SPBO vs. VCLT
SPBO (SPDR Portfolio Corporate Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while VCLT tracks the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Over the past 10 years, SPBO returned 2.74%/yr vs 2.26%/yr for VCLT. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SPBO vs. VCLT - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.91% return, which is significantly lower than VCLT's 1.50% return. Over the past 10 years, SPBO has outperformed VCLT with an annualized return of 2.74%, while VCLT has yielded a comparatively lower 2.26% annualized return.
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%
VCLT
- 1D
- 0.23%
- 1M
- 1.54%
- YTD
- 1.50%
- 6M
- 1.27%
- 1Y
- 6.41%
- 3Y*
- 4.16%
- 5Y*
- -2.17%
- 10Y*
- 2.26%
SPBO vs. VCLT - 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% |
VCLT Vanguard Long-Term Corporate Bond ETF | 1.50% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between SPBO and VCLT is 0.98 - 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 | 0.98 |
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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.71 |
Over the past year, SPBO and VCLT have become more correlated (0.98) than their long-term average of 0.71, meaning their price movements have been converging.
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Return for Risk
SPBO vs. VCLT — Risk / Return Rank
SPBO
VCLT
SPBO vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) 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.
| SPBO | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 1.23 | +0.64 |
| Martin ratioReturn relative to average drawdown | 5.77 | 2.96 | +2.80 |
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Drawdowns
SPBO vs. VCLT - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for SPBO and VCLT.
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Drawdown Indicators
| SPBO | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -34.31% | +12.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -5.25% | +2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -13.03% | +6.62% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -34.31% | +12.08% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -34.31% | +12.08% |
Current DrawdownCurrent decline from peak | -0.70% | -13.92% | +13.22% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -8.17% | +4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.17% | -1.24% |
Volatility
SPBO vs. VCLT - Volatility Comparison
The current volatility for SPDR Portfolio Corporate Bond ETF (SPBO) is 1.16%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 1.90%. This indicates that SPBO 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
| SPBO | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.90% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 5.83% | -2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 7.83% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 12.76% | -5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 12.85% | -5.35% |
SPBO vs. VCLT - Expense Ratio Comparison
Both SPBO 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
SPBO vs. VCLT - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.11%, less than VCLT's 5.52% 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% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.52% | 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 0.98, SPBO 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 (1.90%) compared to SPBO (1.16%). In terms of maximum drawdown, SPBO dropped -22.23% vs VCLT's -34.31%.
On 10-year performance, SPBO leads with 2.74% vs 2.26% for VCLT. Both ETFs have the same 0.03% expense ratio. On volatility, SPBO has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.74% return vs 2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO and VCLT have the same expense ratio: 0.03% per year.
VCLT has the higher dividend yield at 5.52%, compared with 5.11% for SPBO.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard.
SPBO currently has the higher Sharpe Ratio (1.23 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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