VGHY vs. SPY
VGHY (Vanguard High-Yield Active ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VGHY is a High Yield Bonds fund actively managed by Vanguard, while SPY is a S&P 500 fund tracking the S&P 500 Index. VGHY is actively managed, while SPY is passively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. VGHY charges 0.22%/yr vs 0.09%/yr for SPY.
Performance
VGHY vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VGHY achieves a 1.63% return, which is significantly lower than SPY's 10.13% return.
VGHY
- 1D
- 0.07%
- 1M
- -0.34%
- 6M
- 1.25%
- YTD
- 1.63%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $2.96M | $3.03M | $3.77M |
VGHY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGHY Vanguard High-Yield Active ETF | 1.63% | 1.77% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 3.91% |
Correlation
The correlation between VGHY and SPY is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025 | 0.64 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGHY vs. SPY — Risk / Return Rank
VGHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPY
VGHY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) 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.
| VGHY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.20 | — |
| Martin ratioReturn relative to average drawdown | — | 9.40 | — |
Loading charts...
Drawdowns
VGHY vs. SPY - Drawdown Comparison
The maximum VGHY drawdown since its inception was -2.66%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VGHY and SPY.
Loading charts...
Drawdown Indicators
| VGHY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.66% | -55.19% | +52.53% |
Max Drawdown (1Y)Largest decline over 1 year | — | -8.88% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.47% | -1.40% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -9.01% | +8.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.08% | — |
Volatility
VGHY vs. SPY - Volatility Comparison
Loading charts...
Volatility by Period
| VGHY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.14% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 12.89% | -8.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.05% | 17.18% | -13.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.05% | 17.95% | -13.90% |
VGHY vs. SPY - Expense Ratio Comparison
VGHY has a 0.22% expense ratio, which is higher than SPY's 0.09% 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
VGHY vs. SPY - Dividend Comparison
VGHY's dividend yield for the trailing twelve months is around 4.50%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
VGHY Vanguard High-Yield Active ETF | 4.50% | 1.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VGHY and SPY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.22% for VGHY.
VGHY has the higher dividend yield at 4.50%, compared with 1.01% for SPY.
VGHY is categorized as High Yield Bonds, while SPY is S&P 500. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.22% for VGHY and 0.09% for SPY.
Find the right allocation for VGHY and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer