SPYV vs. VGSH
SPYV (SPDR Portfolio S&P 500 Value ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SPYV returned 12.08%/yr vs 1.73%/yr for VGSH. At a correlation of -0.16, they often move in opposite directions. SPYV charges 0.04%/yr vs 0.03%/yr for VGSH.
Performance
SPYV vs. VGSH - Performance Comparison
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Returns By Period
In the year-to-date period, SPYV achieves a 8.25% return, which is significantly higher than VGSH's 0.57% return. Over the past 10 years, SPYV has outperformed VGSH with an annualized return of 12.08%, while VGSH has yielded a comparatively lower 1.73% annualized return.
SPYV
- 1D
- 0.69%
- 1M
- 1.59%
- YTD
- 8.25%
- 6M
- 8.02%
- 1Y
- 21.87%
- 3Y*
- 15.13%
- 5Y*
- 10.98%
- 10Y*
- 12.08%
VGSH
- 1D
- -0.03%
- 1M
- 0.16%
- YTD
- 0.57%
- 6M
- 0.83%
- 1Y
- 3.36%
- 3Y*
- 4.25%
- 5Y*
- 1.83%
- 10Y*
- 1.73%
SPYV vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYV SPDR Portfolio S&P 500 Value ETF | 8.25% | 13.18% | 12.24% | 22.20% | -5.28% | 24.91% | 1.38% | 31.70% | -9.01% | 15.40% |
VGSH Vanguard Short-Term Treasury ETF | 0.57% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
Correlation
The correlation between SPYV and VGSH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | -0.16 |
The correlation between SPYV and VGSH shifts across timeframes, from -0.16 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPYV vs. VGSH — Risk / Return Rank
SPYV
VGSH
SPYV vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.
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.
| SPYV | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.55 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 3.76 | -0.42 |
| Martin ratioReturn relative to average drawdown | 12.73 | 14.67 | -1.95 |
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Drawdowns
SPYV vs. VGSH - Drawdown Comparison
The maximum SPYV drawdown since its inception was -58.45%, which is greater than VGSH's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for SPYV and VGSH.
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Drawdown Indicators
| SPYV | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.45% | -5.70% | -52.75% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -0.88% | -5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -0.97% | -16.57% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -5.66% | -12.23% |
Max Drawdown (10Y)Largest decline over 10 years | -36.89% | -5.70% | -31.19% |
Current DrawdownCurrent decline from peak | -0.18% | -0.21% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -0.60% | -8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 0.23% | +1.40% |
Volatility
SPYV vs. VGSH - Volatility Comparison
SPDR Portfolio S&P 500 Value ETF (SPYV) has a higher volatility of 2.70% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.37%. This indicates that SPYV'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.
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Volatility by Period
| SPYV | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 0.37% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 0.90% | +6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.97% | 1.28% | +8.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 1.97% | +12.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 1.58% | +15.36% |
SPYV vs. VGSH - Expense Ratio Comparison
SPYV has a 0.04% 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
SPYV vs. VGSH - Dividend Comparison
SPYV's dividend yield for the trailing twelve months is around 1.68%, less than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPYV SPDR Portfolio S&P 500 Value ETF | 1.68% | 1.77% | 2.29% | 1.75% | 2.22% | 2.10% | 2.38% | 2.25% | 2.97% | 2.77% | 2.39% | 2.53% |
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
SPYV and VGSH have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYV has higher volatility (2.70%) compared to VGSH (0.37%). In terms of maximum drawdown, SPYV dropped -58.45% vs VGSH's -5.70%.
On 10-year performance, SPYV leads with 12.08% vs 1.73% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYV has performed better with a 12.08% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.04% for SPYV.
VGSH has the higher dividend yield at 3.87%, compared with 1.68% for SPYV.
SPYV is categorized as S&P 500, while VGSH is Government Bonds. SPYV tracks S&P 500 Value 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: 0.04% for SPYV and 0.03% for VGSH.
VGSH currently has the higher Sharpe Ratio (2.61 vs 2.08), 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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