VBIPX vs. SPHY
Compare and contrast key facts about Vanguard Short-Term Bond Index Fund Institutional Plus (VBIPX) and SPDR Portfolio High Yield Bond ETF (SPHY).
VBIPX is managed by Vanguard. It was launched on Sep 29, 2011. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012.
Performance
VBIPX vs. SPHY - Performance Comparison
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VBIPX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBIPX Vanguard Short-Term Bond Index Fund Institutional Plus | -0.32% | 6.12% | 3.78% | 4.45% | -5.68% | -1.17% | 4.73% | 4.89% | 1.38% | 1.21% |
SPHY SPDR Portfolio High Yield Bond ETF | -0.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with VBIPX at -0.32% and SPHY at -0.32%. Over the past 10 years, VBIPX has underperformed SPHY with an annualized return of 1.87%, while SPHY has yielded a comparatively higher 5.29% annualized return.
VBIPX
- 1D
- 0.20%
- 1M
- -1.25%
- YTD
- -0.32%
- 6M
- 0.88%
- 1Y
- 3.67%
- 3Y*
- 4.00%
- 5Y*
- 1.50%
- 10Y*
- 1.87%
SPHY
- 1D
- 1.00%
- 1M
- -1.02%
- YTD
- -0.32%
- 6M
- 0.94%
- 1Y
- 7.11%
- 3Y*
- 8.40%
- 5Y*
- 4.31%
- 10Y*
- 5.29%
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VBIPX vs. SPHY - Expense Ratio Comparison
VBIPX has a 0.04% expense ratio, which is lower than SPHY'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%.
Return for Risk
VBIPX vs. SPHY — Risk / Return Rank
VBIPX
SPHY
VBIPX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund Institutional Plus (VBIPX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| VBIPX | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.71 | 1.30 | +0.41 |
Sortino ratioReturn per unit of downside risk | 2.83 | 1.92 | +0.90 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.80 | 1.76 | +1.04 |
Martin ratioReturn relative to average drawdown | 10.37 | 9.23 | +1.14 |
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
| VBIPX | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 1.30 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.61 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.67 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.62 | +0.16 |
Correlation
The correlation between VBIPX and SPHY is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VBIPX vs. SPHY - Dividend Comparison
VBIPX's dividend yield for the trailing twelve months is around 3.63%, less than SPHY's 7.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIPX Vanguard Short-Term Bond Index Fund Institutional Plus | 3.63% | 3.86% | 3.40% | 2.01% | 1.40% | 1.26% | 1.82% | 2.27% | 2.04% | 1.69% | 1.53% | 1.46% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.39% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Drawdowns
VBIPX vs. SPHY - Drawdown Comparison
The maximum VBIPX drawdown since its inception was -8.72%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for VBIPX and SPHY.
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Drawdown Indicators
| VBIPX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.72% | -21.97% | +13.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -4.07% | +2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -8.69% | -15.29% | +6.60% |
Max Drawdown (10Y)Largest decline over 10 years | -8.72% | -21.97% | +13.25% |
Current DrawdownCurrent decline from peak | -1.25% | -1.31% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -1.19% | -2.32% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.78% | -0.36% |
Volatility
VBIPX vs. SPHY - Volatility Comparison
The current volatility for Vanguard Short-Term Bond Index Fund Institutional Plus (VBIPX) is 0.75%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.23%. This indicates that VBIPX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBIPX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 2.23% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 2.87% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 5.49% | -3.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.93% | 7.15% | -4.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.39% | 7.97% | -5.58% |