GGOV vs. SPTL
GGOV (iShares Global Government Bond USD Hedged Active ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. GGOV is actively managed, while SPTL is passively managed. Over the past year, GGOV returned -0.42% vs -1.36% for SPTL. Their 0.62 correlation means they have sometimes moved together and sometimes differently. GGOV charges 0.39%/yr vs 0.03%/yr for SPTL.
Performance
GGOV vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly higher than SPTL's -2.92% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
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) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $143.80M | $126.21M | $144.82M |
GGOV vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.92% | 2.89% |
Correlation
The correlation between GGOV and SPTL is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.62 |
The correlation between GGOV and SPTL has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.
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Return for Risk
GGOV vs. SPTL — Risk / Return Rank
GGOV
SPTL
GGOV vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond USD Hedged Active ETF (GGOV) 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.
| GGOV | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.98 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.19 | +0.10 |
| Martin ratioReturn relative to average drawdown | -0.19 | -0.42 | +0.23 |
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Drawdowns
GGOV vs. SPTL - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for GGOV and SPTL.
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Drawdown Indicators
| GGOV | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -46.20% | +41.51% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -7.09% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -1.20% | -38.48% | +37.28% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -14.43% | +12.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 3.23% | -1.08% |
Volatility
GGOV vs. SPTL - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.32%. This indicates that GGOV 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
| GGOV | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 2.32% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 6.39% | -2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 8.43% | -3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 14.50% | -9.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 13.88% | -8.80% |
GGOV vs. SPTL - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than SPTL's 0.03% expense ratio.
Dividends
GGOV vs. SPTL - Dividend Comparison
GGOV has not paid dividends to shareholders, while SPTL's dividend yield for the trailing twelve months is around 4.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
GGOV and SPTL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.32%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs SPTL's -46.20%.
On 1-year performance, GGOV leads with -0.42% vs -1.36% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, GGOV has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GGOV has performed better with a -0.42% return vs -1.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.39% for GGOV.
SPTL has the higher dividend yield at 4.36%, compared with 0.00% for GGOV.
GGOV is categorized as Global Bonds, while SPTL is Government Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for GGOV and 0.03% for SPTL.
GGOV currently has the higher Sharpe Ratio (-0.08 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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