SPAB vs. VCLT
SPAB (SPDR Portfolio Aggregate Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while VCLT is a Corporate Bonds fund tracking the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Over the past 10 years, SPAB returned 1.50%/yr vs 2.24%/yr for VCLT. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SPAB vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.41% return, which is significantly lower than VCLT's 1.27% return. Over the past 10 years, SPAB has underperformed VCLT with an annualized return of 1.50%, while VCLT has yielded a comparatively higher 2.24% annualized return.
SPAB
- 1D
- -0.27%
- 1M
- 0.58%
- YTD
- 0.41%
- 6M
- 0.45%
- 1Y
- 4.54%
- 3Y*
- 3.95%
- 5Y*
- 0.04%
- 10Y*
- 1.50%
VCLT
- 1D
- -0.40%
- 1M
- 1.31%
- YTD
- 1.27%
- 6M
- 1.30%
- 1Y
- 6.37%
- 3Y*
- 4.08%
- 5Y*
- -2.16%
- 10Y*
- 2.24%
SPAB vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.41% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
VCLT Vanguard Long-Term Corporate Bond ETF | 1.27% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between SPAB and VCLT is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.81 |
The correlation between SPAB and VCLT shifts across timeframes, from 0.81 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPAB vs. VCLT — Risk / Return Rank
SPAB
VCLT
SPAB vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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.
| SPAB | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.22 | +0.44 |
| Martin ratioReturn relative to average drawdown | 4.66 | 2.95 | +1.71 |
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Drawdowns
SPAB vs. VCLT - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for SPAB and VCLT.
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Drawdown Indicators
| SPAB | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -34.31% | +15.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -5.25% | +2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -13.03% | +6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -34.31% | +16.35% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | -34.31% | +15.75% |
Current DrawdownCurrent decline from peak | -2.15% | -14.12% | +11.97% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -8.17% | +5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 2.17% | -1.20% |
Volatility
SPAB vs. VCLT - Volatility Comparison
The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.09%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 1.91%. This indicates that SPAB experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAB | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.91% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 5.84% | -3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 7.84% | -4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 12.76% | -6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 12.85% | -7.30% |
SPAB vs. VCLT - Expense Ratio Comparison
Both SPAB and VCLT have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPAB vs. VCLT - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, less than VCLT's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.53% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
Frequently Asked Questions
With a correlation of 0.92, SPAB and VCLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VCLT has higher volatility (1.91%) compared to SPAB (1.09%). In terms of maximum drawdown, SPAB dropped -18.56% vs VCLT's -34.31%.
On 10-year performance, VCLT leads with 2.24% vs 1.50% for SPAB. Both ETFs have the same 0.03% expense ratio. On volatility, SPAB has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCLT has performed better with a 2.24% return vs 1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB and VCLT have the same expense ratio: 0.03% per year.
VCLT has the higher dividend yield at 5.53%, compared with 4.05% for SPAB.
SPAB is categorized as Total Bond Market, while VCLT is Corporate Bonds. SPAB tracks Bloomberg U.S. Aggregate Bond Index, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard.
SPAB currently has the higher Sharpe Ratio (1.22 vs 0.82), 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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