VPC vs. SPY
VPC (Virtus Private Credit ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VPC returned 0.37%/yr vs 13.51%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined. VPC charges 0.75%/yr vs 0.09%/yr for SPY.
Performance
VPC vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VPC achieves a -13.15% return, which is significantly lower than SPY's 9.74% return.
VPC
- 1D
- -1.45%
- 1M
- -4.16%
- YTD
- -13.15%
- 6M
- -11.96%
- 1Y
- -16.89%
- 3Y*
- 1.05%
- 5Y*
- 0.37%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
VPC vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -13.15% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 21.40% |
Correlation
The correlation between VPC and SPY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.56 |
The correlation between VPC and SPY shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VPC vs. SPY — Risk / Return Rank
VPC
SPY
VPC vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) and State Street SPDR S&P 500 ETF (SPY). 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.
| VPC | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -4.64 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.39 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.01 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.39 | 13.54 | -14.93 |
Loading charts...
Drawdowns
VPC vs. SPY - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VPC and SPY.
Loading charts...
Drawdown Indicators
| VPC | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -55.19% | +1.74% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -8.88% | -13.88% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -18.76% | -6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -24.50% | -0.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -23.08% | -1.75% | -21.33% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -9.04% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.13% | 1.97% | +10.16% |
Volatility
VPC vs. SPY - Volatility Comparison
The current volatility for Virtus Private Credit ETF (VPC) is 4.15%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that VPC experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VPC | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 4.64% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 9.75% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.52% | 12.43% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 17.14% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 17.99% | +2.53% |
VPC vs. SPY - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
VPC vs. SPY - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.77%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
VPC Virtus Private Credit ETF | 16.77% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPC and SPY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to VPC (4.15%). In terms of maximum drawdown, VPC dropped -53.45% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 0.37% for VPC. On fees, SPY is cheaper at 0.09% per year. On volatility, VPC has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for VPC.
VPC has the higher dividend yield at 16.77%, compared with 1.01% for SPY.
VPC is categorized as Nontraditional Bonds, while SPY is S&P 500. VPC tracks Indxx Private Credit Index, while SPY tracks S&P 500 Index. They also come from different issuers: Virtus Investment Partners and State Street. Their fees differ too: 0.75% for VPC and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -1.26), 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.
Find the right allocation for VPC and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer