Data as of Oct 28, 2026.
SPY vs VCSH: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to VCSH's +1.3%; 0% of their weight is in the same names.
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Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $43.9bn on Sep 30, 2026 for Vanguard Short-Term Corporate Bond ETF.
Pair scorecard
VCSH costs 0.06 points a year less; their one-year returns differ by 12.3 points; SPY is 18.4 times larger.
| Measure | SPY | VCSH |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +1.3% |
| Benchmark | ||
| What it tracks | S&P 500 Index | Bloomberg U.S. 1-5 Year Corporate Bond Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.03% |
| Net assets, as of Sep 30, 2026 | $809.2bn | $43.9bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Dec 4, 2009 to Oct 23, 2026 · 881 weekly returnsEach against its own benchmark: SPY against VOO, Sep 17, 2010 to Oct 23, 2026; VCSH against SCHJ, Oct 18, 2019 to Oct 23, 2026.
SPY returned more: +825.3% to +59.9%. VCSH swung less: 3.5% to 16.0%. VCSH fell less at its worst: −11.3% to −31.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPY | VCSH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +825.3% | +59.9% | SPY | Price change plus distributions, reinvested. |
| Annualized | +14.0% | +2.8% | SPY | Total return as a yearly rate. |
| Price return | +584.6% | +2.8% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.0% | 3.5% | VCSH | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.0% | 2.5% | VCSH | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −11.3% | VCSH | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 98.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.0% | 98.3% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.95 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.99 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.81 | 0.37 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 1.17 | 0.52 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | −0.003 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.44 | 0.25 | SPY | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | SCHJ | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.51 | −0.29 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.3% to +0.1% | −0.4% to +0.3% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.15 | −0.06 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 0.5% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 881 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPY and VCSH hold 0% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
SPY and VCSH on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPY and VCSH do different jobs. What does each one do in a portfolio?
- What each follows. SPY follows S&P 500 Index and VCSH follows Bloomberg U.S. 1-5 Year Corporate Bond Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPY returned +13.6% and VCSH +1.3% with distributions reinvested, a gap of 12.3 points.
Data as of Oct 28, 2026.
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SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
VCSH
VCSH tracks an index of Short-Term Corporate Bond. Over the year to Oct 28, 2026 it returned +1.3% with distributions reinvested, against +1.3% for its benchmark, the Bloomberg U.S. 1-5 Year Corporate Bond Index. The prospectus expense ratio is 0.03% a year.
Questions people ask
- Which returned more over the last year, SPY or VCSH?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and VCSH +1.3%.
- Which is cheaper, SPY or VCSH?
- VCSH is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against VCSH, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-vcsh
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