VGSH vs. SPTL
VGSH (Vanguard Short-Term Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - VGSH tracks the Bloomberg U.S. Treasury 1-3 Year Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, VGSH returned 1.70%/yr vs -1.23%/yr for SPTL. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
VGSH vs. SPTL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VGSH having a 0.47% return and SPTL slightly lower at 0.46%. Over the past 10 years, VGSH has outperformed SPTL with an annualized return of 1.70%, while SPTL has yielded a comparatively lower -1.23% annualized return.
VGSH
- 1D
- 0.05%
- 1M
- 0.11%
- YTD
- 0.47%
- 6M
- 0.64%
- 1Y
- 2.99%
- 3Y*
- 4.20%
- 5Y*
- 1.85%
- 10Y*
- 1.70%
SPTL
- 1D
- 0.08%
- 1M
- 2.04%
- YTD
- 0.46%
- 6M
- 0.31%
- 1Y
- 4.00%
- 3Y*
- -0.74%
- 5Y*
- -5.61%
- 10Y*
- -1.23%
VGSH vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.47% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
SPTL SPDR Portfolio Long Term Treasury ETF | 0.46% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between VGSH and SPTL is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.56 |
The correlation between VGSH and SPTL shifts across timeframes, from 0.56 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGSH vs. SPTL — Risk / Return Rank
VGSH
SPTL
VGSH vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) and SPDR Portfolio Long Term Treasury ETF (SPTL). 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.
| VGSH | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.08 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 0.57 | +2.83 |
| Martin ratioReturn relative to average drawdown | 13.02 | 1.41 | +11.61 |
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Drawdowns
VGSH vs. SPTL - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for VGSH and SPTL.
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Drawdown Indicators
| VGSH | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -46.20% | +40.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -7.04% | +6.16% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -17.55% | +16.58% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -41.02% | +35.36% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -46.20% | +40.50% |
Current DrawdownCurrent decline from peak | -0.31% | -36.33% | +36.02% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -14.30% | +13.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 2.84% | -2.61% |
Volatility
VGSH vs. SPTL - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.45%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.09%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 2.09% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 6.11% | -5.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.31% | 8.67% | -7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.97% | 14.58% | -12.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 13.93% | -12.35% |
VGSH vs. SPTL - Expense Ratio Comparison
Both VGSH and SPTL have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGSH vs. SPTL - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.88%, less than SPTL's 4.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 4.18% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
VGSH Vanguard Short-Term Treasury ETF | 3.88% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
VGSH and SPTL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.09%) compared to VGSH (0.45%). In terms of maximum drawdown, VGSH dropped -5.70% vs SPTL's -46.20%.
On 10-year performance, VGSH leads with 1.70% vs -1.23% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, VGSH has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VGSH has performed better with a 1.70% return vs -1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH and SPTL have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 4.18%, compared with 3.88% for VGSH.
VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: Vanguard and State Street.
VGSH currently has the higher Sharpe Ratio (2.29 vs 0.46), 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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