VPU vs. GII

Last updated Jun 23, 2026

VPU (Vanguard Utilities ETF) and GII (SPDR S&P Global Infrastructure ETF) are both Utilities Equities funds - VPU tracks the MSCI US Investable Market Utilities 25/50 Index while GII tracks the S&P Global Infrastructure. Both are passively managed. Over the past 10 years, VPU returned 9.17%/yr vs 8.70%/yr for GII. A 0.68 correlation means they provide meaningful diversification when combined. VPU charges 0.09%/yr vs 0.40%/yr for GII.

Performance

VPU vs. GII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) and SPDR S&P Global Infrastructure ETF (GII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPU achieves a 5.98% return, which is significantly lower than GII's 9.51% return. Over the past 10 years, VPU has outperformed GII with an annualized return of 9.17%, while GII has yielded a comparatively lower 8.70% annualized return.

VPU

• 1D: 0.45%
• 1M: -0.84%
• YTD: 5.98%
• 6M: 6.31%
• 1Y: 14.60%
• 3Y*: 14.56%
• 5Y*: 10.18%
• 10Y*: 9.17%

GII

• 1D: 0.13%
• 1M: -0.19%
• YTD: 9.51%
• 6M: 10.02%
• 1Y: 18.20%
• 3Y*: 16.79%
• 5Y*: 10.83%
• 10Y*: 8.70%

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

VPU vs. GII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	5.98%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
GII SPDR S&P Global Infrastructure ETF	9.51%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%

Correlation

The correlation between VPU and GII is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 31, 2007	0.68

The correlation between VPU and GII has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

VPU vs. GII - Sectors Allocation Comparison

Sectors	VPU	GII
Utilities	99.3%	25.9%
Energy	0.5%	20.3%
Industrials	0.2%	27.8%
Basic Materials	-	-
Communication Services	-	0.3%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	4.8%
Healthcare	-	-
Real Estate	-	0.1%
Technology	-	2.5%

Return for Risk

VPU vs. GII — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 29
VPU Sharpe Ratio Rank: 29
VPU Sortino Ratio Rank: 27
VPU Omega Ratio Rank: 27
VPU Calmar Ratio Rank: 34
VPU Martin Ratio Rank: 27

GII

GII Risk / Return Rank: 53
GII Sharpe Ratio Rank: 50
GII Sortino Ratio Rank: 49
GII Omega Ratio Rank: 49
GII Calmar Ratio Rank: 64
GII Martin Ratio Rank: 52

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.

VPU vs. GII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) and SPDR S&P Global Infrastructure ETF (GII). 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.

	VPU	GII	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.68	-0.67
Sortino ratio: Return per unit of downside risk	1.43	2.35	-0.92
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.65	3.08	-1.43
Martin ratio: Return relative to average drawdown	3.51	8.81	-5.29

VPU vs. GII - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 1.02, which is lower than the GII Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of VPU and GII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VPU vs. GII - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, smaller than the maximum GII drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for VPU and GII.

Drawdown Indicators

	VPU	GII	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-50.98%	+4.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-5.94%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-14.31%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-20.67%	-4.48%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-42.84%	+6.42%
Current Drawdown Current decline from peak	-4.74%	-2.97%	-1.77%
Average Drawdown Average peak-to-trough decline	-7.78%	-11.50%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.07%	+2.09%

Volatility

VPU vs. GII - Volatility Comparison

Vanguard Utilities ETF (VPU) has a higher volatility of 5.20% compared to SPDR S&P Global Infrastructure ETF (GII) at 3.60%. This indicates that VPU's price experiences larger fluctuations and is considered to be riskier than GII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPU	GII	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	3.60%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	8.96%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	10.88%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	14.09%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	17.14%	+2.01%

VPU vs. GII - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than GII's 0.40% expense ratio.

Dividends

VPU vs. GII - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.61%, less than GII's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.67%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
VPU Vanguard Utilities ETF	2.61%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and GII in my portfolio?

VPU and GII have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or GII?

VPU has higher volatility (5.20%) compared to GII (3.60%). In terms of maximum drawdown, VPU dropped -46.31% vs GII's -50.98%.

Which ETF is better, VPU or GII?

On 10-year performance, VPU leads with 9.17% vs 8.70% for GII. On fees, VPU is cheaper at 0.09% per year. On volatility, GII has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or GII?

Over the 10-year period, VPU has performed better with a 9.17% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or GII?

VPU is cheaper with a 0.09% expense ratio, compared with 0.40% for GII.

Which ETF pays a higher dividend yield, VPU or GII?

GII has the higher dividend yield at 2.67%, compared with 2.61% for VPU.

What is the main difference between VPU and GII?

VPU tracks MSCI US Investable Market Utilities 25/50 Index, while GII tracks S&P Global Infrastructure. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for VPU and 0.40% for GII.

Which has better risk-adjusted returns?

GII currently has the higher Sharpe Ratio (1.68 vs 1.02), 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.