VUSTX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) and State Street SPDR S&P 500 ETF (SPY).

VUSTX is managed by Vanguard. It was launched on May 19, 1986. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

VUSTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

VUSTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUSTX Vanguard Long-Term Treasury Fund Investor Shares	-0.56%	5.55%	-6.41%	3.33%	-29.58%	-4.93%	18.20%	14.14%	-1.89%	8.60%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, VUSTX achieves a -0.56% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VUSTX has underperformed SPY with an annualized return of -0.93%, while SPY has yielded a comparatively higher 13.98% annualized return.

VUSTX

• 1D: 1.29%
• 1M: -4.37%
• YTD: -0.56%
• 6M: -0.74%
• 1Y: 0.22%
• 3Y*: -1.62%
• 5Y*: -4.71%
• 10Y*: -0.93%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

VUSTX vs. SPY - Expense Ratio Comparison

VUSTX has a 0.20% expense ratio, which is higher than SPY'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%.

VUSTX

Vanguard Long-Term Treasury Fund Investor Shares

SPY

State Street SPDR S&P 500 ETF

Return for Risk

VUSTX vs. SPY — Risk / Return Rank

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

VUSTX

VUSTX Risk / Return Rank: 9
VUSTX Sharpe Ratio Rank: 8
VUSTX Sortino Ratio Rank: 7
VUSTX Omega Ratio Rank: 7
VUSTX Calmar Ratio Rank: 12
VUSTX Martin Ratio Rank: 10

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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.

VUSTX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) 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.

	VUSTX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.93	-0.80
Sortino ratio Return per unit of downside risk	0.24	1.45	-1.21
Omega ratio Gain probability vs. loss probability	1.03	1.22	-0.19
Calmar ratio Return relative to maximum drawdown	0.31	1.53	-1.22
Martin ratio Return relative to average drawdown	0.69	7.30	-6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSTX vs. SPY - Sharpe Ratio Comparison

The current VUSTX Sharpe Ratio is 0.13, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VUSTX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VUSTX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.93	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.69	-1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	0.78	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.56	-0.12

Correlation

The correlation between VUSTX and SPY is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VUSTX vs. SPY - Dividend Comparison

VUSTX's dividend yield for the trailing twelve months is around 4.02%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUSTX Vanguard Long-Term Treasury Fund Investor Shares	4.02%	4.29%	4.03%	3.33%	2.93%	4.21%	10.38%	2.82%	2.82%	2.64%	5.27%	5.52%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

VUSTX vs. SPY - Drawdown Comparison

The maximum VUSTX drawdown since its inception was -46.37%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VUSTX and SPY.

Drawdown Indicators

	VUSTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-46.37%	-55.19%	+8.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-12.05%	+3.28%
Max Drawdown (5Y) Largest decline over 5 years	-41.45%	-24.50%	-16.95%
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	-33.72%	-12.65%
Current Drawdown Current decline from peak	-36.78%	-6.24%	-30.54%
Average Drawdown Average peak-to-trough decline	-9.22%	-9.09%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	2.52%	+1.42%

Volatility

VUSTX vs. SPY - Volatility Comparison

The current volatility for Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) is 3.68%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VUSTX 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

	VUSTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	5.31%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	9.47%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	19.05%	-8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	17.06%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	17.92%	-4.14%