SPBO vs. VCSH
SPBO (SPDR Portfolio Corporate Bond ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while VCSH tracks the Barclays Capital U.S. 1-5 Year Corporate Index. Both are passively managed. Over the past 10 years, SPBO returned 2.77%/yr vs 2.70%/yr for VCSH. A 0.58 correlation means they provide meaningful diversification when combined. SPBO charges 0.03%/yr vs 0.04%/yr for VCSH.
Performance
SPBO vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.70% return, which is significantly higher than VCSH's 0.64% return. Both investments have delivered pretty close results over the past 10 years, with SPBO having a 2.77% annualized return and VCSH not far behind at 2.70%.
SPBO
- 1D
- -0.21%
- 1M
- 0.67%
- YTD
- 0.70%
- 6M
- 0.47%
- 1Y
- 6.29%
- 3Y*
- 5.54%
- 5Y*
- 0.66%
- 10Y*
- 2.77%
VCSH
- 1D
- -0.08%
- 1M
- 0.20%
- YTD
- 0.64%
- 6M
- 0.95%
- 1Y
- 4.59%
- 3Y*
- 5.52%
- 5Y*
- 2.32%
- 10Y*
- 2.70%
SPBO vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.64% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between SPBO and VCSH is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.58 |
Over the past year, SPBO and VCSH have become more correlated (0.87) than their long-term average of 0.58, meaning their price movements have been converging.
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Return for Risk
SPBO vs. VCSH — Risk / Return Rank
SPBO
VCSH
SPBO vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.
| SPBO | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.48 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 3.29 | -1.09 |
| Martin ratioReturn relative to average drawdown | 6.94 | 13.55 | -6.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPBO | VCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 2.45 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.81 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.81 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 1.02 | -0.55 |
Drawdowns
SPBO vs. VCSH - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than VCSH's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for SPBO and VCSH.
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Drawdown Indicators
| SPBO | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -12.86% | -9.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -1.40% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -1.40% | -5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -9.48% | -12.75% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -12.86% | -9.37% |
Current DrawdownCurrent decline from peak | -0.91% | -0.32% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -0.97% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.34% | +0.57% |
Volatility
SPBO vs. VCSH - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) has a higher volatility of 1.35% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.57%. This indicates that SPBO's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBO | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 0.57% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 1.38% | +1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 1.88% | +2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 2.88% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 3.35% | +4.14% |
SPBO vs. VCSH - Expense Ratio Comparison
SPBO has a 0.03% expense ratio, which is lower than VCSH's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPBO vs. VCSH - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.12%, more than VCSH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 5.12% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.45% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
SPBO and VCSH have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPBO has higher volatility (1.35%) compared to VCSH (0.57%). In terms of maximum drawdown, SPBO dropped -22.23% vs VCSH's -12.86%.
On 10-year performance, SPBO leads with 2.77% vs 2.70% for VCSH. On fees, SPBO is cheaper at 0.03% per year. On volatility, VCSH has been the lower-risk option at 0.57%. 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 2.77% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.04% for VCSH.
SPBO has the higher dividend yield at 5.12%, compared with 4.45% for VCSH.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while VCSH tracks Barclays Capital U.S. 1-5 Year Corporate Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.03% for SPBO and 0.04% for VCSH.
VCSH currently has the higher Sharpe Ratio (2.45 vs 1.45), 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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