VBLAX vs. SPY
VBLAX (Vanguard Long-Term Bond Index Fund Admiral Shares) and SPY (State Street SPDR S&P 500 ETF) are both funds - VBLAX is a Total Bond Market fund managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, VBLAX returned -5.20%/yr vs 13.05%/yr for SPY. Their 0.02 correlation means their historical movements had little consistent relationship. VBLAX charges 0.07%/yr vs 0.09%/yr for SPY.
Performance
VBLAX vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, VBLAX achieves a -3.42% return, which is significantly lower than SPY's 11.70% return.
VBLAX
- 1D
- -0.50%
- 1M
- -3.76%
- 6M
- -3.26%
- YTD
- -3.42%
- 1Y
- -1.17%
- 3Y*
- 1.23%
- 5Y*
- -5.20%
- 10Y*
- —
- ALL TIME*
- 0.08%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.19B | $36.17B | $39.59B | |
| $0.00 | $0.00 | $0.00 |
VBLAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares | -3.42% | 6.57% | -4.14% | 7.55% | -27.22% | -3.36% | 15.75% | 16.45% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 20.24% |
Correlation
The correlation between VBLAX and SPY is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019 | 0.02 |
Over the past year, VBLAX and SPY have become more correlated (0.32) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
VBLAX vs. SPY — Risk / Return Rank
VBLAX
SPY
VBLAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) and State Street SPDR S&P 500 ETF (SPY). 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.
| VBLAX | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.32 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.62 | -2.64 |
| Martin ratioReturn relative to average drawdown | -0.05 | 11.20 | -11.24 |
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Drawdowns
VBLAX vs. SPY - Drawdown Comparison
The maximum VBLAX drawdown since its inception was -38.62%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VBLAX and SPY.
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Drawdown Indicators
| VBLAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.62% | -55.19% | +16.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -8.88% | +2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -11.56% | -18.76% | +7.20% |
Max Drawdown (5Y)Largest decline over 5 years | -36.32% | -24.50% | -11.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -27.42% | 0.00% | -27.42% |
Average DrawdownAverage peak-to-trough decline | -18.25% | -9.01% | -9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.08% | +0.67% |
Volatility
VBLAX vs. SPY - Volatility Comparison
The current volatility for Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) is 2.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.84%. This indicates that VBLAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBLAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 3.84% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.00% | 10.23% | -4.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 12.87% | -5.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 17.19% | -4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.56% | 17.96% | -5.40% |
VBLAX vs. SPY - Expense Ratio Comparison
VBLAX has a 0.07% expense ratio, which is lower than SPY's 0.09% 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
VBLAX vs. SPY - Dividend Comparison
VBLAX's dividend yield for the trailing twelve months is around 4.54%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.99% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares | 4.54% | 4.64% | 4.61% | 4.08% | 4.13% | 2.62% | 5.39% | 3.25% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VBLAX and SPY 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.
SPY has higher volatility (3.84%) compared to VBLAX (2.10%). In terms of maximum drawdown, VBLAX dropped -38.62% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.82 vs -0.02), 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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