VNLA vs. SPTU
VNLA (Janus Henderson Short Duration Income ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - VNLA tracks the FTSE 3-Month U.S. Treasury Bill Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.26 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.05%/yr for SPTU.
Performance
VNLA vs. SPTU - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VNLA having a 1.43% return and SPTU slightly higher at 1.48%.
VNLA
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 1.43%
- 6M
- 1.85%
- 1Y
- 4.75%
- 3Y*
- 5.76%
- 5Y*
- 3.79%
- 10Y*
- —
SPTU
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.48%
- 6M
- 1.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VNLA vs. SPTU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 1.43% | 1.15% |
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 1.48% | 0.92% |
Correlation
The correlation between VNLA and SPTU is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025 | 0.26 |
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Return for Risk
VNLA vs. SPTU — Risk / Return Rank
VNLA
SPTU
VNLA vs. SPTU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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.
| VNLA | SPTU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 3.58 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 11.15 | — | — |
| Martin ratioReturn relative to average drawdown | 57.27 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VNLA | SPTU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.55 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.10 | 11.82 | -9.73 |
Drawdowns
VNLA vs. SPTU - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for VNLA and SPTU.
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Drawdown Indicators
| VNLA | SPTU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -0.04% | -4.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.00% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | — | — |
Volatility
VNLA vs. SPTU - Volatility Comparison
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Volatility by Period
| VNLA | SPTU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 0.32% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 0.32% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 0.32% | +1.10% |
VNLA vs. SPTU - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is higher than SPTU's 0.05% 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
VNLA vs. SPTU - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.78%, more than SPTU's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 2.36% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VNLA Janus Henderson Short Duration Income ETF | 4.78% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
Frequently Asked Questions
VNLA and SPTU have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPTU is cheaper with a 0.05% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 4.78%, compared with 2.36% for SPTU.
VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: Janus Henderson and State Street. Their fees differ too: 0.23% for VNLA and 0.05% for SPTU.
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