BBLB vs. SPTB
BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - BBLB tracks the ICE U.S. Treasury 20+ Year Bond Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, BBLB returned -1.51% vs 1.54% for SPTB. Their correlation of 0.93 means they have usually moved in the same direction. BBLB charges 0.04%/yr vs 0.03%/yr for SPTB.
Performance
BBLB vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, BBLB achieves a -2.53% return, which is significantly lower than SPTB's -0.17% return.
BBLB
- 1D
- 0.72%
- 1M
- -2.86%
- 6M
- -2.32%
- YTD
- -2.53%
- 1Y
- -1.51%
- 3Y*
- -0.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.81%
SPTB
- 1D
- 0.37%
- 1M
- -0.74%
- 6M
- -0.15%
- YTD
- -0.17%
- 1Y
- 1.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.45K | $41.67K | $60.66K | |
| $1.48M | $1.14M | $1.27M |
BBLB vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -2.53% | 4.26% | -1.19% |
SPTB State Street SPDR Portfolio Treasury ETF | -0.17% | 6.14% | 2.17% |
Correlation
The correlation between BBLB and SPTB is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.93 |
The correlation between BBLB and SPTB has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.
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Return for Risk
BBLB vs. SPTB — Risk / Return Rank
BBLB
SPTB
BBLB vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) and State Street SPDR Portfolio Treasury ETF (SPTB). 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.
| BBLB | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.08 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.53 | -0.73 |
| Martin ratioReturn relative to average drawdown | -0.42 | 1.25 | -1.68 |
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Drawdowns
BBLB vs. SPTB - Drawdown Comparison
The maximum BBLB drawdown since its inception was -21.06%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for BBLB and SPTB.
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Drawdown Indicators
| BBLB | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.06% | -4.96% | -16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -2.90% | -4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | — | — |
Current DrawdownCurrent decline from peak | -10.92% | -2.04% | -8.88% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -1.36% | -7.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 1.23% | +2.35% |
Volatility
BBLB vs. SPTB - Volatility Comparison
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) has a higher volatility of 2.67% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 0.97%. This indicates that BBLB's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBLB | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 0.97% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 2.71% | +4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.26% | 3.42% | +5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 4.36% | +9.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.62% | 4.36% | +9.26% |
BBLB vs. SPTB - Expense Ratio Comparison
BBLB has a 0.04% expense ratio, which is higher than SPTB's 0.03% 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
BBLB vs. SPTB - Dividend Comparison
BBLB's dividend yield for the trailing twelve months is around 4.99%, more than SPTB's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 4.99% | 5.03% | 5.34% | 2.82% |
SPTB State Street SPDR Portfolio Treasury ETF | 4.20% | 4.23% | 2.76% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, BBLB and SPTB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BBLB has higher volatility (2.67%) compared to SPTB (0.97%). In terms of maximum drawdown, BBLB dropped -21.06% vs SPTB's -4.96%.
On 1-year performance, SPTB leads with 1.54% vs -1.51% for BBLB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPTB has performed better with a 1.54% return vs -1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTB is cheaper with a 0.03% expense ratio, compared with 0.04% for BBLB.
BBLB has the higher dividend yield at 4.99%, compared with 4.20% for SPTB.
BBLB tracks ICE U.S. Treasury 20+ Year Bond Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.04% for BBLB and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (0.45 vs -0.16), 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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