VGLT vs. SPMD
VGLT (Vanguard Long-Term Treasury ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, VGLT returned -1.21%/yr vs 11.78%/yr for SPMD. At a correlation of -0.22, they often move in opposite directions. VGLT charges 0.03%/yr vs 0.05%/yr for SPMD.
Performance
VGLT vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a 0.03% return, which is significantly lower than SPMD's 15.51% return. Over the past 10 years, VGLT has underperformed SPMD with an annualized return of -1.21%, while SPMD has yielded a comparatively higher 11.78% annualized return.
VGLT
- 1D
- -0.27%
- 1M
- 2.62%
- YTD
- 0.03%
- 6M
- 0.49%
- 1Y
- 4.27%
- 3Y*
- -0.30%
- 5Y*
- -5.52%
- 10Y*
- -1.21%
SPMD
- 1D
- 0.73%
- 1M
- 5.31%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
VGLT vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | 0.03% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between VGLT and SPMD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | -0.22 |
The correlation between VGLT and SPMD shifts across timeframes, from -0.22 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGLT vs. SPMD — Risk / Return Rank
VGLT
SPMD
VGLT vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.
| VGLT | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.29 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.95 | -2.47 |
| Martin ratioReturn relative to average drawdown | 1.19 | 10.81 | -9.62 |
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Drawdowns
VGLT vs. SPMD - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for VGLT and SPMD.
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Drawdown Indicators
| VGLT | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -57.62% | +11.44% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -8.86% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -17.68% | -24.08% | +6.40% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -24.08% | -16.90% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -41.86% | -4.32% |
Current DrawdownCurrent decline from peak | -36.55% | 0.00% | -36.55% |
Average DrawdownAverage peak-to-trough decline | -15.09% | -8.11% | -6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 2.41% | +0.37% |
Volatility
VGLT vs. SPMD - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.69%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 5.07%. This indicates that VGLT experiences smaller price fluctuations and is considered to be less risky than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGLT | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 5.07% | -2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 6.09% | 11.77% | -5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.78% | 15.91% | -7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.57% | 19.75% | -5.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.82% | 21.20% | -7.38% |
VGLT vs. SPMD - Expense Ratio Comparison
VGLT has a 0.03% expense ratio, which is lower than SPMD's 0.05% 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
VGLT vs. SPMD - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.59%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
VGLT Vanguard Long-Term Treasury ETF | 4.59% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT and SPMD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to VGLT (2.69%). In terms of maximum drawdown, VGLT dropped -46.18% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs -1.21% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMD has performed better with a 11.78% return vs -1.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.05% for SPMD.
VGLT has the higher dividend yield at 4.59%, compared with 1.21% for SPMD.
VGLT is categorized as Government Bonds, while SPMD is Mid Cap Blend Equities. VGLT tracks Bloomberg U.S. Long Treasury Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for VGLT and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.64 vs 0.38), 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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