VGSH vs. SPTS
VGSH (Vanguard Short-Term Treasury ETF) and SPTS (SPDR Portfolio Short Term Treasury ETF) are both Government Bonds funds - VGSH tracks the Bloomberg U.S. Treasury 1-3 Year Index while SPTS tracks the Bloomberg 1-3 Year U.S. Treasury Index. Both are passively managed. Over the past 10 years, VGSH returned 1.75%/yr vs 1.68%/yr for SPTS. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.03% expense ratio.
Performance
VGSH vs. SPTS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VGSH having a 0.85% return and SPTS slightly lower at 0.83%. Both investments have delivered pretty close results over the past 10 years, with VGSH having a 1.75% annualized return and SPTS not far behind at 1.68%.
VGSH
- 1D
- 0.07%
- 1M
- 0.11%
- 6M
- 0.67%
- YTD
- 0.85%
- 1Y
- 2.65%
- 3Y*
- 4.22%
- 5Y*
- 1.88%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
SPTS
- 1D
- 0.08%
- 1M
- 0.08%
- 6M
- 0.72%
- YTD
- 0.83%
- 1Y
- 2.69%
- 3Y*
- 4.27%
- 5Y*
- 1.89%
- 10Y*
- 1.68%
- ALL TIME*
- 1.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.96M | $29.50M | $39.95M | |
| $149.43M | $165.20M | $192.79M |
VGSH vs. SPTS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.85% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
SPTS SPDR Portfolio Short Term Treasury ETF | 0.83% | 5.05% | 4.20% | 4.27% | -3.86% | -0.72% | 3.23% | 3.56% | 1.08% | 0.59% |
Correlation
The correlation between VGSH and SPTS is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.71 |
Over the past year, VGSH and SPTS have become more correlated (0.91) than their long-term average of 0.71, meaning their price movements have been converging.
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Return for Risk
VGSH vs. SPTS — Risk / Return Rank
VGSH
SPTS
VGSH vs. SPTS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) 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.
| VGSH | SPTS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.42 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 3.22 | -0.21 |
| Martin ratioReturn relative to average drawdown | 11.57 | 12.57 | -1.00 |
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Drawdowns
VGSH vs. SPTS - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, roughly equal to the maximum SPTS drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for VGSH and SPTS.
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Drawdown Indicators
| VGSH | SPTS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -5.83% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.84% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.96% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -5.65% | +0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | -5.71% | +0.01% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -1.70% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.21% | +0.02% |
Volatility
VGSH vs. SPTS - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.35%, while SPDR Portfolio Short Term Treasury ETF (SPTS) has a volatility of 0.38%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky 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
| VGSH | SPTS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.38% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 1.01% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.23% | 1.25% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 2.00% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 1.70% | -0.12% |
VGSH vs. SPTS - Expense Ratio Comparison
Both VGSH and SPTS 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. SPTS - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.82%, less than SPTS's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTS SPDR Portfolio Short Term Treasury ETF | 3.87% | 3.99% | 4.25% | 3.61% | 1.27% | 0.19% | 0.70% | 2.21% | 2.04% | 1.20% | 0.95% | 0.83% |
VGSH Vanguard Short-Term Treasury ETF | 3.82% | 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
With a correlation of 0.91, VGSH and SPTS 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.
SPTS has higher volatility (0.38%) compared to VGSH (0.35%). In terms of maximum drawdown, VGSH dropped -5.70% vs SPTS's -5.83%.
On 10-year performance, VGSH leads with 1.75% vs 1.68% for SPTS. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. 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 1.75% return vs 1.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH and SPTS have the same expense ratio: 0.03% per year.
SPTS has the higher dividend yield at 3.87%, compared with 3.82% for VGSH.
VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while SPTS tracks Bloomberg 1-3 Year U.S. Treasury Index. They also come from different issuers: Vanguard and State Street.
VGSH currently has the higher Sharpe Ratio (2.17 vs 2.17), 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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