VCLT vs. SPBO
VCLT (Vanguard Long-Term Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - VCLT tracks the Barclays U.S. 10+ Year Corporate Index while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, VCLT returned 2.31%/yr vs 2.77%/yr for SPBO. A 0.70 correlation means they provide meaningful diversification when combined. VCLT charges 0.04%/yr vs 0.03%/yr for SPBO.
Performance
VCLT vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, VCLT achieves a 0.99% return, which is significantly higher than SPBO's 0.70% return. Over the past 10 years, VCLT has underperformed SPBO with an annualized return of 2.31%, while SPBO has yielded a comparatively higher 2.77% annualized return.
VCLT
- 1D
- -0.35%
- 1M
- 1.49%
- YTD
- 0.99%
- 6M
- -0.04%
- 1Y
- 7.69%
- 3Y*
- 4.34%
- 5Y*
- -1.78%
- 10Y*
- 2.31%
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%
VCLT vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCLT Vanguard Long-Term Corporate Bond ETF | 0.99% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between VCLT and SPBO is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.71 |
Over the past year, VCLT and SPBO have become more correlated (0.98) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
VCLT vs. SPBO — Risk / Return Rank
VCLT
SPBO
VCLT vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond ETF (VCLT) 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.
| VCLT | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 2.20 | -0.73 |
| Martin ratioReturn relative to average drawdown | 3.62 | 6.94 | -3.32 |
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
| VCLT | SPBO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 1.45 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.09 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.37 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.47 | -0.08 |
Drawdowns
VCLT vs. SPBO - Drawdown Comparison
The maximum VCLT drawdown since its inception was -34.31%, which is greater than SPBO's maximum drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for VCLT and SPBO.
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Drawdown Indicators
| VCLT | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.31% | -22.23% | -12.08% |
Max Drawdown (1Y)Largest decline over 1 year | -5.25% | -2.87% | -2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -6.41% | -6.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.31% | -22.23% | -12.08% |
Max Drawdown (10Y)Largest decline over 10 years | -34.31% | -22.23% | -12.08% |
Current DrawdownCurrent decline from peak | -14.36% | -0.91% | -13.45% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -4.04% | -4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 0.91% | +1.22% |
Volatility
VCLT vs. SPBO - Volatility Comparison
Vanguard Long-Term Corporate Bond ETF (VCLT) has a higher volatility of 2.31% compared to SPDR Portfolio Corporate Bond ETF (SPBO) at 1.35%. This indicates that VCLT's price experiences larger fluctuations and is considered to be riskier than SPBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCLT | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 1.35% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 3.21% | +2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 4.36% | +3.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.78% | 7.18% | +5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.84% | 7.49% | +5.35% |
VCLT vs. SPBO - Expense Ratio Comparison
VCLT has a 0.04% 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
VCLT vs. SPBO - Dividend Comparison
VCLT's dividend yield for the trailing twelve months is around 5.55%, more 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% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.55% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
Frequently Asked Questions
With a correlation of 0.98, VCLT 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.
VCLT has higher volatility (2.31%) compared to SPBO (1.35%). In terms of maximum drawdown, VCLT dropped -34.31% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.77% vs 2.31% for VCLT. On fees, SPBO is cheaper at 0.03% per year. On volatility, SPBO has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.77% return vs 2.31%. 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 0.04% for VCLT.
VCLT has the higher dividend yield at 5.55%, compared with 5.12% for SPBO.
VCLT tracks Barclays U.S. 10+ Year Corporate 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: 0.04% for VCLT and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (1.45 vs 0.97), 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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