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GSY vs VNLA: Differences, Returns & Fees

On Jul 31, 2026 GSY's duration was 0.8 years and VNLA's 0.8; GSY charges 0.22% to VNLA's 0.23%. Net assets: $4.0bn on Oct 20, 2026 for Invesco Ultra Short Duration ETF, and $3.3bn on Jul 31, 2026 for Janus Henderson Short Duration Income ETF.

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Ask IQ about GSY and VNLA

Answers cite the figures on this page.

GSY costs 0.01 points a year less; their one-year returns differ by 0.1 points; GSY is 1.2 times larger.

GSY vs VNLA: Differences, Returns & Fees
GSYVNLA
Expense ratio0.22%0.23%
Net assets, as of Jul 31, 2026$3.9bn$3.3bn
Total return, 1 year+3.7%+3.6%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common5%

Holdings in common uses holdings dated Jul 31, 2026.

+3.7%
GSY total return, 1 year
+3.6%
VNLA total return, 1 year
0.22%
GSY expense ratio
0.23%
VNLA expense ratio

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Client brief · page 1 of 2Report BR-7B093BF409

GSY and VNLA are built for the same job. How do they differ in cost, holdings and results?

  1. Holdings in common. 5% of the weight is in the same securities (holdings dated Jul 31, 2026).
  2. What each follows (similar). Both follow No index, actively managed.
  3. One-year total return (similar). Over 1 year to Oct 20, 2026 GSY returned +3.7% and VNLA +3.6% with distributions reinvested, a gap of 0.1 points.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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What they hold in common

By the books each fund has filed, GSY and VNLA hold 5% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

half

5% in common

Positions both hold, largest shared weight first
Holding GSY VNLA
Global Payments Inc., due Aug 3, 2026 0.51% 1.59%
Wells Fargo & Co., due Sep 15, 2029 0.51% 0.41%
Goldman Sachs Group, Inc. (The), due Apr 23, 2028 0.41% 0.51%
F&G Global Funding, due Jan 9, 2029 0.40% 0.44%
UBS AG, due Mar 16, 2029 0.38% 0.47%
Wells Fargo & Co., due May 20, 2029 0.38% 0.75%
DTE Energy Co., due Jul 1, 2027 0.31% 0.28%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, due Apr 15, 2027 0.26% 0.59%
Zions Bancorp., N.A., due Oct 1, 2029 0.25% 0.35%
Morgan Stanley, due Jul 12, 2029 0.20% 0.20%
Hasbro, Inc., due Nov 19, 2026 0.25% 0.18%
NTT Finance Corp., due Jul 16, 2027 0.16% 0.17%
Only in GSY
U.S. Treasury Bills, due May 13, 2027 1.24%
U.S. Treasury Notes/Bonds, due May 31, 2028 1.14%
U.S. Treasury Notes/Bonds, due Jun 30, 2028 1.02%
American Tower Corp., due Jan 15, 2027 0.66%
Amazon.com, Inc., due Jul 9, 2029 0.64%
Jefferies Financial Group Inc., due Sep 15, 2026 0.64%
Haleon US Capital LLC, due Mar 24, 2027 0.63%
NatWest Group PLC, due Mar 1, 2028 0.53%
Only in VNLA
Antero Resources Corp., due Aug 3, 2026 1.48%
Morgan Stanley Bank NA, due Jan 14, 2028 1.31%
HCA, Inc., due Aug 3, 2026 1.04%
Ares Capital Corp., due Aug 24, 2026 0.93%
Fidelity National Information Services, Inc., due Aug 4, 2026 0.91%
Ares Capital Corp., due Aug 11, 2026 0.90%
Enbridge, Inc., due Aug 27, 2026 0.88%
Bank Australia Ltd., due Feb 21, 2028 0.81%

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On the same fields

GSY
Invesco Ultra Short Duration ETF
VNLA
Janus Henderson Short Duration Income ETF
Where it sits Bond ETF Bond ETF
Issuer Invesco Janus Henderson
What it is Actively managed Actively managed
Total return, 1 year +3.7% +3.6%
Its benchmark over the same days +3.7% (SPTU) −1.9% (AGG)
Gap to its benchmark 0.0 pts vs SPTU +5.5 pts vs AGG
Expense ratio 0.22% 0.23%
Holdings 414 336
Net assets, GSY as of Oct 20, 2026 and VNLA as of Jul 31, 2026 $4.0bn $3.3bn

GSY and VNLA on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About GSY

GSY is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +3.7% with distributions reinvested, against +3.7% for its benchmark, the ICE BofA US Treasury Bill Index. The prospectus expense ratio is 0.22% a year.

About VNLA

VNLA is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +3.6% with distributions reinvested, against −1.9% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.23% a year.

Questions people ask

Which returned more over the last year, GSY or VNLA?
In the year to Oct 20, 2026, with distributions reinvested, GSY returned +3.7% and VNLA +3.6%.
Which is cheaper, GSY or VNLA?
GSY is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLRN vs GSYFLTR vs GSYBSCQ vs GSYGSY vs IBDRBILS vs VNLABSCQ vs VNLACLIP vs VNLAVNLA vs XHLF
GSY on its own →VNLA on its own →Hold both: look the portfolio through →Rankings →GSY dividend history →GSY holdings →VNLA dividend history →VNLA holdings →Standards and sources →
Where these figures came from
GSY filings on SEC EDGAR ↗GSY prospectus with the expense ratio (SEC) ↗Invesco page for GSY ↗VNLA filings on SEC EDGAR ↗VNLA prospectus with the expense ratio (SEC) ↗Janus Henderson website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, GSY against VNLA, data as of Oct 20, 2026. https://etfiq.com/compare/any/gsy-vs-vnla

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.