^SP400 vs. VGIT

Last updated Jun 3, 2026

^SP400 (S&P 400 Index) is an index, while VGIT (Vanguard Intermediate-Term Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 3-10 Year Index. Over the past 10 years, ^SP400 returned 9.60%/yr vs 1.23%/yr for VGIT. At a correlation of -0.21, they often move in opposite directions.

Performance

^SP400 vs. VGIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 400 Index (^SP400) and Vanguard Intermediate-Term Treasury ETF (VGIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SP400 achieves a 13.60% return, which is significantly higher than VGIT's -0.46% return. Over the past 10 years, ^SP400 has outperformed VGIT with an annualized return of 9.60%, while VGIT has yielded a comparatively lower 1.23% annualized return.

^SP400

• 1D: 0.87%
• 1M: 3.16%
• YTD: 13.60%
• 6M: 14.49%
• 1Y: 25.39%
• 3Y*: 14.43%
• 5Y*: 6.70%
• 10Y*: 9.60%

VGIT

• 1D: -0.19%
• 1M: -0.16%
• YTD: -0.46%
• 6M: -0.60%
• 1Y: 3.54%
• 3Y*: 3.40%
• 5Y*: 0.05%
• 10Y*: 1.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^SP400 vs. VGIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP400 S&P 400 Index	13.60%	5.90%	12.20%	14.45%	-14.48%	23.21%	11.81%	24.05%	-12.50%	14.45%
VGIT Vanguard Intermediate-Term Treasury ETF	-0.46%	7.34%	1.39%	4.28%	-10.53%	-2.64%	7.71%	6.19%	1.35%	1.70%

Correlation

The correlation between ^SP400 and VGIT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	-0.21

The correlation between ^SP400 and VGIT shifts across timeframes, from -0.21 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

^SP400 vs. VGIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SP400

^SP400 Risk / Return Rank: 61
^SP400 Sharpe Ratio Rank: 56
^SP400 Sortino Ratio Rank: 59
^SP400 Omega Ratio Rank: 56
^SP400 Calmar Ratio Rank: 66
^SP400 Martin Ratio Rank: 69

VGIT

VGIT Risk / Return Rank: 27
VGIT Sharpe Ratio Rank: 28
VGIT Sortino Ratio Rank: 28
VGIT Omega Ratio Rank: 26
VGIT Calmar Ratio Rank: 26
VGIT Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SP400 vs. VGIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 400 Index (^SP400) and Vanguard Intermediate-Term Treasury ETF (VGIT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SP400	VGIT	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.05	+0.60
Sortino ratio Return per unit of downside risk	2.41	1.59	+0.81
Omega ratio Gain probability vs. loss probability	1.29	1.18	+0.11
Calmar ratio Return relative to maximum drawdown	2.80	1.25	+1.55
Martin ratio Return relative to average drawdown	10.10	3.75	+6.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP400 vs. VGIT - Sharpe Ratio Comparison

The current ^SP400 Sharpe Ratio is 1.65, which is higher than the VGIT Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of ^SP400 and VGIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^SP400	VGIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.05	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.01	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.27	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.49	0.00

Drawdowns

^SP400 vs. VGIT - Drawdown Comparison

The maximum ^SP400 drawdown since its inception was -56.32%, which is greater than VGIT's maximum drawdown of -16.05%. Use the drawdown chart below to compare losses from any high point for ^SP400 and VGIT.

Drawdown Indicators

	^SP400	VGIT	Difference
Max Drawdown Largest peak-to-trough decline	-56.32%	-16.05%	-40.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-2.83%	-6.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-4.34%	-20.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-15.02%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	-42.14%	-16.05%	-26.09%
Current Drawdown Current decline from peak	0.00%	-2.39%	+2.39%
Average Drawdown Average peak-to-trough decline	-7.15%	-3.52%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.94%	+1.54%

Volatility

^SP400 vs. VGIT - Volatility Comparison

S&P 400 Index (^SP400) has a higher volatility of 4.44% compared to Vanguard Intermediate-Term Treasury ETF (VGIT) at 1.05%. This indicates that ^SP400's price experiences larger fluctuations and is considered to be riskier than VGIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SP400	VGIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	1.05%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	2.33%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	3.38%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	5.38%	+14.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.00%	4.50%	+16.50%

Frequently Asked Questions

Can I hold both ^SP400 and VGIT in my portfolio?

^SP400 and VGIT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^SP400 or VGIT?

^SP400 has higher volatility (4.44%) compared to VGIT (1.05%). In terms of maximum drawdown, ^SP400 dropped -56.32% vs VGIT's -16.05%.

Which has better risk-adjusted returns?

^SP400 currently has the higher Sharpe Ratio (1.65 vs 1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.