VUSB vs. SPEU
VUSB (Vanguard Ultra-Short Bond ETF) and SPEU (SPDR Portfolio Europe ETF) are both exchange-traded funds - VUSB is a Ultrashort Bond fund actively managed by Vanguard, while SPEU is a Europe Equities fund tracking the STOXX Europe Total Market. VUSB is actively managed, while SPEU is passively managed. Over the past 5 years, VUSB returned 3.45%/yr vs 8.33%/yr for SPEU. At a 0.21 correlation, their price movements are largely independent. VUSB charges 0.10%/yr vs 0.09%/yr for SPEU.
Performance
VUSB vs. SPEU - Performance Comparison
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Returns By Period
In the year-to-date period, VUSB achieves a 1.48% return, which is significantly lower than SPEU's 7.38% return.
VUSB
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 4.47%
- 3Y*
- 5.40%
- 5Y*
- 3.45%
- 10Y*
- —
SPEU
- 1D
- 0.18%
- 1M
- 2.29%
- YTD
- 7.38%
- 6M
- 9.85%
- 1Y
- 19.59%
- 3Y*
- 16.58%
- 5Y*
- 8.33%
- 10Y*
- 10.17%
VUSB vs. SPEU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VUSB Vanguard Ultra-Short Bond ETF | 1.48% | 5.20% | 5.68% | 5.52% | -0.36% | 0.08% |
SPEU SPDR Portfolio Europe ETF | 7.38% | 35.80% | 1.93% | 19.85% | -15.97% | 8.68% |
Correlation
The correlation between VUSB and SPEU is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.21 |
The correlation between VUSB and SPEU shifts across timeframes, from 0.21 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VUSB vs. SPEU — Risk / Return Rank
VUSB
SPEU
VUSB vs. SPEU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short Bond ETF (VUSB) and SPDR Portfolio Europe ETF (SPEU). 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.
| VUSB | SPEU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.78 | ||
| Sortino ratioReturn per unit of downside risk | +10.79 | ||
| Omega ratioGain probability vs. loss probability | 3.34 | 1.20 | +2.13 |
| Calmar ratioReturn relative to maximum drawdown | 12.12 | 1.48 | +10.64 |
| Martin ratioReturn relative to average drawdown | 69.82 | 5.42 | +64.41 |
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Drawdowns
VUSB vs. SPEU - Drawdown Comparison
The maximum VUSB drawdown since its inception was -1.79%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for VUSB and SPEU.
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Drawdown Indicators
| VUSB | SPEU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.79% | -62.45% | +60.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.37% | -12.09% | +11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -0.46% | -14.17% | +13.71% |
Max Drawdown (5Y)Largest decline over 5 years | -1.79% | -32.70% | +30.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.83% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.67% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -0.27% | -13.83% | +13.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 3.31% | -3.25% |
Volatility
VUSB vs. SPEU - Volatility Comparison
The current volatility for Vanguard Ultra-Short Bond ETF (VUSB) is 0.19%, while SPDR Portfolio Europe ETF (SPEU) has a volatility of 5.81%. This indicates that VUSB experiences smaller price fluctuations and is considered to be less risky than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUSB | SPEU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 5.81% | -5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 0.53% | 13.40% | -12.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 15.92% | -15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 17.60% | -16.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.82% | 18.51% | -17.69% |
VUSB vs. SPEU - Expense Ratio Comparison
VUSB has a 0.10% expense ratio, which is higher than SPEU's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VUSB vs. SPEU - Dividend Comparison
VUSB's dividend yield for the trailing twelve months is around 4.39%, more than SPEU's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 3.33% | 3.47% | 3.29% | 2.91% | 3.08% | 2.67% | 2.29% | 3.19% | 3.99% | 2.82% | 3.66% | 3.62% |
VUSB Vanguard Ultra-Short Bond ETF | 4.39% | 4.63% | 5.16% | 4.45% | 1.56% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VUSB and SPEU have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEU has higher volatility (5.81%) compared to VUSB (0.19%). In terms of maximum drawdown, VUSB dropped -1.79% vs SPEU's -62.45%.
On 5-year performance, SPEU leads with 8.33% vs 3.45% for VUSB. On fees, SPEU is cheaper at 0.09% per year. On volatility, VUSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPEU has performed better with a 8.33% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEU is cheaper with a 0.09% expense ratio, compared with 0.10% for VUSB.
VUSB has the higher dividend yield at 4.39%, compared with 3.33% for SPEU.
VUSB is categorized as Ultrashort Bond, while SPEU is Europe Equities. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.10% for VUSB and 0.09% for SPEU.
VUSB currently has the higher Sharpe Ratio (6.91 vs 1.13), 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.
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