BLV vs. SPTL
BLV (Vanguard Long-Term Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, BLV returned 0.32%/yr vs -1.74%/yr for SPTL. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
BLV vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a -2.38% return, which is significantly higher than SPTL's -2.92% return. Over the past 10 years, BLV has outperformed SPTL with an annualized return of 0.32%, while SPTL has yielded a comparatively lower -1.74% annualized return.
BLV
- 1D
- 0.44%
- 1M
- -3.14%
- 6M
- -2.34%
- YTD
- -2.38%
- 1Y
- -0.29%
- 3Y*
- 2.08%
- 5Y*
- -5.11%
- 10Y*
- 0.32%
- ALL TIME*
- 4.05%
SPTL
- 1D
- 0.37%
- 1M
- -3.14%
- 6M
- -2.52%
- YTD
- -2.92%
- 1Y
- -1.36%
- 3Y*
- -0.05%
- 5Y*
- -7.23%
- 10Y*
- -1.74%
- ALL TIME*
- 3.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.99M | $52.76M | $45.16M | |
| $143.80M | $126.21M | $144.82M |
BLV vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | -2.38% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.92% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between BLV and SPTL is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.91 |
The correlation between BLV and SPTL has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
BLV vs. SPTL — Risk / Return Rank
BLV
SPTL
BLV vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and SPDR Portfolio Long Term Treasury ETF (SPTL). 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.
| BLV | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.98 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.19 | +0.14 |
| Martin ratioReturn relative to average drawdown | -0.11 | -0.42 | +0.31 |
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Drawdowns
BLV vs. SPTL - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for BLV and SPTL.
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Drawdown Indicators
| BLV | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -46.20% | +7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.92% | -7.09% | +1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -13.39% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -41.02% | +4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -46.20% | +7.91% |
Current DrawdownCurrent decline from peak | -26.16% | -38.48% | +12.32% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -14.43% | +4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 3.23% | -0.57% |
Volatility
BLV vs. SPTL - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 2.19%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.32%. This indicates that BLV experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BLV | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 2.32% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 6.39% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.77% | 8.43% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.91% | 14.50% | -1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.95% | 13.88% | -1.93% |
BLV vs. SPTL - Expense Ratio Comparison
Both BLV and SPTL have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BLV vs. SPTL - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.97%, more than SPTL's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.97% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.36% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
With a correlation of 0.98, BLV and SPTL 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.
SPTL has higher volatility (2.32%) compared to BLV (2.19%). In terms of maximum drawdown, BLV dropped -38.29% vs SPTL's -46.20%.
On 10-year performance, BLV leads with 0.32% vs -1.74% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, BLV has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BLV has performed better with a 0.32% return vs -1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV and SPTL have the same expense ratio: 0.03% per year.
BLV has the higher dividend yield at 4.97%, compared with 4.36% for SPTL.
BLV is categorized as Long-Term Bond, while SPTL is Government Bonds. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: Vanguard and State Street.
BLV currently has the higher Sharpe Ratio (-0.04 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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