VCSH vs. SPTS
VCSH (Vanguard Short-Term Corporate Bond ETF) and SPTS (SPDR Portfolio Short Term Treasury ETF) are both exchange-traded funds - VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index, while SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, VCSH returned 2.70%/yr vs 1.65%/yr for SPTS. A 0.60 correlation means they provide meaningful diversification when combined. VCSH charges 0.04%/yr vs 0.03%/yr for SPTS.
Performance
VCSH vs. SPTS - Performance Comparison
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Returns By Period
In the year-to-date period, VCSH achieves a 0.86% return, which is significantly higher than SPTS's 0.65% return. Over the past 10 years, VCSH has outperformed SPTS with an annualized return of 2.70%, while SPTS has yielded a comparatively lower 1.65% annualized return.
VCSH
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.86%
- 6M
- 1.20%
- 1Y
- 4.67%
- 3Y*
- 5.64%
- 5Y*
- 2.39%
- 10Y*
- 2.70%
SPTS
- 1D
- 0.10%
- 1M
- 0.36%
- YTD
- 0.65%
- 6M
- 0.88%
- 1Y
- 3.52%
- 3Y*
- 4.33%
- 5Y*
- 1.88%
- 10Y*
- 1.65%
VCSH vs. SPTS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCSH Vanguard Short-Term Corporate Bond ETF | 0.86% | 6.77% | 4.91% | 6.20% | -5.62% | -0.63% | 5.13% | 7.02% | 0.92% | 2.17% |
SPTS SPDR Portfolio Short Term Treasury ETF | 0.65% | 5.05% | 4.20% | 4.27% | -3.86% | -0.72% | 3.23% | 3.56% | 1.08% | 0.59% |
Correlation
The correlation between VCSH and SPTS is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.60 |
Over the past year, VCSH and SPTS have become more correlated (0.83) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
VCSH vs. SPTS — Risk / Return Rank
VCSH
SPTS
VCSH vs. SPTS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond ETF (VCSH) and SPDR Portfolio Short Term Treasury ETF (SPTS). 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.
| VCSH | SPTS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.57 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 4.21 | -0.87 |
| Martin ratioReturn relative to average drawdown | 13.64 | 16.65 | -3.01 |
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Drawdowns
VCSH vs. SPTS - Drawdown Comparison
The maximum VCSH drawdown since its inception was -12.86%, which is greater than SPTS's maximum drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for VCSH and SPTS.
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Drawdown Indicators
| VCSH | SPTS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.86% | -5.83% | -7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -0.84% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -1.40% | -0.96% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -5.71% | -3.77% |
Max Drawdown (10Y)Largest decline over 10 years | -12.86% | -5.71% | -7.15% |
Current DrawdownCurrent decline from peak | -0.10% | -0.07% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -1.72% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 0.21% | +0.13% |
Volatility
VCSH vs. SPTS - Volatility Comparison
Vanguard Short-Term Corporate Bond ETF (VCSH) has a higher volatility of 0.65% compared to SPDR Portfolio Short Term Treasury ETF (SPTS) at 0.35%. This indicates that VCSH's price experiences larger fluctuations and is considered to be riskier than SPTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCSH | SPTS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.35% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 0.87% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.87% | 1.30% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.89% | 1.99% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 1.71% | +1.64% |
VCSH vs. SPTS - Expense Ratio Comparison
VCSH has a 0.04% expense ratio, which is higher than SPTS'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
VCSH vs. SPTS - Dividend Comparison
VCSH's dividend yield for the trailing twelve months is around 4.44%, more than SPTS's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTS SPDR Portfolio Short Term Treasury ETF | 3.90% | 3.99% | 4.25% | 3.61% | 1.27% | 0.19% | 0.70% | 2.21% | 2.04% | 1.20% | 0.95% | 0.83% |
VCSH Vanguard Short-Term Corporate Bond ETF | 4.44% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
Frequently Asked Questions
VCSH and SPTS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCSH has higher volatility (0.65%) compared to SPTS (0.35%). In terms of maximum drawdown, VCSH dropped -12.86% vs SPTS's -5.83%.
On 10-year performance, VCSH leads with 2.70% vs 1.65% for SPTS. On fees, SPTS is cheaper at 0.03% per year. On volatility, SPTS has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCSH has performed better with a 2.70% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTS is cheaper with a 0.03% expense ratio, compared with 0.04% for VCSH.
VCSH has the higher dividend yield at 4.44%, compared with 3.90% for SPTS.
VCSH is categorized as Corporate Bonds, while SPTS is Government Bonds. VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index, while SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.04% for VCSH and 0.03% for SPTS.
SPTS currently has the higher Sharpe Ratio (2.73 vs 2.51), 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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