SPTS vs. VCSH
SPTS (SPDR Portfolio Short Term Treasury ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, SPTS returned 1.65%/yr vs 2.70%/yr for VCSH. A 0.60 correlation means they provide meaningful diversification when combined. SPTS charges 0.03%/yr vs 0.04%/yr for VCSH.
Performance
SPTS vs. VCSH - Performance Comparison
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Returns By Period
In the year-to-date period, SPTS achieves a 0.65% return, which is significantly lower than VCSH's 0.86% return. Over the past 10 years, SPTS has underperformed VCSH with an annualized return of 1.65%, while VCSH has yielded a comparatively higher 2.70% annualized return.
SPTS
- 1D
- 0.10%
- 1M
- 0.36%
- YTD
- 0.65%
- 6M
- 0.88%
- 1Y
- 3.52%
- 3Y*
- 4.33%
- 5Y*
- 1.88%
- 10Y*
- 1.65%
VCSH
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.86%
- 6M
- 1.20%
- 1Y
- 4.67%
- 3Y*
- 5.64%
- 5Y*
- 2.39%
- 10Y*
- 2.70%
SPTS vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTS SPDR Portfolio Short Term Treasury ETF | 0.65% | 5.05% | 4.20% | 4.27% | -3.86% | -0.72% | 3.23% | 3.56% | 1.08% | 0.59% |
VCSH Vanguard Short-Term Corporate Bond ETF | 0.86% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
Correlation
The correlation between SPTS and VCSH is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.60 |
Over the past year, SPTS and VCSH have become more correlated (0.83) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
SPTS vs. VCSH — Risk / Return Rank
SPTS
VCSH
SPTS vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Treasury ETF (SPTS) 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.
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.
| SPTS | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.50 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.21 | 3.35 | +0.87 |
| Martin ratioReturn relative to average drawdown | 16.65 | 13.64 | +3.01 |
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Drawdowns
SPTS vs. VCSH - Drawdown Comparison
The maximum SPTS drawdown since its inception was -5.83%, smaller than the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for SPTS and VCSH.
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Drawdown Indicators
| SPTS | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.83% | -12.86% | +7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.84% | -1.40% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -0.96% | -1.40% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -9.48% | +3.77% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -12.86% | +7.15% |
Current DrawdownCurrent decline from peak | -0.07% | -0.10% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -0.97% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.34% | -0.13% |
Volatility
SPTS vs. VCSH - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Treasury ETF (SPTS) is 0.35%, while Vanguard Short-Term Corporate Bond ETF (VCSH) has a volatility of 0.65%. This indicates that SPTS experiences smaller price fluctuations and is considered to be less risky 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
| SPTS | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.65% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 1.42% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.30% | 1.87% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 2.89% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.71% | 3.35% | -1.64% |
SPTS vs. VCSH - Expense Ratio Comparison
SPTS 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
SPTS vs. VCSH - Dividend Comparison
SPTS's dividend yield for the trailing twelve months is around 3.90%, less than VCSH's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTS SPDR Portfolio Short Term Treasury ETF | 3.90% | 3.99% | 4.25% | 3.61% | 1.27% | 0.19% | 0.70% | 2.21% | 2.04% | 1.20% | 0.95% | 0.83% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.44% | 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
SPTS and VCSH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCSH has higher volatility (0.65%) compared to SPTS (0.35%). In terms of maximum drawdown, SPTS dropped -5.83% vs VCSH's -12.86%.
On 10-year performance, VCSH leads with 2.70% vs 1.65% for SPTS. On fees, SPTS is cheaper at 0.03% per year. On volatility, SPTS has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCSH has performed better with a 2.70% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTS is cheaper with a 0.03% expense ratio, compared with 0.04% for VCSH.
VCSH has the higher dividend yield at 4.44%, compared with 3.90% for SPTS.
SPTS is categorized as Government Bonds, while VCSH is Corporate Bonds. SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.03% for SPTS and 0.04% for VCSH.
SPTS currently has the higher Sharpe Ratio (2.73 vs 2.51), 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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