SPEU vs. VUSB
SPEU (SPDR Portfolio Europe ETF) and VUSB (Vanguard Ultra-Short Bond ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while VUSB is a Ultrashort Bond fund actively managed by Vanguard. SPEU is passively managed, while VUSB is actively managed. Over the past 5 years, SPEU returned 8.33%/yr vs 3.45%/yr for VUSB. At a 0.21 correlation, their price movements are largely independent. SPEU charges 0.09%/yr vs 0.10%/yr for VUSB.
Performance
SPEU vs. VUSB - Performance Comparison
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Returns By Period
In the year-to-date period, SPEU achieves a 7.38% return, which is significantly higher than VUSB's 1.48% return.
SPEU
- 1D
- 0.18%
- 1M
- 2.29%
- YTD
- 7.38%
- 6M
- 9.85%
- 1Y
- 19.59%
- 3Y*
- 16.58%
- 5Y*
- 8.33%
- 10Y*
- 10.17%
VUSB
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 4.47%
- 3Y*
- 5.40%
- 5Y*
- 3.45%
- 10Y*
- —
SPEU vs. VUSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 7.38% | 35.80% | 1.93% | 19.85% | -15.97% | 8.68% |
VUSB Vanguard Ultra-Short Bond ETF | 1.48% | 5.20% | 5.68% | 5.52% | -0.36% | 0.08% |
Correlation
The correlation between SPEU and VUSB is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.21 |
The correlation between SPEU and VUSB shifts across timeframes, from 0.21 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPEU vs. VUSB — Risk / Return Rank
SPEU
VUSB
SPEU vs. VUSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and Vanguard Ultra-Short Bond ETF (VUSB). 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.
| SPEU | VUSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.78 | ||
| Sortino ratioReturn per unit of downside risk | -10.79 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 3.34 | -2.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 12.12 | -10.64 |
| Martin ratioReturn relative to average drawdown | 5.42 | 69.82 | -64.41 |
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Drawdowns
SPEU vs. VUSB - Drawdown Comparison
The maximum SPEU drawdown since its inception was -62.45%, which is greater than VUSB's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for SPEU and VUSB.
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Drawdown Indicators
| SPEU | VUSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.45% | -1.79% | -60.66% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -0.37% | -11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -0.46% | -13.71% |
Max Drawdown (5Y)Largest decline over 5 years | -32.70% | -1.79% | -30.91% |
Max Drawdown (10Y)Largest decline over 10 years | -36.83% | — | — |
Current DrawdownCurrent decline from peak | -0.67% | 0.00% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -0.27% | -13.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 0.06% | +3.25% |
Volatility
SPEU vs. VUSB - Volatility Comparison
SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 5.81% compared to Vanguard Ultra-Short Bond ETF (VUSB) at 0.19%. This indicates that SPEU's price experiences larger fluctuations and is considered to be riskier than VUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEU | VUSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 0.19% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 0.53% | +12.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 0.65% | +15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 0.83% | +16.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.51% | 0.82% | +17.69% |
SPEU vs. VUSB - Expense Ratio Comparison
SPEU has a 0.09% expense ratio, which is lower than VUSB's 0.10% 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
SPEU vs. VUSB - Dividend Comparison
SPEU's dividend yield for the trailing twelve months is around 3.33%, less than VUSB's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 3.33% | 3.47% | 3.29% | 2.91% | 3.08% | 2.67% | 2.29% | 3.19% | 3.99% | 2.82% | 3.66% | 3.62% |
VUSB Vanguard Ultra-Short Bond ETF | 4.39% | 4.63% | 5.16% | 4.45% | 1.56% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPEU and VUSB have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEU has higher volatility (5.81%) compared to VUSB (0.19%). In terms of maximum drawdown, SPEU dropped -62.45% vs VUSB's -1.79%.
On 5-year performance, SPEU leads with 8.33% vs 3.45% for VUSB. On fees, SPEU is cheaper at 0.09% per year. On volatility, VUSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPEU has performed better with a 8.33% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEU is cheaper with a 0.09% expense ratio, compared with 0.10% for VUSB.
VUSB has the higher dividend yield at 4.39%, compared with 3.33% for SPEU.
SPEU is categorized as Europe Equities, while VUSB is Ultrashort Bond. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.09% for SPEU and 0.10% for VUSB.
VUSB currently has the higher Sharpe Ratio (6.91 vs 1.13), 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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