SHV vs XEON: returns, risk and drawdowns compared
iShares Short Treasury Bond ETF against Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C, over the same 16 years (February 2010 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2010 to October 2026, SHV returned 1.4% a year and XEON 0.5% a year on average, so SHV came out ahead by 0.9% a year. SHV was the more volatile of the two (0.6% against 0.4% a year), and the deepest falls from a month-end high were 0.3% for SHV and 3.7% for XEON.
The correlation of monthly returns was 0.72: they usually moved together. Over 166 rolling 3-year periods, SHV did better in 85% and XEON in 15%.
SHV trades in USD and XEON in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| SHV | XEON | |
|---|---|---|
| Annual return (CAGR) | +1.4% | +0.5% |
| Total return | +27% | +9% |
| Annual volatility | 0.6% | 0.4% |
| Maximum drawdown (month-end) | −0.3% | −3.7% |
| Worst month | −0.1% | −0.4% |
| Best month | +0.9% | +0.5% |
| Positive months | 69% | 47% |
| Best year | 2024: +5.1% | 2024: +3.7% |
| Worst year | 2021: −0.1% | 2021: −0.6% |
| 1-year return | +3.6% | +2.1% |
| 5 years, a year | +3.6% | +2.2% |
| 10 years, a year | +2.4% | +0.8% |
| Trading currency | USD | EUR |
First nine rows: the same 201 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: SHV vs XEON
Returns by calendar year
| Year | SHV | XEON |
|---|---|---|
| 2025 | +4.2% | +2.2% |
| 2024 | +5.1% | +3.7% |
| 2023 | +5.0% | +3.3% |
| 2022 | +0.9% | +0.0% |
| 2021 | −0.1% | −0.6% |
| 2020 | +0.8% | −0.6% |
| 2019 | +2.4% | −0.5% |
| 2018 | +1.7% | −0.5% |
| 2017 | +0.7% | −0.5% |
| 2016 | +0.4% | −0.5% |
| 2015 | 0.0% | −0.2% |
| 2014 | 0.0% | 0.0% |
| 2013 | 0.0% | −0.0% |
| 2012 | +0.0% | +0.1% |
| 2011 | +0.1% | +0.7% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, SHV or XEON?
From February 2010 to October 2026, SHV returned +1.4% a year and XEON +0.5% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods SHV did better in 85% of cases. Past returns do not predict future returns.
Which is riskier, SHV or XEON?
Over the same months annual volatility was 0.6% for SHV and 0.4% for XEON; the deepest fall from a month-end high was 0.3% and 3.7%, and the worst single month −0.1% and −0.4%.
How correlated are SHV and XEON?
The correlation of their monthly returns was 0.72: they usually moved together. Combining them has historically given some diversification.
More comparisons
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.