VTV vs. SPHY

Last updated Jun 9, 2026

VTV (Vanguard Value ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - VTV is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, VTV returned 12.42%/yr vs 5.03%/yr for SPHY. At a 0.41 correlation, their price movements are largely independent. VTV charges 0.04%/yr vs 0.05%/yr for SPHY.

Performance

VTV vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value ETF (VTV) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTV achieves a 11.91% return, which is significantly higher than SPHY's 1.32% return. Over the past 10 years, VTV has outperformed SPHY with an annualized return of 12.42%, while SPHY has yielded a comparatively lower 5.03% annualized return.

VTV

• 1D: 0.25%
• 1M: 2.67%
• YTD: 11.91%
• 6M: 13.41%
• 1Y: 25.49%
• 3Y*: 17.72%
• 5Y*: 11.30%
• 10Y*: 12.42%

SPHY

• 1D: 0.09%
• 1M: -0.18%
• YTD: 1.32%
• 6M: 1.93%
• 1Y: 6.98%
• 3Y*: 8.78%
• 5Y*: 4.29%
• 10Y*: 5.03%

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

VTV vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTV Vanguard Value ETF	11.91%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%
SPHY SPDR Portfolio High Yield Bond ETF	1.32%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between VTV and SPHY is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.41

Over the past year, VTV and SPHY have become more correlated (0.64) than their long-term average of 0.41, meaning their price movements have been converging.

VTV vs. SPHY - Sectors Allocation Comparison

Sectors	VTV	SPHY
Financial Services	22.3%	99.9%
Healthcare	14.5%	-
Industrials	14.0%	-
Technology	13.4%	-
Consumer Defensive	9.4%	-
Energy	8.1%	0.1%
Utilities	5.2%	-
Consumer Cyclical	4.0%	-
Communication Services	3.3%	-
Basic Materials	3.1%	-
Real Estate	2.8%	-

Return for Risk

VTV vs. SPHY — Risk / Return Rank

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

VTV

VTV Risk / Return Rank: 84
VTV Sharpe Ratio Rank: 85
VTV Sortino Ratio Rank: 87
VTV Omega Ratio Rank: 83
VTV Calmar Ratio Rank: 83
VTV Martin Ratio Rank: 83

SPHY

SPHY Risk / Return Rank: 69
SPHY Sharpe Ratio Rank: 63
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 64
SPHY 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.

VTV vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Value ETF (VTV) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	VTV	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.90	+0.62
Sortino ratio: Return per unit of downside risk	3.58	2.88	+0.70
Omega ratio: Gain probability vs. loss probability	1.45	1.38	+0.07
Calmar ratio: Return relative to maximum drawdown	4.03	2.90	+1.13
Martin ratio: Return relative to average drawdown	15.20	13.14	+2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTV vs. SPHY - Sharpe Ratio Comparison

The current VTV Sharpe Ratio is 2.52, which is higher than the SPHY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VTV and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VTV	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.90	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.60	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.64	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.63	-0.12

Drawdowns

VTV vs. SPHY - Drawdown Comparison

The maximum VTV drawdown since its inception was -59.27%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for VTV and SPHY.

Drawdown Indicators

	VTV	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-21.97%	-37.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.35%	-2.41%	-3.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-4.85%	-9.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	-15.29%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.78%	-21.97%	-14.81%
Current Drawdown Current decline from peak	-1.11%	-0.44%	-0.67%
Average Drawdown Average peak-to-trough decline	-7.87%	-2.29%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.53%	+1.15%

Volatility

VTV vs. SPHY - Volatility Comparison

Vanguard Value ETF (VTV) has a higher volatility of 2.65% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.10%. This indicates that VTV's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTV	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.10%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	2.94%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.18%	3.69%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	7.18%	+6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	7.88%	+8.80%

VTV vs. SPHY - Expense Ratio Comparison

VTV has a 0.04% expense ratio, which is lower than SPHY's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTV vs. SPHY - Dividend Comparison

VTV's dividend yield for the trailing twelve months is around 1.87%, less than SPHY's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHY SPDR Portfolio High Yield Bond ETF	7.28%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%
VTV Vanguard Value ETF	1.87%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%

Frequently Asked Questions

Can I hold both VTV and SPHY in my portfolio?

VTV and SPHY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTV or SPHY?

VTV has higher volatility (2.65%) compared to SPHY (1.10%). In terms of maximum drawdown, VTV dropped -59.27% vs SPHY's -21.97%.

Which ETF is better, VTV or SPHY?

On 10-year performance, VTV leads with 12.42% vs 5.03% for SPHY. On fees, VTV is cheaper at 0.04% per year. On volatility, SPHY has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTV or SPHY?

Over the 10-year period, VTV has performed better with a 12.42% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTV or SPHY?

VTV is cheaper with a 0.04% expense ratio, compared with 0.05% for SPHY.

Which ETF pays a higher dividend yield, VTV or SPHY?

SPHY has the higher dividend yield at 7.28%, compared with 1.87% for VTV.

What is the main difference between VTV and SPHY?

VTV is categorized as Large Cap Value Equities, while SPHY is High Yield Bonds. VTV tracks CRSP US Large Cap Value Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.04% for VTV and 0.05% for SPHY.

Which has better risk-adjusted returns?

VTV currently has the higher Sharpe Ratio (2.52 vs 1.90), 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.