SPTI vs. VGSH

Last updated Jun 4, 2026

SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both Government Bonds funds - SPTI tracks the Bloomberg 3-10 Year U.S. Treasury Bond Index while VGSH tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SPTI returned 1.33%/yr vs 1.74%/yr for VGSH. A 0.76 correlation means they provide meaningful diversification when combined. SPTI charges 0.06%/yr vs 0.03%/yr for VGSH.

Performance

SPTI vs. VGSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Intermediate Term Treasury ETF (SPTI) and Vanguard Short-Term Treasury ETF (VGSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTI achieves a -0.41% return, which is significantly lower than VGSH's 0.48% return. Over the past 10 years, SPTI has underperformed VGSH with an annualized return of 1.33%, while VGSH has yielded a comparatively higher 1.74% annualized return.

SPTI

• 1D: -0.18%
• 1M: -0.13%
• YTD: -0.41%
• 6M: -0.57%
• 1Y: 3.61%
• 3Y*: 3.44%
• 5Y*: 0.04%
• 10Y*: 1.33%

VGSH

• 1D: -0.03%
• 1M: 0.08%
• YTD: 0.48%
• 6M: 0.74%
• 1Y: 3.43%
• 3Y*: 4.15%
• 5Y*: 1.81%
• 10Y*: 1.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPTI vs. VGSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPTI SPDR Portfolio Intermediate Term Treasury ETF	-0.41%	7.46%	1.32%	4.24%	-10.65%	-2.55%	7.70%	6.01%	2.27%	1.04%
VGSH Vanguard Short-Term Treasury ETF	0.48%	5.07%	4.00%	4.31%	-3.86%	-0.60%	3.04%	3.52%	1.55%	0.04%

Correlation

The correlation between SPTI and VGSH is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.76

The correlation between SPTI and VGSH shifts across timeframes, from 0.76 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPTI vs. VGSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPTI

SPTI Risk / Return Rank: 28
SPTI Sharpe Ratio Rank: 29
SPTI Sortino Ratio Rank: 29
SPTI Omega Ratio Rank: 27
SPTI Calmar Ratio Rank: 27
SPTI Martin Ratio Rank: 27

VGSH

VGSH Risk / Return Rank: 83
VGSH Sharpe Ratio Rank: 81
VGSH Sortino Ratio Rank: 91
VGSH Omega Ratio Rank: 88
VGSH Calmar Ratio Rank: 76
VGSH Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPTI vs. VGSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) and Vanguard Short-Term Treasury ETF (VGSH). 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.

	SPTI	VGSH	Difference
Sharpe ratio Return per unit of total volatility	1.06	2.68	-1.62
Sortino ratio Return per unit of downside risk	1.61	4.43	-2.81
Omega ratio Gain probability vs. loss probability	1.19	1.57	-0.38
Calmar ratio Return relative to maximum drawdown	1.30	3.90	-2.60
Martin ratio Return relative to average drawdown	3.90	15.52	-11.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPTI vs. VGSH - Sharpe Ratio Comparison

The current SPTI Sharpe Ratio is 1.06, which is lower than the VGSH Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of SPTI and VGSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPTI	VGSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.68	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.93	-0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	1.11	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.01	-0.47

Drawdowns

SPTI vs. VGSH - Drawdown Comparison

The maximum SPTI drawdown since its inception was -16.12%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for SPTI and VGSH.

Drawdown Indicators

	SPTI	VGSH	Difference
Max Drawdown Largest peak-to-trough decline	-16.12%	-5.70%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-0.88%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	-0.97%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-15.06%	-5.66%	-9.40%
Max Drawdown (10Y) Largest decline over 10 years	-16.12%	-5.70%	-10.42%
Current Drawdown Current decline from peak	-2.39%	-0.29%	-2.10%
Average Drawdown Average peak-to-trough decline	-2.92%	-0.60%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.22%	+0.71%

Volatility

SPTI vs. VGSH - Volatility Comparison

SPDR Portfolio Intermediate Term Treasury ETF (SPTI) has a higher volatility of 1.05% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.35%. This indicates that SPTI's price experiences larger fluctuations and is considered to be riskier than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTI	VGSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.35%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	0.88%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	1.29%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.35%	1.97%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	1.57%	+2.80%

SPTI vs. VGSH - Expense Ratio Comparison

SPTI has a 0.06% expense ratio, which is higher than VGSH's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPTI vs. VGSH - Dividend Comparison

SPTI's dividend yield for the trailing twelve months is around 3.86%, which matches VGSH's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTI SPDR Portfolio Intermediate Term Treasury ETF	3.86%	3.79%	3.77%	2.99%	1.45%	0.53%	0.75%	2.02%	1.97%	1.46%	1.23%	1.18%
VGSH Vanguard Short-Term Treasury ETF	3.87%	4.00%	4.18%	3.31%	1.15%	0.66%	1.74%	2.28%	1.79%	1.10%	0.84%	0.69%

Frequently Asked Questions

Can I hold both SPTI and VGSH in my portfolio?

With a correlation of 0.91, SPTI and VGSH 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.

Which is riskier, SPTI or VGSH?

SPTI has higher volatility (1.05%) compared to VGSH (0.35%). In terms of maximum drawdown, SPTI dropped -16.12% vs VGSH's -5.70%.

Which ETF is better, SPTI or VGSH?

On 10-year performance, VGSH leads with 1.74% vs 1.33% for SPTI. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTI or VGSH?

Over the 10-year period, VGSH has performed better with a 1.74% return vs 1.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTI or VGSH?

VGSH is cheaper with a 0.03% expense ratio, compared with 0.06% for SPTI.

Which ETF pays a higher dividend yield, SPTI or VGSH?

SPTI and VGSH have nearly identical dividend yields, around 3.86%.

What is the main difference between SPTI and VGSH?

SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.06% for SPTI and 0.03% for VGSH.

Which has better risk-adjusted returns?

VGSH currently has the higher Sharpe Ratio (2.68 vs 1.06), 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.