VGSH vs SPY

Comparison between VANGUARD SHORT-TERM TREASURY INDEX FUND ETF SHARES (VGSH, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed VGSH, delivering a return of +13.3% compared to +1.8%

VGSH vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VGSH(ETF)	SPY(ETF)
Net Assets	$33B	$652B
Expense Ratio	0.03%	0.09%
Max Drawdown	8.05%	56.47%
Sharpe Ratio	-0.16	2.07
5Y Beta	-0.02	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	23.40%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

VGSH

$33B

Winner

SPY

$652B

Expense Ratio

Winner

VGSH

0.03%

SPY

0.09%

Max Drawdown

Winner

VGSH

8.05%

SPY

56.47%

Sharpe Ratio

VGSH

-0.16

Winner

SPY

2.07

5Y Beta

Winner

VGSH

-0.02

SPY

1.00

P/E Ratio

VGSH

N/A

SPY

28.24

Forward P/E

VGSH

N/A

SPY

21.85

5Y Dividends CAGR

Winner

VGSH

23.40%

SPY

5.43%

5Y EPS CAGR

VGSH

N/A

SPY

25.79%

Debt to Equity

VGSH

N/A

SPY

22.35%

P/S Ratio

VGSH

N/A

SPY

3.55

P/B Ratio

VGSH

N/A

SPY

5.29

VGSH vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	VGSH	SPY
1 month	+0.15%	+9.11%
3 months	+0.18%	+6.59%
6 months	+1.17%	+10.56%
1 year	+3.65%	+32.04%
5 years(CAGR)	+1.83%	+13.35%
10 years(CAGR)	+1.74%	+15.49%
Max(CAGR)	+1.41%	+8.50%

VGSH

+0.15%

Winner

SPY

+9.11%

VGSH

+0.18%

Winner

SPY

+6.59%

VGSH

+1.17%

Winner

SPY

+10.56%

VGSH

+3.65%

Winner

SPY

+32.04%

5Y(CAGR)

VGSH

+1.83%

Winner

SPY

+13.35%

10Y(CAGR)

VGSH

+1.74%

Winner

SPY

+15.49%

Max(CAGR)

VGSH

+1.41%

Winner

SPY

+8.50%

VGSH vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	VGSH	SPY
2026	+0.53%	+8.27%
2025	+5.09%	+18.00%
2024	+4.14%	+25.59%
2023	+4.23%	+26.72%
2022	-3.73%	-18.64%
2021	-0.64%	+30.52%
2020	+3.04%	+17.28%
2019	+3.56%	+31.09%
2018	+1.60%	-5.24%
2017	+0.45%	+20.78%
2016	+1.15%	+13.59%
2015	+0.44%	+1.31%
2014	+0.51%	+14.56%
2013	+0.34%	+29.00%
2012	+0.52%	+14.17%
2011	+1.48%	+0.85%
2010	+2.13%	+13.14%
2009	-0.52%	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

VGSH vs SPY Drawdown Comparison

The maximum drawdown for VGSH was -5.70%, occurring on Oct 20, 2022. Recovery took 773 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current VGSH drawdown is -0.21%.

Rank	VGSH	SPY
#1	-5.70% Apr 20, 2021 - May 15, 2024	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-1.09% Sep 7, 2017 - Nov 19, 2018	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-0.97% Sep 24, 2024 - Jan 24, 2025	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-0.94% Jul 5, 2016 - Jul 28, 2017	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-0.88% Feb 27, 2026 - Mar 26, 2026	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-0.83% Nov 3, 2010 - May 5, 2011	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-0.74% Dec 1, 2009 - Jan 22, 2010	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-0.73% Apr 30, 2025 - Jun 23, 2025	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-0.72% Oct 14, 2015 - Feb 2, 2016	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-0.65% Sep 4, 2019 - Oct 2, 2019	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.60% Mar 2, 2010 - May 4, 2010	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-0.53% Oct 15, 2014 - Jan 14, 2015	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-0.48% Mar 9, 2020 - Mar 20, 2020	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-0.47% Feb 11, 2016 - Apr 7, 2016	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-0.47% Jan 15, 2015 - Apr 1, 2015	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between VGSH and SPY is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96

-101

Dividend Comparison (1999 - 2026)

VGSH vs SPY dividend yield comparison.

Year	VGSH	SPY
2026	1.23%	0.24%
2025	4.00%	1.07%
2024	4.18%	1.21%
2023	3.31%	1.40%
2022	1.15%	1.65%
2021	0.66%	1.20%
2020	1.74%	1.52%
2019	2.28%	1.75%
2018	1.79%	2.04%
2017	1.10%	1.80%
2016	0.84%	2.03%
2015	0.69%	2.06%
2014	0.46%	1.87%
2013	0.34%	1.81%
2012	0.52%	2.18%
2011	0.76%	2.05%
2010	0.78%	1.80%
2009	0.08%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%