VNLA vs. SPTU

Last updated Jul 15, 2026

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 0.27 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.05%/yr for SPTU.

Performance

VNLA vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VNLA having a 1.87% return and SPTU slightly higher at 1.90%.

VNLA

• 1D: 0.06%
• 1M: 0.27%
• 6M: 1.68%
• YTD: 1.87%
• 1Y: 4.46%
• 3Y*: 5.68%
• 5Y*: 3.89%
• 10Y*: —

SPTU

• 1D: 0.04%
• 1M: 0.30%
• 6M: 1.78%
• YTD: 1.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VNLA vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
VNLA Janus Henderson Short Duration Income ETF	1.87%	1.15%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.90%	0.87%

Correlation

The correlation between VNLA and SPTU is 0.27, 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 8, 2025	0.27

Return for Risk

VNLA vs. SPTU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VNLA

VNLA Risk / Return Rank: 99
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 98
VNLA Martin Ratio Rank: 98

SPTU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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.

	VNLA	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	7.02	—	—
Sortino ratio: Return per unit of downside risk	13.84	—	—
Omega ratio: Gain probability vs. loss probability	3.30	—	—
Calmar ratio: Return relative to maximum drawdown	10.49	—	—
Martin ratio: Return relative to average drawdown	53.74	—	—

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.

Drawdown Indicators

	VNLA	SPTU	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.00%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	—	—

Volatility

Volatility by Period

	VNLA	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.64%	0.32%	+0.32%
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 4.75%, more than SPTU's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.66%	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	4.75%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both VNLA and SPTU in my portfolio?

VNLA and SPTU have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VNLA or SPTU?

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.

Which ETF is cheaper, VNLA or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.23% for VNLA.

Which ETF pays a higher dividend yield, VNLA or SPTU?

VNLA has the higher dividend yield at 4.75%, compared with 2.66% for SPTU.

What is the main difference between VNLA and 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.