VSLU vs. SPY

Last updated Jun 23, 2026

VSLU (Applied Finance Valuation Large Cap US ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VSLU is a Large Cap Blend Equities fund actively managed by Applied Finance, while SPY is a S&P 500 fund tracking the S&P 500 Index. VSLU is actively managed, while SPY is passively managed. Over the past 5 years, VSLU returned 13.31%/yr vs 13.51%/yr for SPY. With a 0.95 correlation, they move nearly in lockstep. VSLU charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

VSLU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance Valuation Large Cap US ETF (VSLU) 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, VSLU achieves a 3.23% return, which is significantly lower than SPY's 9.74% return.

VSLU

• 1D: -0.85%
• 1M: -2.07%
• YTD: 3.23%
• 6M: 4.07%
• 1Y: 22.76%
• 3Y*: 20.03%
• 5Y*: 13.31%
• 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%

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

VSLU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VSLU Applied Finance Valuation Large Cap US ETF	3.23%	21.52%	23.80%	26.79%	-16.05%	14.11%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	14.20%

Correlation

The correlation between VSLU and SPY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 30, 2021	0.95

The correlation between VSLU and SPY has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

VSLU vs. SPY - Sectors Allocation Comparison

Sectors	VSLU	SPY
Technology	38.9%	39.0%
Communication Services	14.2%	10.6%
Healthcare	11.6%	8.3%
Consumer Cyclical	10.5%	9.9%
Financial Services	8.8%	11.1%
Industrials	7.0%	7.8%
Consumer Defensive	4.2%	4.5%
Energy	2.0%	3.1%
Utilities	1.1%	2.1%
Basic Materials	1.0%	1.7%
Real Estate	0.8%	1.8%

Return for Risk

VSLU vs. SPY — Risk / Return Rank

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

VSLU

VSLU Risk / Return Rank: 54
VSLU Sharpe Ratio Rank: 55
VSLU Sortino Ratio Rank: 52
VSLU Omega Ratio Rank: 52
VSLU Calmar Ratio Rank: 52
VSLU Martin Ratio Rank: 61

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

VSLU vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance Valuation Large Cap US ETF (VSLU) 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.

	VSLU	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.16	-0.36
Sortino ratio: Return per unit of downside risk	2.47	2.91	-0.44
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.50	3.01	-0.52
Martin ratio: Return relative to average drawdown	10.70	13.54	-2.84

VSLU vs. SPY - Sharpe Ratio Comparison

The current VSLU Sharpe Ratio is 1.80, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VSLU 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

VSLU vs. SPY - Drawdown Comparison

The maximum VSLU drawdown since its inception was -23.86%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSLU and SPY.

Drawdown Indicators

	VSLU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.86%	-55.19%	+31.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-8.88%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-18.76%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-23.86%	-24.50%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-3.66%	-1.75%	-1.91%
Average Drawdown Average peak-to-trough decline	-4.86%	-9.04%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.97%	+0.16%

Volatility

VSLU vs. SPY - Volatility Comparison

The current volatility for Applied Finance Valuation Large Cap US ETF (VSLU) is 3.72%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that VSLU 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

	VSLU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.64%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	9.75%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	12.43%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	17.14%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	17.99%	-1.86%

VSLU vs. SPY - Expense Ratio Comparison

VSLU has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VSLU vs. SPY - Dividend Comparison

VSLU's dividend yield for the trailing twelve months is around 0.45%, less 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%
VSLU Applied Finance Valuation Large Cap US ETF	0.45%	0.46%	0.60%	0.60%	0.99%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSLU and SPY in my portfolio?

With a correlation of 0.90, VSLU and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VSLU or SPY?

SPY has higher volatility (4.64%) compared to VSLU (3.72%). In terms of maximum drawdown, VSLU dropped -23.86% vs SPY's -55.19%.

Which ETF is better, VSLU or SPY?

On 5-year performance, SPY leads with 13.51% vs 13.31% for VSLU. On fees, SPY is cheaper at 0.09% per year. On volatility, VSLU has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSLU or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 13.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSLU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.49% for VSLU.

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

SPY has the higher dividend yield at 1.01%, compared with 0.45% for VSLU.

What is the main difference between VSLU and SPY?

VSLU is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Applied Finance and State Street. Their fees differ too: 0.49% for VSLU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.80), 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.