VCEB vs. SPBO
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - VCEB tracks the Bloomberg Barclays MSCI US Corp SRI Select Index while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 5 years, VCEB returned 0.51%/yr vs 0.66%/yr for SPBO. With a 0.98 correlation, they move nearly in lockstep. VCEB charges 0.12%/yr vs 0.03%/yr for SPBO.
Performance
VCEB vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, VCEB achieves a 0.32% return, which is significantly lower than SPBO's 0.70% return.
VCEB
- 1D
- -0.18%
- 1M
- 0.67%
- YTD
- 0.32%
- 6M
- 0.15%
- 1Y
- 5.34%
- 3Y*
- 5.05%
- 5Y*
- 0.51%
- 10Y*
- —
SPBO
- 1D
- -0.21%
- 1M
- 0.67%
- YTD
- 0.70%
- 6M
- 0.47%
- 1Y
- 6.29%
- 3Y*
- 5.54%
- 5Y*
- 0.66%
- 10Y*
- 2.77%
VCEB vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.32% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.46% |
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 3.26% |
Correlation
The correlation between VCEB and SPBO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.98 |
The correlation between VCEB and SPBO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
VCEB vs. SPBO — Risk / Return Rank
VCEB
SPBO
VCEB vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) and SPDR Portfolio Corporate Bond ETF (SPBO). 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.
| VCEB | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.20 | -0.30 |
| Martin ratioReturn relative to average drawdown | 5.87 | 6.94 | -1.07 |
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
| VCEB | SPBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 1.45 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.09 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.47 | -0.42 |
Drawdowns
VCEB vs. SPBO - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, roughly equal to the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for VCEB and SPBO.
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Drawdown Indicators
| VCEB | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -22.23% | +0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.87% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -6.41% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -22.23% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.23% | — |
Current DrawdownCurrent decline from peak | -1.05% | -0.91% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -7.63% | -4.04% | -3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.91% | 0.00% |
Volatility
VCEB vs. SPBO - Volatility Comparison
Vanguard ESG U.S. Corporate Bond ETF (VCEB) and SPDR Portfolio Corporate Bond ETF (SPBO) have volatilities of 1.32% and 1.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCEB | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.35% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 3.21% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 4.36% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 7.18% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 7.49% | -0.83% |
VCEB vs. SPBO - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is higher than SPBO'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
VCEB vs. SPBO - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.65%, less than SPBO's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 5.12% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.65% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, VCEB and SPBO 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.
SPBO has higher volatility (1.35%) compared to VCEB (1.32%). In terms of maximum drawdown, VCEB dropped -21.60% vs SPBO's -22.23%.
On 5-year performance, SPBO leads with 0.66% vs 0.51% for VCEB. On fees, SPBO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPBO has performed better with a 0.66% return vs 0.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.12% for VCEB.
SPBO has the higher dividend yield at 5.12%, compared with 4.65% for VCEB.
VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.12% for VCEB and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (1.45 vs 1.28), 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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