SHV: iShares Short Treasury Bond ETF returns, drawdowns and risk
Funds on very short-term government bills or overnight rates: close to cash, with a return that follows short-term interest rates.
Data updated October 2026
SHV · US exchange · USDCategory: Cash and T-bill ETFsData from January 2007
From January 2007 to October 2026 SHV returned 1.6% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $13,725.
Its deepest fall was 0.4%, from July 2024 to July 2024, and it took about 1 months to get back to the previous high. Annual volatility was 0.4%; at the last close it was at or near its high.
Against AGG (iShares Core U.S. Aggregate Bond ETF), over the 237 months both have data, the correlation of monthly returns was 0.17: they moved largely independently. Beta was 0.02. In months when AGG rose, SHV moved 14% as much on average; in months when AGG fell, -13% as much.
Key figures
- Annual return (CAGR)
- +1.6%
- 1-year return
- +3.6%
- 5 years, a year
- +3.6%
- 10 years, a year
- +2.4%
- Annual volatility
- 0.4%
- Maximum drawdown
- −0.4%
- Sharpe ratio
- 0.00
- Worst year
- 2021: −0.1%
Trailing returns
| Period | SHV | AGG |
|---|---|---|
| 1 year | +3.6% | −1.9% |
| 3 years, a year | +4.4% | +5.2% |
| 5 years, a year | +3.6% | −0.3% |
| 10 years, a year | +2.4% | +1.2% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: SHV vs AGG
Month-end values from February 2007, the first month both funds have data.
SHV drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | SHV | AGG |
|---|---|---|
| 2026(partial) | +2.8% | −1.8% |
| 2025 | +4.2% | +7.2% |
| 2024 | +5.1% | +1.3% |
| 2023 | +5.0% | +5.7% |
| 2022 | +0.9% | −13.0% |
| 2021 | −0.1% | −1.8% |
| 2020 | +0.8% | +7.5% |
| 2019 | +2.4% | +8.5% |
| 2018 | +1.7% | +0.1% |
| 2017 | +0.7% | +3.5% |
| 2016 | +0.4% | +2.4% |
| 2015 | 0.0% | +0.5% |
| 2014 | 0.0% | +6.0% |
| 2013 | 0.0% | −2.0% |
| 2012 | +0.0% | +3.8% |
| 2011 | +0.1% | +7.7% |
| 2010 | +0.1% | +6.4% |
| 2009 | +0.2% | +3.0% |
| 2008 | +2.8% | +7.9% |
| 2007(partial) | +5.0% | — |
SHV compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of SHV?
From January 2007 to October 2026 SHV returned 1.6% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +3.6% a year. Over the last 12 months: +3.6%.
What was the worst drawdown of SHV?
0.4%, from July 2024 to July 2024; it took about 1 months from the previous high to get back to it.
How volatile is SHV?
Annual volatility was 0.4% over the period. Its worst month was −0.1% and 71% of months were positive. Worst calendar year: 2021 (−0.1%).
How closely does SHV follow AGG?
Over 237 months the correlation of monthly returns was 0.17, so they moved largely independently, with a beta of 0.02.
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Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.