SPBO vs. VCIT
SPBO (SPDR Portfolio Corporate Bond ETF) and VCIT (Vanguard Intermediate-Term Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while VCIT tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, SPBO returned 2.74%/yr vs 2.87%/yr for VCIT. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SPBO vs. VCIT - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.91% return, which is significantly higher than VCIT's 0.31% return. Both investments have delivered pretty close results over the past 10 years, with SPBO having a 2.74% annualized return and VCIT not far ahead at 2.87%.
SPBO
- 1D
- 0.10%
- 1M
- 0.74%
- YTD
- 0.91%
- 6M
- 0.97%
- 1Y
- 5.33%
- 3Y*
- 5.49%
- 5Y*
- 0.49%
- 10Y*
- 2.74%
VCIT
- 1D
- 0.10%
- 1M
- 0.60%
- YTD
- 0.31%
- 6M
- 0.47%
- 1Y
- 5.17%
- 3Y*
- 6.09%
- 5Y*
- 1.14%
- 10Y*
- 2.87%
SPBO vs. VCIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.91% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 0.31% | 9.34% | 3.20% | 8.98% | -13.98% | -1.77% | 9.46% | 14.10% | -1.74% | 5.31% |
Correlation
The correlation between SPBO and VCIT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.71 |
Over the past year, SPBO and VCIT have become more correlated (0.97) than their long-term average of 0.71, meaning their price movements have been converging.
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Return for Risk
SPBO vs. VCIT — Risk / Return Rank
SPBO
VCIT
SPBO vs. VCIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT). 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.
| SPBO | VCIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 1.76 | +0.11 |
| Martin ratioReturn relative to average drawdown | 5.77 | 5.56 | +0.21 |
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Drawdowns
SPBO vs. VCIT - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than VCIT's maximum drawdown of -20.56%. Use the drawdown chart below to compare losses from any high point for SPBO and VCIT.
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Drawdown Indicators
| SPBO | VCIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -20.56% | -1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.96% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -6.11% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -20.56% | -1.67% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -20.56% | -1.67% |
Current DrawdownCurrent decline from peak | -0.70% | -1.22% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -3.15% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.93% | 0.00% |
Volatility
SPBO vs. VCIT - Volatility Comparison
The current volatility for SPDR Portfolio Corporate Bond ETF (SPBO) is 1.16%, while Vanguard Intermediate-Term Corporate Bond ETF (VCIT) has a volatility of 1.24%. This indicates that SPBO experiences smaller price fluctuations and is considered to be less risky than VCIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBO | VCIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.24% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 3.17% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 4.10% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 6.62% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 6.29% | +1.21% |
SPBO vs. VCIT - Expense Ratio Comparison
Both SPBO and VCIT 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
SPBO vs. VCIT - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.11%, more than VCIT's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 5.11% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 4.80% | 4.62% | 4.43% | 3.72% | 3.03% | 2.87% | 2.78% | 3.37% | 3.61% | 3.21% | 3.29% | 3.34% |
Frequently Asked Questions
With a correlation of 0.97, SPBO and VCIT 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.
VCIT has higher volatility (1.24%) compared to SPBO (1.16%). In terms of maximum drawdown, SPBO dropped -22.23% vs VCIT's -20.56%.
On 10-year performance, VCIT leads with 2.87% vs 2.74% for SPBO. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCIT has performed better with a 2.87% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO and VCIT have the same expense ratio: 0.03% per year.
SPBO has the higher dividend yield at 5.11%, compared with 4.80% for VCIT.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while VCIT tracks Bloomberg U.S. 5-10 Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard.
VCIT currently has the higher Sharpe Ratio (1.27 vs 1.23), 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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