ANGL vs. SPSB
ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and SPSB (SPDR Portfolio Short Term Corporate Bond ETF) are both exchange-traded funds - ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index, while SPSB is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, ANGL returned 6.28%/yr vs 2.63%/yr for SPSB. At a 0.29 correlation, their price movements are largely independent. ANGL charges 0.35%/yr vs 0.07%/yr for SPSB.
Performance
ANGL vs. SPSB - Performance Comparison
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Returns By Period
In the year-to-date period, ANGL achieves a 1.87% return, which is significantly higher than SPSB's 1.01% return. Over the past 10 years, ANGL has outperformed SPSB with an annualized return of 6.28%, while SPSB has yielded a comparatively lower 2.63% annualized return.
ANGL
- 1D
- 0.03%
- 1M
- 0.91%
- YTD
- 1.87%
- 6M
- 2.30%
- 1Y
- 7.82%
- 3Y*
- 8.49%
- 5Y*
- 3.32%
- 10Y*
- 6.28%
SPSB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.01%
- 6M
- 1.34%
- 1Y
- 4.33%
- 3Y*
- 5.41%
- 5Y*
- 2.72%
- 10Y*
- 2.63%
ANGL vs. SPSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 1.87% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 9.71% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 1.01% | 5.86% | 5.25% | 5.60% | -3.31% | -0.20% | 3.83% | 5.21% | 1.45% | 1.58% |
Correlation
The correlation between ANGL and SPSB is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2012 | 0.29 |
Over the past year, ANGL and SPSB have become more correlated (0.62) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
ANGL vs. SPSB — Risk / Return Rank
ANGL
SPSB
ANGL vs. SPSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ANGL | SPSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.72 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 4.94 | -3.10 |
| Martin ratioReturn relative to average drawdown | 7.72 | 22.91 | -15.19 |
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Drawdowns
ANGL vs. SPSB - Drawdown Comparison
The maximum ANGL drawdown since its inception was -29.31%, which is greater than SPSB's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for ANGL and SPSB.
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Drawdown Indicators
| ANGL | SPSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -11.75% | -17.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -0.87% | -3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.48% | -0.87% | -4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -5.96% | -13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -29.31% | -11.75% | -17.56% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.29% | -0.54% | -2.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.19% | +0.78% |
Volatility
ANGL vs. SPSB - Volatility Comparison
VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) has a higher volatility of 1.45% compared to SPDR Portfolio Short Term Corporate Bond ETF (SPSB) at 0.38%. This indicates that ANGL's price experiences larger fluctuations and is considered to be riskier than SPSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ANGL | SPSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.38% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.54% | 0.95% | +2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 1.33% | +3.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.63% | 1.99% | +5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.28% | 3.06% | +6.22% |
ANGL vs. SPSB - Expense Ratio Comparison
ANGL has a 0.35% expense ratio, which is higher than SPSB's 0.07% expense ratio.
Dividends
ANGL vs. SPSB - Dividend Comparison
ANGL's dividend yield for the trailing twelve months is around 6.35%, more than SPSB's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF | 6.35% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.40% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
ANGL and SPSB have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ANGL has higher volatility (1.45%) compared to SPSB (0.38%). In terms of maximum drawdown, ANGL dropped -29.31% vs SPSB's -11.75%.
On 10-year performance, ANGL leads with 6.28% vs 2.63% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ANGL has performed better with a 6.28% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.35% for ANGL.
ANGL has the higher dividend yield at 6.35%, compared with 4.40% for SPSB.
ANGL is categorized as High Yield Bonds, while SPSB is Corporate Bonds. ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index, while SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for ANGL and 0.07% for SPSB.
SPSB currently has the higher Sharpe Ratio (3.24 vs 1.71), 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.
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