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BLV vs. SPTL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BLV vs. SPTL

Last updated Jun 4, 2026

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 0.99%/yr vs -1.12%/yr for SPTL. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

BLV vs. SPTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Bond ETF (BLV) and SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BLV achieves a 0.28% return, which is significantly higher than SPTL's -0.38% return. Over the past 10 years, BLV has outperformed SPTL with an annualized return of 0.99%, while SPTL has yielded a comparatively lower -1.12% annualized return.

BLV

1D
-0.31%
1M
1.09%
YTD
0.28%
6M
-0.86%
1Y
6.59%
3Y*
2.02%
5Y*
-3.33%
10Y*
0.99%

SPTL

1D
-0.38%
1M
0.71%
YTD
-0.38%
6M
-1.67%
1Y
5.22%
3Y*
-0.70%
5Y*
-5.32%
10Y*
-1.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BLV vs. SPTL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BLV
Vanguard Long-Term Bond ETF		0.28%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		-0.38%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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.95

Correlation (All Time)
Calculated using the full available price history since May 31, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Long-Term Bond ETF

SPDR Portfolio Long Term Treasury ETF

Often compared with BLV:
BLV vs. BNDBLV vs. TLTBLV vs. VGLTBLV vs. BIVBLV vs. BSVBLV vs. EDVBLV vs. VBLAX
Often compared with SPTL:
SPTL vs. TLTSPTL vs. VGLTSPTL vs. EDVSPTL vs. SCHQSPTL vs. TLHSPTL vs. BNDSPTL vs. VUSTX

Return for Risk

BLV vs. SPTL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BLV
BLV Risk / Return Rank: 2323
Overall Rank
BLV Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
BLV Sortino Ratio Rank: 2222
Sortino Ratio Rank
BLV Omega Ratio Rank: 2121
Omega Ratio Rank
BLV Calmar Ratio Rank: 2424
Calmar Ratio Rank
BLV Martin Ratio Rank: 2323
Martin Ratio Rank
SPTL
SPTL Risk / Return Rank: 1717
Overall Rank
SPTL Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPTL Sortino Ratio Rank: 1717
Sortino Ratio Rank
SPTL Omega Ratio Rank: 1616
Omega Ratio Rank
SPTL Calmar Ratio Rank: 1818
Calmar Ratio Rank
SPTL Martin Ratio Rank: 1818
Martin Ratio Rank
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.

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.

BLVSPTLDifference
Sharpe ratioReturn per unit of total volatility
0.81
0.59

+0.22

Sortino ratioReturn per unit of downside risk
1.21
0.90

+0.31

Omega ratioGain probability vs. loss probability

1.14

1.10

+0.04

Calmar ratioReturn relative to maximum drawdown

1.15

0.74

+0.41

Martin ratioReturn relative to average drawdown

2.92

1.94

+0.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLV vs. SPTL - Sharpe Ratio Comparison

The current BLV Sharpe Ratio is 0.81, which is higher than the SPTL Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of BLV and SPTL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BLVSPTLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.81

0.59

+0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

-0.37

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.08

-0.08

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.24

+0.13

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

BLVSPTLDifference

Max Drawdown

Largest peak-to-trough decline

-38.29%

-46.20%

+7.91%

Max Drawdown (1Y)

Largest decline over 1 year

-5.73%

-7.04%

+1.31%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-17.55%

+2.39%

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 Drawdown

Current decline from peak

-24.14%

-36.87%

+12.73%

Average Drawdown

Average peak-to-trough decline

-9.51%

-14.24%

+4.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

2.69%

-0.43%

Volatility

BLV vs. SPTL - Volatility Comparison

Vanguard Long-Term Bond ETF (BLV) and SPDR Portfolio Long Term Treasury ETF (SPTL) have volatilities of 2.50% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BLVSPTLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

2.63%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

5.62%

5.97%

-0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

8.15%

8.92%

-0.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.97%

14.63%

-1.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.98%

13.95%

-1.97%

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 4.80%, more than SPTL's 4.21% yield.

PositionTTM20252024202320222021202020192018201720162015
BLV
Vanguard Long-Term Bond ETF		4.80%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		4.21%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 (2.63%) compared to BLV (2.50%). In terms of maximum drawdown, BLV dropped -38.29% vs SPTL's -46.20%.

On 10-year performance, BLV leads with 0.99% vs -1.12% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, BLV has been the lower-risk option at 2.50%. 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 0.99% return vs -1.12%. 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 4.80%, compared with 4.21% 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 (0.81 vs 0.59), 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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