VRIG vs. SPY

Last updated Jun 13, 2026

VRIG (Invesco Variable Rate Investment Grade ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VRIG is a Ultrashort Bond fund actively managed by Invesco, while SPY is a S&P 500 fund tracking the S&P 500 Index. VRIG is actively managed, while SPY is passively managed. Over the past 5 years, VRIG returned 4.44%/yr vs 13.36%/yr for SPY. At a 0.12 correlation, their price movements are largely independent. VRIG charges 0.30%/yr vs 0.09%/yr for SPY.

Performance

VRIG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Investment Grade ETF (VRIG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRIG achieves a 1.91% return, which is significantly lower than SPY's 9.07% return.

VRIG

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.91%
• 6M: 2.18%
• 1Y: 4.93%
• 3Y*: 5.94%
• 5Y*: 4.44%
• 10Y*: —

SPY

• 1D: 0.54%
• 1M: -0.08%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 24.27%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

VRIG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRIG Invesco Variable Rate Investment Grade ETF	1.91%	5.05%	6.81%	7.37%	0.99%	1.06%	1.76%	4.57%	0.51%	3.20%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VRIG and SPY is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.12

VRIG vs. SPY - Sectors Allocation Comparison

Sectors	VRIG	SPY
Financial Services	23.3%	11.8%
Consumer Cyclical	3.0%	10.3%
Basic Materials	0.8%	1.8%
Consumer Defensive	0.7%	4.8%
Technology	0.4%	35.9%
Real Estate	0.3%	1.9%
Utilities	0.1%	2.4%
Industrials	0.0%	7.8%
Communication Services	-	11.3%
Energy	-	3.6%
Healthcare	-	8.4%

Return for Risk

VRIG vs. SPY — Risk / Return Rank

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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 100
VRIG Martin Ratio Rank: 99

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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.

VRIG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) 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.

	VRIG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	10.00	1.98	+8.02
Sortino ratio: Return per unit of downside risk	24.17	2.68	+21.49
Omega ratio: Gain probability vs. loss probability	5.25	1.36	+3.89
Calmar ratio: Return relative to maximum drawdown	61.96	2.74	+59.22
Martin ratio: Return relative to average drawdown	315.58	12.39	+303.19

VRIG vs. SPY - Sharpe Ratio Comparison

The current VRIG Sharpe Ratio is 10.00, which is higher than the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VRIG and SPY, 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

VRIG vs. SPY - Drawdown Comparison

The maximum VRIG drawdown since its inception was -13.04%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VRIG and SPY.

Drawdown Indicators

	VRIG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-55.19%	+42.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-8.88%	+8.80%
Max Drawdown (3Y) Largest decline over 3 years	-0.78%	-18.76%	+17.98%
Max Drawdown (5Y) Largest decline over 5 years	-2.28%	-24.50%	+22.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-2.35%	+2.35%
Average Drawdown Average peak-to-trough decline	-0.27%	-9.04%	+8.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.97%	-1.95%

Volatility

VRIG vs. SPY - Volatility Comparison

The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.34%. This indicates that VRIG 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.

Volatility by Period

	VRIG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	4.34%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	0.35%	9.58%	-9.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.50%	12.29%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	17.12%	-15.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	17.96%	-14.17%

VRIG vs. SPY - Expense Ratio Comparison

VRIG has a 0.30% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VRIG vs. SPY - Dividend Comparison

VRIG's dividend yield for the trailing twelve months is around 4.79%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%	0.00%

Frequently Asked Questions

Can I hold both VRIG and SPY in my portfolio?

VRIG and SPY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRIG or SPY?

SPY has higher volatility (4.34%) compared to VRIG (0.10%). In terms of maximum drawdown, VRIG dropped -13.04% vs SPY's -55.19%.

Which ETF is better, VRIG or SPY?

On 5-year performance, SPY leads with 13.36% vs 4.44% for VRIG. On fees, SPY is cheaper at 0.09% per year. On volatility, VRIG has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VRIG or SPY?

Over the 5-year period, SPY has performed better with a 13.36% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRIG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.30% for VRIG.

Which ETF pays a higher dividend yield, VRIG or SPY?

VRIG has the higher dividend yield at 4.79%, compared with 1.00% for SPY.

What is the main difference between VRIG and SPY?

VRIG is categorized as Ultrashort Bond, while SPY is S&P 500. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.30% for VRIG and 0.09% for SPY.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.00 vs 1.98), 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.