GOVI vs. SPTB
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - GOVI tracks the ICE 1-30 Year Laddered Maturity U.S. Treasury Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, GOVI returned 3.61% vs 3.31% for SPTB. With a 0.96 correlation, they move nearly in lockstep. GOVI charges 0.15%/yr vs 0.03%/yr for SPTB.
Performance
GOVI vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a -0.10% return, which is significantly lower than SPTB's 0.08% return.
GOVI
- 1D
- -0.53%
- 1M
- 1.16%
- YTD
- -0.10%
- 6M
- -0.06%
- 1Y
- 3.61%
- 3Y*
- 0.88%
- 5Y*
- -2.91%
- 10Y*
- -0.20%
SPTB
- 1D
- -0.24%
- 1M
- 0.42%
- YTD
- 0.08%
- 6M
- 0.14%
- 1Y
- 3.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GOVI vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.10% | 5.84% | 0.65% |
SPTB State Street SPDR Portfolio Treasury ETF | 0.08% | 6.14% | 2.17% |
Correlation
The correlation between GOVI and SPTB is 0.96 - 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.96 |
The correlation between GOVI and SPTB has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
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Return for Risk
GOVI vs. SPTB — Risk / Return Rank
GOVI
SPTB
GOVI vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) 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.
| GOVI | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.16 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.14 | -0.48 |
| Martin ratioReturn relative to average drawdown | 1.75 | 3.15 | -1.40 |
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Drawdowns
GOVI vs. SPTB - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for GOVI and SPTB.
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Drawdown Indicators
| GOVI | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -4.96% | -27.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -2.90% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | — | — |
Current DrawdownCurrent decline from peak | -22.04% | -1.80% | -20.24% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -1.33% | -8.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.05% | +1.01% |
Volatility
GOVI vs. SPTB - Volatility Comparison
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 1.62% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 0.95%. This indicates that GOVI'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
| GOVI | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.95% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 2.54% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.43% | 3.57% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.85% | 4.40% | +5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 4.40% | +4.70% |
GOVI vs. SPTB - Expense Ratio Comparison
GOVI has a 0.15% 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
GOVI vs. SPTB - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 4.16%, which matches SPTB's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 4.16% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
SPTB State Street SPDR Portfolio Treasury ETF | 4.19% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, GOVI 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.
GOVI has higher volatility (1.62%) compared to SPTB (0.95%). In terms of maximum drawdown, GOVI dropped -32.70% vs SPTB's -4.96%.
On 1-year performance, GOVI leads with 3.61% vs 3.31% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GOVI has performed better with a 3.61% return vs 3.31%. 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 0.15% for GOVI.
SPTB has the higher dividend yield at 4.19%, compared with 4.16% for GOVI.
GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for GOVI and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (0.93 vs 0.56), 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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