the past 6 months while the S&P 500 rose 9.1%. Even so, both VGIT and the S&P 500 are within a few percent of a record high. At a glance ↓
- Fund or market?VGIT fell 2.0% over the past 3 months, in line with the treasury bonds ETF IEF (iShares 7-10 Year Treasury Bond ETF), which fell 2.8%. The S&P 500 rose 3.9%.
- Long termOver the past decade, VGIT returned 1.0% a year against 15.5% a year for the S&P 500 (10.5% in total against 321%). VGIT's 10-year return of 10.5% puts it behind 95% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross five sell-offs, VGIT has typically lost about 17% as much as the S&P 500. In the 2022 bear market, VGIT fell 11.8%, against 24.5% for the S&P 500, and less than similar funds such as BND (Vanguard Total Bond Market ETF, 14.6%). Crash tests ↓
- DiversificationVGIT is some diversification, but not a hedge: a correlation of 0.48 with the S&P 500 over 5 years and 0.49 with the total US market, less closely than 88% of ETFs with at least $100 million in assets. VGIT now moves more with the S&P 500: a correlation of 0.48 over the past 5 years, up from -0.38 in the 5 years before. Market capture ↓
- Better options
- Popular alternatives
- SGOV (iShares 0-3 Month Treasury Bond ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) earned more than VGIT with less volatility over the past 5 years. SGOV returned 3.8% a year at 0.3% volatility, against a loss of 0.1% a year at 5.4%.
- Nearby categories and themes
- NEAR (iShares Short Duration Bond Active ETF, short-term bonds) and LMBS (First Trust Low Duration Opportunities ETF, mortgage-backed securities) earned more than VGIT with less volatility over the past 5 years. NEAR returned 3.9% a year at 1.4% volatility, against a loss of 0.1% a year at 5.4%.
- Whole market
- 84 of the 3,633 stocks and funds worth at least $500 million earned more than VGIT with less volatility over the past 5 years, among them SGOV (iShares 0-3 Month Treasury Bond ETF), VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and BSV (Vanguard Short-Term Bond ETF).
How much would $10,000 in VGIT have grown?
This chart tracks a hypothetical $10,000 investment in VGIT over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VGIT over the same span and VGIT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: VGIT began trading on November 23, 2009, so the chart cannot reach back to the dot-com bust or the 2008 financial crisis. It covers the most recent 16 years of VGIT's record, starting at the end of September 2010.
- $10,000 invested in VGIT at the end of September 2010 would have grown to $12,852 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of VGIT, and VCIT finished highest, at $17,051.
Choose a period
From the end of September 2010 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,809 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of VGIT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$88,503+785% total · +14.6% a year
- VCIT$17,051+70.5% total · +3.4% a year
- IGIB$15,598+56.0% total · +2.8% a year
- SCHP$14,669+46.7% total · +2.4% a year
- BIV$14,577+45.8% total · +2.4% a year
- TIP$14,547+45.5% total · +2.4% a year
- AGG$13,571+35.7% total · +1.9% a year
- VGIT$12,852+28.5% total · +1.6% a year
- SPTI$12,382+23.8% total · +1.3% a year
- VGSH$12,321+23.2% total · +1.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,591 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VGIT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- NEAR$12,027+20.3% total · +3.8% a year
- SGOV$12,000+20.0% total · +3.7% a year
- VTIP$11,376+13.8% total · +2.6% a year
- VGSH$10,923+9.2% total · +1.8% a year
- FBND$10,0020.0% total · 0.0% a year
- SCHP$9,972−0.3% total · −0.1% a year
- TIP$9,908−0.9% total · −0.2% a year
- IUSB$9,868−1.3% total · −0.3% a year
- VGIT$9,760−2.4% total · −0.5% a year
VGIT at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VGIT began trading on November 23, 2009, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust or the 2008 financial crisis.
- VGIT's deepest decline since it began trading in 2009 was 16.0%, from August 2020 to October 2022. It has not yet climbed back to that peak.
- Over 16 full calendar years, VGIT's best was 2011, when it returned 9.6%, and its worst was 2022, when it lost 10.4%. It lost money in three of those years.
- VGIT is 4.2% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- November 2009
- Expense ratio
- 0.03%per year
- Assets
- $48B
- Category
- Bonds
Returns
- Past 1 year
- −2.3%total return
- Past 3 years
- +12.6%+4.0% a year
- Past 5 years
- −0.7%−0.1% a year
- Past 10 years
- +10.5%+1.0% a year
- Best calendar year
- +9.6%2011
- Worst calendar year
- −10.4%2022
- Losing years
- 3 of 16full calendar years
Risk
- Volatility
- 5.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.00return per unit of risk, 5 years
- Worst decline ever
- −16.0%Aug 2020 to Oct 2022
- From its all-time high
- −4.2%below the peak
VGIT against the whole market
Where VGIT ranks among every stock and fund, and what across the market has done better.
How does VGIT rank among all ETFs?
This section ranks VGIT on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VGIT stacks up against its peers, these rankings show where it stands in the market as a whole.
- VGIT's worst decline of the past 10 years ranks in the top 7% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
- VGIT's 10-year return ranks in the bottom 5% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VGIT | Rank | Standing |
|---|---|---|---|
| 1-year return | −2.3% | 2,223 of 2,485 | bottom 12% |
| 3-year return | +12.6% | 1,834 of 1,949 | bottom 7% |
| 5-year return | −0.7% | 1,396 of 1,560 | bottom 12% |
| 10-year return | +10.5% | 913 of 958 | bottom 6% |
| Volatility, 5 years | 5.4% | 142 of 1,560 | top 9% |
| Sharpe ratio, 5 years | 0.00 | 1,438 of 1,560 | bottom 9% |
| Worst decline, past 10 years | −16.0% | 67 of 951 | top 7% |
What has beaten VGIT on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VGIT sits where the dashed lines cross. Anything in the green box above and to the left earned more than VGIT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 84 ETFs worth at least $500 million sit in the green region: each earned more than VGIT over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half VGIT's swings, BALT has the best return for its risk: 6.3% a year at 3.3% volatility, 38% less than VGIT's 5.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.85 against 0.00 for VGIT.
- Among VGIT's popular alternatives, SGOV, VGSH and VTIP are in the region. SGOV earned 3.8% a year against a loss of 0.1% a year for VGIT, at 0.3% volatility, 95% less than VGIT's 5.4%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VGIT; faint dots are 22 more of the 84 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× VGIT's volatility is in the table only
Is there a better investment than VGIT?
Investments that beat VGIT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VGIT's popular alternatives, SGOV and VTIP earned more than VGIT with less volatility over the past 5 years. SGOV returned 3.8% a year at 0.3% volatility, against a loss of 0.1% a year at 5.4%.
- Looking beyond its popular alternatives, NEAR (short-term bonds) and LMBS (mortgage-backed securities) earned more than VGIT with less volatility over the past 5 years. NEAR returned 3.9% a year at 1.4% volatility, against a loss of 0.1% a year at 5.4%.
- Across the whole market, 84 of the 3,633 stocks and funds worth at least $500 million earned more than VGIT with less volatility over the past 5 years, among them SGOV, VTIP and BSV.
How this works
The table below lists investments that beat VGIT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VGIT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VGIT follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VGIT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VGIT's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VGIT's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VGIT?lower diversifies more | Expenseper year | |||
| VGITVanguard Intermediate-Term Treasury ETF · this page | −0.1% | 5.4% | 0.00 | −16.0% | +10.5% | 1.00 | 0.03% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.48 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against VGIT. 6 of 21 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.31 | 0.09% | |
 VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.75 | 0.03% | |
 IUSBiShares Core Universal USD Bond ETF · Total Bond Market | Higher return in most periods | 0.0% | 5.9% | 0.04 | −17.9% | +16.9% | 0.96 | 0.06% | |
SCHPSchwab US TIPS ETF · Treasury Bonds | Higher return in most periods | +0.1% | 6.1% | 0.05 | −14.3% | +25.0% | 0.85 | 0.03% | |
| Same and neighboring categories, and shared themesbest 5 shownEverything else in Treasury Bonds and the categories next to it (Investment Grade Bonds, Short-Term Bonds, Mortgage-Backed Securities), plus VGIT's specific themes. 25 of 38 passed at least one test. | |||||||||
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.9% | 1.4% | 2.71 | −9.6% | +31.8% | 0.72 | 0.25% | |
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.88 | 0.66% | |
SPTSState Street SPDR Portfolio Short Term Treasury ETF · Treasury Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.0% | 2.0% | 0.97 | −5.7% | +18.2% | 0.92 | 0.03% | |
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher return in most periods | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.91 | 0.04% | |
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher return in most periods | +1.7% | 4.1% | 0.44 | −17.3% | — | 0.87 | 0.10% | |
| The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 111 of 3,574 passed at least one test. | |||||||||
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.52 | 0.69% | |
VNLAJanus Henderson Short Duration Income ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.62 | 0.25% | |
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.62 | 0.17% | |
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · High Yield Bonds | Higher return, similar volatilityHigher return in most periods | +4.5% | 5.8% | 0.79 | −19.3% | +56.4% | 0.66 | 0.30% | |
SHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETF · Bonds | Similar return, lower volatilityHigher return in most periods | +0.8% | 2.2% | 0.38 | −11.6% | +11.8% | 0.83 | 0.20% | |
What these numbers mean for VGIT
- Annual return
- VGIT lost 0.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $9,930. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VGIT's volatility over the past 5 years was 5.4%, 32% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VGIT's return lands within 5.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VGIT's Sharpe ratio over the past 5 years was 0.00, against 0.79 for the S&P 500, so VGIT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VGIT's worst fall from a peak to a low over the past 10 years was 16.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 16.0% fall takes a 19.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VGIT's monthly returns had a correlation of 0.48 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VGIT instead: the lower it is, the more that option would diversify a VGIT holding. Guide: Correlation and diversification →
Show all 84 stocks and funds worth at least $500 million that earned more than VGIT with less volatility
Out of 3,633 tested over 5 years. The strongest 31 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VGIT | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% |
| 2 |  BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds | Same or nearby category | +3.7% | 0.3% | 14.05 | −0.2% | +25.8% | 0.26 | 0.14% |
| 3 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.52 | 0.69% |
| 4 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.62 | 0.25% |
| 5 | NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Same or nearby category | +3.9% | 1.4% | 2.71 | −9.6% | +31.8% | 0.72 | 0.25% |
| 6 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.62 | 0.17% |
| 7 | SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Whole market | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.82 | 0.07% |
| 8 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.86 | 0.34% |
| 9 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.51 | 0.26% |
| 10 | MEARiShares Short Maturity Municipal Bond Active ETF · Bonds | Whole market | +2.4% | 1.0% | 2.37 | −2.7% | +19.3% | 0.74 | 0.26% |
| 11 | SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds | Same or nearby category | +1.8% | 2.0% | 0.89 | −5.7% | +17.7% | 0.93 | 0.15% |
| 12 | VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Popular alternative | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.75 | 0.03% |
| 13 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.44 | 0.15% |
| 14 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Same or nearby category | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.88 | 0.66% |
| 15 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds | Whole market | +2.4% | 2.1% | 1.13 | −8.7% | +26.7% | 0.83 | 0.54% |
| 16 | STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Bonds | Whole market | +2.9% | 1.7% | 1.65 | −6.1% | +26.0% | 0.80 | 0.45% |
| 17 | AVSFAvantis Short-Term Fixed Income ETF · Bonds | Whole market | +1.9% | 2.7% | 0.71 | −8.8% | — | 0.96 | 0.15% |
| 18 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.19 | 0.30% |
| 19 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.30 | 0.60% |
| 20 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.12 | 0.15% |
| 21 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | 0.08 | 0.14% |
| 22 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.76 | 0.15% |
| 23 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.4% | 4.5% | 1.19 | −24.1% | +50.7% | 0.26 | 0.67% |
| 24 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.23 | 0.70% |
| 25 | SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Same or nearby category | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.91 | 0.04% |
| 26 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.26 | 0.70% |
| 27 | IAGGiShares Core International Aggregate Bond ETF · International Bonds | Whole market | +1.1% | 4.5% | 0.27 | −13.9% | +20.8% | 0.84 | 0.07% |
| 28 | JPIBJPMorgan International Bond Opportunities ETF · Bonds | Whole market | +2.5% | 4.2% | 0.62 | −13.1% | — | 0.80 | 0.50% |
| 29 | PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds | Whole market | +2.5% | 4.9% | 0.52 | −23.0% | — | 0.61 | 0.55% |
| 30 | BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Same or nearby category | +1.7% | 4.1% | 0.44 | −17.3% | — | 0.87 | 0.10% |
| 31 | HFSIHartford Strategic Income ETF · Bonds | Whole market | +2.3% | 4.9% | 0.48 | −19.3% | — | 0.80 | 0.49% |
VGIT against its popular alternatives
The investments people most often weigh against VGIT, compared period by period and year by year.
How do VGIT's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VGIT, which divides the map into what did better or worse on each measure.
- Six of the 20 popular alternatives, led by SGOV, VTIP and VGSH, were both more rewarding and calmer than VGIT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VGIT returned -0.1% a year, less than the S&P 500's 12.7%, with lower volatility (5.4% against 17.1%).
Green points earned more than VGIT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| SGOV iShares 0-3 Month Treasury Bond ETF | +3.8% | 0.3% |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | +2.7% | 2.9% |
| VGSH Vanguard Short-Term Treasury ETF | +1.9% | 2.0% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | +0.8% | 6.6% |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | +0.6% | 6.7% |
| FBND Fidelity Total Bond ETF | +0.3% | 6.0% |
| IEI iShares 3-7 Year Treasury Bond ETF | +0.1% | 4.8% |
| SCHP Schwab US TIPS ETF | +0.1% | 6.1% |
| IUSB iShares Core Universal USD Bond ETF | +0.1% | 5.9% |
| TIP iShares TIPS Bond ETF | −0.1% | 6.2% |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | −0.1% | 5.4% |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | −0.1% | 5.4% |
| BIV Vanguard Intermediate-Term Bond ETF | −0.1% | 6.4% |
| VGIT This pageVanguard Intermediate-Term Treasury ETF | −0.1% | 5.4% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
| SCHZ Schwab U.S. Aggregate Bond ETF | −0.3% | 6.1% |
| GOVT iShares U.S. Treasury Bond ETF | −0.7% | 6.0% |
| IEF iShares 7-10 Year Treasury Bond ETF | −1.7% | 7.7% |
| GOVI Invesco Equal Weight 0-30 Year Treasury ETF | −3.5% | 9.8% |
| VGLT Vanguard Long-Term Treasury ETF | −6.6% | 14.4% |
| TLT iShares 20+ Year Treasury Bond ETF | −7.7% | 15.7% |
Has VGIT consistently beaten its popular alternatives?
This section compares VGIT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VGIT helps separate lasting outperformance from a single strong stretch.
- Six of the 21 popular alternatives, led by VTIP, SCHP and IUSB, outperformed VGIT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTIP outperformed VGIT in every long-term period and in all but one short-term period, the most consistent record in the group.
- SGOV, VGSH and VTIP earned more for the risk they took than VGIT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than VGIT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VGIT Vanguard Intermediate-Term Treasury ETF (this page) | — | −0.2% | −2.0% | −2.9% | −2.3% | −2.3% | +12.6% | −0.7% | +10.5% | 5.4% | 0.00 | −16.0% | 0.03% | $48B | — |
| VTIP QualifiedVanguard Short-Term Inflation-Protected Securities ETF | 5/5 short3/3 longAll-weather | +0.5% | −0.1% | −1.2% | +0.4% | +0.4% | +13.9% | +14.0% | +32.7% | 2.9% | 0.94 | −6.3% | 0.03% | $73B | — |
| SCHP QualifiedSchwab US TIPS ETF | 3/5 short3/3 long | −0.2% | −1.6% | −2.0% | −0.6% | −1.4% | +13.9% | +0.5% | +25.0% | 6.1% | 0.05 | −14.3% | 0.03% | $16B | — |
| IUSB QualifiediShares Core Universal USD Bond ETF | 3/5 short3/3 long | −0.7% | −1.7% | −2.4% | −1.5% | −1.6% | +17.5% | +0.2% | +16.9% | 5.9% | 0.04 | −17.9% | 0.06% | $49B | — |
| VGSH QualifiedVanguard Short-Term Treasury ETF | 4/5 short2/3 long | +0.3% | −0.1% | 0.0% | +0.6% | +1.2% | +12.5% | +9.9% | +18.8% | 2.0% | 0.95 | −5.6% | 0.03% | $40B | — |
| SGOV QualifiediShares 0-3 Month Treasury Bond ETF | 4/5 short2/3 long | +0.3% | +0.6% | +1.5% | +2.6% | +3.4% | +13.8% | +20.3% | — | 0.3% | 13.25 | −0.3% | 0.09% | $116B | — |
| TIP QualifiediShares TIPS Bond ETF | 3/5 short2/3 long | −0.2% | −1.7% | −2.1% | −0.7% | −1.5% | +13.3% | −0.3% | +23.5% | 6.2% | 0.02 | −14.5% | 0.18% | $14B | — |
| FBND IndustrialsFidelity Total Bond ETF | 1/5 short3/3 long | −0.9% | −2.0% | −2.8% | −1.7% | −1.9% | +17.8% | +1.5% | +21.9% | 6.0% | 0.08 | −17.3% | 0.36% | $28B | — |
| IGIB BondsiShares 5-10 Year Investment Grade Corporate Bond ETF | 0/5 short3/3 long | −1.0% | −2.8% | −3.7% | −2.8% | −2.7% | +21.9% | +3.9% | +28.8% | 6.6% | 0.15 | −20.6% | 0.04% | $19B | — |
| VCIT BondsVanguard Intermediate-Term Corporate Bond ETF | 0/5 short3/3 long | −1.0% | −2.7% | −3.6% | −2.8% | −2.6% | +21.5% | +3.2% | +26.4% | 6.7% | 0.13 | −20.6% | 0.03% | $69B | — |
| SCHZ BondsSchwab U.S. Aggregate Bond ETF | 1/5 short2/3 long | −0.6% | −1.7% | −2.6% | −1.6% | −1.9% | +16.2% | −1.6% | +15.0% | 6.1% | -0.02 | −18.7% | 0.03% | $11B | — |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 1/5 short2/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
| BIV BondsVanguard Intermediate-Term Bond ETF | 0/5 short2/3 long | −0.7% | −2.2% | −3.3% | −2.6% | −2.7% | +16.8% | −0.7% | +15.7% | 6.4% | 0.01 | −18.9% | 0.03% | $50B | — |
| BND BondsVanguard Total Bond Market ETF | 0/5 short2/3 long | −0.6% | −2.0% | −2.8% | −1.8% | −2.1% | +15.7% | −1.8% | +13.2% | 6.1% | -0.03 | −18.6% | 0.03% | $389B | — |
| SPTI BondsState Street SPDR Portfolio Intermediate Term Treasury ETF | 0/5 short2/3 long | −0.1% | −1.6% | −2.6% | −1.9% | −1.9% | +13.1% | −0.4% | +12.0% | 5.4% | 0.01 | −16.1% | 0.03% | $11B | — |
| IEI BondsiShares 3-7 Year Treasury Bond ETF | 0/5 short2/3 long | −0.1% | −1.7% | −2.6% | −2.1% | −1.9% | +12.3% | +0.6% | +11.2% | 4.8% | 0.05 | −14.6% | 0.15% | $17B | — |
| GOVT BondsiShares U.S. Treasury Bond ETF | 3/5 short0/3 long | −0.2% | −1.3% | −2.2% | −1.5% | −1.8% | +12.7% | −3.5% | +7.1% | 6.0% | -0.09 | −19.1% | 0.05% | $42B | — |
| SCHR BondsSchwab Intermediate-Term U.S. Treasury ETF | 0/5 short0/3 long | −0.2% | −1.6% | −2.5% | −2.0% | −1.9% | +13.1% | −0.5% | +10.8% | 5.4% | 0.01 | −16.1% | 0.03% | $14B | — |
| IEF BondsiShares 7-10 Year Treasury Bond ETF | 0/5 short0/3 long | −0.6% | −2.8% | −4.2% | −3.5% | −4.1% | +12.4% | −8.0% | +3.0% | 7.7% | -0.18 | −23.9% | 0.15% | $42B | — |
| GOVI BondsInvesco Equal Weight 0-30 Year Treasury ETF | 0/5 short0/3 long | −1.1% | −2.6% | −4.2% | −3.5% | −5.2% | +11.3% | −16.5% | −4.4% | 9.8% | -0.32 | −32.7% | 0.15% | $1.2B | — |
| VGLT BondsVanguard Long-Term Treasury ETF | 0/5 short0/3 long | −1.5% | −3.5% | −5.7% | −4.8% | −7.7% | +11.3% | −29.0% | −15.2% | 14.4% | -0.41 | −46.2% | 0.03% | $15B | — |
| TLT BondsiShares 20+ Year Treasury Bond ETF | 0/5 short0/3 long | −1.6% | −3.7% | −6.1% | −5.1% | −8.8% | +9.0% | −33.1% | −20.1% | 15.7% | -0.44 | −48.4% | 0.15% | $47B | — |
How did VGIT do year by year?
This table shows each investment's total return in every full calendar year since 2010, along with where VGIT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VGIT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VGIT began trading on November 23, 2009, so the table starts with 2010, its first full calendar year, and cannot show how it fared during the dot-com bust or the 2008 financial crisis.
- VGIT finished ahead of the S&P 500 in three of its 16 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, SGOV came out ahead of VGIT most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, VGIT finished in the top quarter in three of 16 years and in the bottom quarter in two. In 2025, it ranked 9 of 21.
Newest year first. Green marks a year in which the fund came out ahead of VGIT; gray means the two finished within a fraction of a point. The rank row places VGIT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VGIT | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VGIT This pageVanguard Intermediate-Term Treasury ETF | — | +7.3% | +1.4% | +4.3% | −10.4% | −2.6% | +7.7% | +6.2% | +1.4% | +1.7% | +0.8% | +1.6% | +4.6% | −2.7% | +2.2% | +9.6% | +7.5% |
| Rank among alternatives | Top quarter in 3 of 16 | 9 of 21 | 13 of 21 | 12 of 21 | 5 of 21 | 17 of 21 | 11 of 20 | 15 of 20 | 4 of 20 | 15 of 20 | 17 of 20 | 2 of 20 | 10 of 18 | 10 of 18 | 12 of 16 | 9 of 15 | 7 of 13 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 of 16 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 5 of 13 | +6.0% | +4.7% | +4.6% | −2.9% | +5.3% | +5.0% | +4.9% | +0.6% | +0.8% | +2.4% | +0.2% | −1.4% | −1.5% | — | — | — |
| SCHP Schwab US TIPS ETF | 8 of 15 | +6.8% | +1.9% | +3.9% | −12.0% | +5.9% | +10.8% | +8.6% | −1.5% | +3.1% | +4.6% | −1.8% | +4.1% | −8.9% | +6.5% | +13.4% | — |
| IUSB iShares Core Universal USD Bond ETF | 6 of 11 | +7.4% | +2.1% | +6.2% | −13.0% | −1.3% | +7.6% | +9.1% | −0.3% | +3.8% | +4.0% | +0.4% | — | — | — | — | — |
| VGSH Vanguard Short-Term Treasury ETF | 4 of 16 | +5.1% | +4.0% | +4.3% | −3.8% | −0.6% | +3.1% | +3.5% | +1.6% | 0.0% | +1.1% | +0.5% | +0.5% | +0.3% | +0.4% | +1.5% | +2.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 4 of 5 | +4.2% | +5.3% | +5.1% | +1.6% | +0.1% | — | — | — | — | — | — | — | — | — | — | — |
| TIP iShares TIPS Bond ETF | 7 of 16 | +6.8% | +1.7% | +3.8% | −12.3% | +5.7% | +10.8% | +8.4% | −1.4% | +2.9% | +4.7% | −1.8% | +3.6% | −8.5% | +6.4% | +13.3% | +6.1% |
| FBND Fidelity Total Bond ETF | 7 of 11 | +7.6% | +2.1% | +6.8% | −12.5% | −0.4% | +9.4% | +9.8% | −0.6% | +3.5% | +6.7% | −1.0% | — | — | — | — | — |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 10 of 16 | +9.6% | +3.5% | +9.2% | −14.0% | −1.7% | +9.7% | +14.6% | −0.7% | +3.5% | +3.3% | +0.6% | +3.9% | −0.4% | +7.2% | +5.8% | +6.8% |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 12 of 16 | +9.3% | +3.2% | +9.0% | −14.0% | −1.8% | +9.4% | +14.1% | −1.8% | +5.3% | +5.3% | +0.9% | +7.7% | −1.9% | +10.5% | +9.0% | +10.0% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 8 of 14 | +7.2% | +1.3% | +5.6% | −13.2% | −1.7% | +7.4% | +8.7% | −0.1% | +5.4% | +2.2% | +0.4% | +6.3% | −2.0% | +3.4% | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 8 of 16 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% |
| BIV Vanguard Intermediate-Term Bond ETF | 10 of 16 | +8.5% | +1.6% | +6.1% | −13.2% | −2.4% | +9.7% | +10.3% | −0.2% | +3.6% | +2.3% | +1.0% | +6.7% | −3.6% | +6.7% | +11.1% | +9.1% |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 2 of 16 | +7.4% | +1.3% | +4.3% | −10.7% | −2.6% | +7.7% | +6.0% | +2.3% | +1.0% | +0.3% | +1.6% | +2.5% | −1.2% | +1.5% | +6.6% | +4.9% |
| IEI iShares 3-7 Year Treasury Bond ETF | 2 of 16 | +7.0% | +1.8% | +4.4% | −9.5% | −2.5% | +6.9% | +5.7% | +1.4% | +1.2% | +1.2% | +1.6% | +3.2% | −1.8% | +1.8% | +8.3% | +6.3% |
| GOVT iShares U.S. Treasury Bond ETF | 3 of 13 | +3.8% | +3.0% | +4.2% | −13.4% | −1.1% | +7.3% | +7.3% | +0.3% | +2.2% | +0.8% | +0.9% | +4.7% | −2.5% | — | — | — |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 1 of 15 | +7.4% | +1.4% | +4.2% | −10.5% | −2.6% | +7.7% | +6.2% | +1.5% | +1.6% | +1.0% | +1.6% | +4.4% | −2.7% | +2.1% | +10.4% | — |
| IEF iShares 7-10 Year Treasury Bond ETF | 8 of 16 | +8.0% | −0.6% | +3.6% | −15.2% | −3.3% | +10.0% | +8.0% | +1.0% | +2.6% | +1.0% | +1.5% | +9.1% | −6.1% | +3.7% | +15.7% | +9.3% |
| GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 7 of 16 | +5.8% | −2.9% | +3.3% | −20.0% | −3.8% | +12.6% | +10.0% | −0.3% | +5.0% | +0.6% | +0.2% | +15.0% | −7.9% | +2.8% | +20.0% | +8.9% |
| VGLT Vanguard Long-Term Treasury ETF | 7 of 16 | +5.3% | −6.3% | +3.3% | −29.3% | −5.0% | +17.6% | +14.3% | −1.5% | +8.6% | +1.2% | −1.0% | +25.2% | −12.4% | +3.3% | +29.2% | +9.0% |
| TLT iShares 20+ Year Treasury Bond ETF | 6 of 16 | +4.2% | −8.1% | +2.8% | −31.2% | −4.6% | +18.1% | +14.1% | −1.6% | +9.2% | +1.2% | −1.8% | +27.3% | −13.4% | +2.6% | +34.0% | +9.0% |
Risk and diversification
How VGIT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VGIT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VGIT's four deepest drawdowns since it began trading in 2009, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VGIT began trading on November 23, 2009, so this list cannot include the dot-com bust or the 2008 financial crisis. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all four of VGIT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: VGIT fell 16.0% from August 2020 to October 2022, while the S&P 500 rose 14.4%.
- The longest climb back to a previous high took 13 months, after VGIT fell 5.1% from May to September 2013.
Green means VGIT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VGIT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −16.0% | +14.4% | Aug 2020 | Oct 2022 | 2.2 years | Not yet | — |
| No named crash | −5.5% | +9.0% | Nov 2010 | Feb 2011 | 3 months | Jun 2011 | 4 months |
| February 2018 volatility shock | −5.4% | +35.2% | Jul 2016 | May 2018 | 22 months | Mar 2019 | 10 months |
| No named crash | −5.1% | +5.4% | May 2013 | Sep 2013 | 4 months | Oct 2014 | 13 months |
How did VGIT do in stock market crashes?
This section measures how far VGIT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VGIT began trading on November 23, 2009, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.
- VGIT fell less than the S&P 500 in all eight crashes it has traded through. The clearest case was the Covid crash, when VGIT fell 2.3% and the S&P 500 fell 33.7%.
- Among its popular alternatives, VGSH held up best, falling less than VGIT in six of the eight crashes they both traded through.
- VGIT began trading after the 2008 financial crisis, but eight of its popular alternatives lived through it. The mildest fall among them was IEI's 5.3%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VGIT.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VGIT This pageVanguard Intermediate-Term Treasury ETF | — | 0.0% | −11.8% | −2.3% | −0.8% | −0.5% | −2.3% | −1.2% | −0.5% | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 8 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 2 of 6 | 0.0% | −5.5% | −6.3% | −0.7% | −0.3% | −1.1% | — | — | — | — |
| SCHP Schwab US TIPS ETF | 0 of 7 | 0.0% | −14.3% | −10.8% | −1.9% | −1.0% | −2.6% | −3.6% | — | — | — |
| IUSB iShares Core Universal USD Bond ETF | 1 of 6 | 0.0% | −14.8% | −9.9% | −1.1% | −0.8% | −1.7% | — | — | — | — |
| VGSH Vanguard Short-Term Treasury ETF | 6 of 8 | 0.0% | −4.6% | −0.5% | −0.2% | −0.1% | −0.7% | −0.3% | 0.0% | — | — |
| SGOV iShares 0-3 Month Treasury Bond ETF | 1 of 2 | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| TIP iShares TIPS Bond ETF | 0 of 8 | 0.0% | −14.3% | −11.2% | −2.0% | −1.1% | −2.5% | −3.8% | −0.2% | −14.4% | — |
| FBND Fidelity Total Bond ETF | 0 of 6 | 0.0% | −14.4% | −16.1% | −1.1% | −1.4% | −3.2% | — | — | — | — |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 1 of 8 | 0.0% | −17.3% | −16.2% | −1.4% | −0.5% | −1.4% | −1.8% | −0.7% | −14.5% | — |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 1 of 8 | 0.0% | −17.4% | −16.9% | −1.2% | −1.0% | −2.0% | −3.0% | 0.0% | — | — |
| SCHZ Schwab U.S. Aggregate Bond ETF | 1 of 7 | 0.0% | −14.6% | −10.3% | −1.1% | −0.7% | −1.6% | −1.4% | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 1 of 8 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
| BIV Vanguard Intermediate-Term Bond ETF | 1 of 8 | 0.0% | −15.3% | −9.2% | −1.0% | −0.7% | −2.3% | −1.6% | 0.0% | −13.6% | — |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 1 of 8 | 0.0% | −11.9% | −2.1% | −0.8% | −0.4% | −1.6% | −0.7% | −0.2% | −7.6% | — |
| IEI iShares 3-7 Year Treasury Bond ETF | 2 of 8 | 0.0% | −10.9% | −1.8% | −0.7% | −0.4% | −2.0% | −0.8% | 0.0% | −5.3% | — |
| GOVT iShares U.S. Treasury Bond ETF | 0 of 6 | 0.0% | −13.0% | −4.6% | −0.9% | −0.3% | −2.1% | — | — | — | — |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 0 of 7 | 0.0% | −11.9% | −2.2% | −0.8% | −0.6% | −2.1% | −1.1% | — | — | — |
| IEF iShares 7-10 Year Treasury Bond ETF | 0 of 8 | 0.0% | −16.1% | −4.7% | −1.2% | −0.8% | −2.9% | −1.9% | −0.3% | −6.2% | — |
| GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 0 of 8 | 0.0% | −19.8% | −10.2% | −2.3% | −1.3% | −3.5% | −3.3% | −0.5% | — | — |
| VGLT Vanguard Long-Term Treasury ETF | 1 of 8 | 0.0% | −28.6% | −14.2% | −4.1% | −2.4% | −5.5% | −4.3% | 0.0% | — | — |
| TLT iShares 20+ Year Treasury Bond ETF | 0 of 8 | 0.0% | −30.0% | −15.7% | −4.3% | −2.3% | −5.8% | −5.0% | −1.3% | −16.2% | — |
How closely does VGIT move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VGIT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, VGIT captured 6% of the S&P 500's gains in rising months and 7% of its losses in falling months, with a beta of 0.04. It took about the same share of the market's gains as of its losses.
- VGSH took just -1% of the S&P 500's losses, against 7% for VGIT, while still keeping 5% of its gains.
- Five of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VGIT's 0.90, led by VTIP, IEI and SPTI.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VGIT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VGIT This pageVanguard Intermediate-Term Treasury ETF | 6% | 7% | 0.90 | 0.04 |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 11% | 3% | 3.49 | 0.08 |
| IEI iShares 3-7 Year Treasury Bond ETF | 6% | 6% | 1.05 | 0.04 |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | 7% | 7% | 1.01 | 0.05 |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 6% | 7% | 0.92 | 0.05 |
| SCHP Schwab US TIPS ETF | 15% | 17% | 0.91 | 0.18 |
| TIP iShares TIPS Bond ETF | 15% | 17% | 0.87 | 0.18 |
| FBND Fidelity Total Bond ETF | 17% | 21% | 0.80 | 0.18 |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 22% | 29% | 0.78 | 0.27 |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 22% | 29% | 0.76 | 0.26 |
| IUSB iShares Core Universal USD Bond ETF | 15% | 20% | 0.74 | 0.16 |
| BIV Vanguard Intermediate-Term Bond ETF | 13% | 18% | 0.74 | 0.15 |
| SCHZ Schwab U.S. Aggregate Bond ETF | 14% | 20% | 0.71 | 0.16 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
| GOVT iShares U.S. Treasury Bond ETF | 6% | 8% | 0.71 | 0.06 |
| IEF iShares 7-10 Year Treasury Bond ETF | 7% | 14% | 0.51 | 0.08 |
| GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 6% | 18% | 0.34 | 0.10 |
| VGLT Vanguard Long-Term Treasury ETF | 7% | 29% | 0.23 | 0.15 |
| TLT iShares 20+ Year Treasury Bond ETF | 6% | 32% | 0.19 | 0.16 |
| VGSH Vanguard Short-Term Treasury ETF | 5% | -1% | — | 0.01 |
What diversifies VGIT?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VGIT's. Because such investments tend not to fall at the same time, pairing VGIT with them can reduce a portfolio's overall swings.
- CLS made money in three of the three calendar years in which VGIT lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of VGIT over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- Moving a fifth of the money in VGIT into DXJ would have cut the portfolio's volatility by 1% over the past 5 years and raised its annual return (-0.5% for VGIT alone, +4.7% for the mix).
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VGIT lost money. The last two columns show a portfolio that is 80% VGIT and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 2013 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| VGIT Vanguard Intermediate-Term Treasury ETF (this page) | 1.00 | −0.7% | 0.00 | −10.4% | −2.6% | −2.7% | 5.4% | −0.5% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 1.48 | +3.8% | +17.8% | — | 5.5% | +2.8% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.16 | +225% | 1.34 | +6.0% | +18.0% | +41.3% | 5.4% | +4.7% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.38 | +101% | 1.04 | +10.4% | +23.1% | +16.6% | 6.1% | +2.7% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.43 | +83.3% | 1.00 | +7.1% | +19.6% | +23.8% | 6.1% | +2.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.39 | +323% | 0.97 | −33.5% | +42.1% | +33.4% | 9.5% | +7.1% |
| GLD CommoditiesSPDR Gold Shares | 0.43 | +126% | 0.96 | −0.8% | −4.2% | −28.3% | 6.6% | +3.2% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.30 | +136% | 0.93 | −10.4% | +22.7% | — | 6.8% | +3.9% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.04 | +177% | 0.93 | +64.4% | +53.3% | +26.3% | 6.9% | +4.4% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 2013 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| VGIT Vanguard Intermediate-Term Treasury ETF (this page) | 1.00 | −0.7% | 0.00 | −10.4% | −2.6% | −2.7% | 5.4% | −0.5% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.19 | +479% | 1.55 | +54.1% | −0.4% | +66.0% | 7.4% | +6.8% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.01 | +3,143% | 1.47 | +1.3% | +37.9% | +27.6% | 12.5% | +18.7% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.11 | +1,636% | 1.46 | +17.0% | +89.0% | +61.7% | 10.4% | +14.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.11 | +413% | 1.44 | +51.8% | +44.2% | +67.7% | 7.0% | +6.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.03 | +690% | 1.41 | +86.6% | +61.0% | +48.6% | 7.9% | +8.8% |
Common questions
What was VGIT's worst drawdown?
VGIT's deepest decline since it began trading in 2009 was 16.0%, from August 2020 to October 2022. It has not yet climbed back to that peak. Because VGIT launched in November 2009, that record does not include the dot-com bust or the 2008 financial crisis.
What were VGIT's best and worst years?
Over 16 full calendar years, VGIT's best year was 2011, when it returned 9.6%. Its worst was 2022, with a return of -10.4%.
Is there a better investment than VGIT?
Among VGIT's popular alternatives, SGOV and VTIP earned more than VGIT with less volatility over the past 5 years. SGOV returned 3.8% a year at 0.3% volatility, against a loss of 0.1% a year at 5.4%. Looking beyond its popular alternatives, NEAR (short-term bonds) and LMBS (mortgage-backed securities) earned more than VGIT with less volatility over the past 5 years. NEAR returned 3.9% a year at 1.4% volatility, against a loss of 0.1% a year at 5.4%.
Is VGIT more volatile than the S&P 500?
No. VGIT's volatility over the past 5 years was 5.4%, 32% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VGIT's return lands within 5.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VGIT's Sharpe ratio?
VGIT's Sharpe ratio over the past 5 years was 0.00, against 0.79 for the S&P 500, so VGIT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VGIT with the S&P 500?
Over the past 5 years, VGIT's monthly returns had a correlation of 0.48 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VGIT instead: the lower it is, the more that option would diversify a VGIT holding.
What are the best alternatives to VGIT?
Of the 21 popular alternatives we compared, six outperformed VGIT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VTIP, SCHP and IUSB.
Did VGIT outperform the S&P 500?
VGIT finished ahead of the S&P 500 (SPY) in three of 16 full calendar years. In 2025, it returned +7.3%, against +17.7% for the index.
How did VGIT do in stock market crashes?
VGIT fell less than the S&P 500 (SPY) in eight of the eight major crashes it has traded through, and further in no. The clearest case was the Covid crash, when VGIT fell 2.3% and the S&P 500 fell 33.7%.
What diversifies VGIT?
These had a low correlation with VGIT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.16) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.19), CLS (correlation 0.01) and FIX (correlation 0.11). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VGIT's. Returns within 0.5 points or 3% of VGIT's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VGIT
- VTIPVanguard Short-Term Inflation-Protected Securities ETF
- IUSBiShares Core Universal USD Bond ETF
- SGOViShares 0-3 Month Treasury Bond ETF
VCITVanguard Intermediate-Term Corporate Bond ETF
AGGiShares Core U.S. Aggregate Bond ETF
BIVVanguard Intermediate-Term Bond ETF
BNDVanguard Total Bond Market ETF
GOVTiShares U.S. Treasury Bond ETF
IEFiShares 7-10 Year Treasury Bond ETF
TLTiShares 20+ Year Treasury Bond ETF
SCHD
NVDA