GOVI vs. SPY
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GOVI returned -0.20%/yr vs 15.70%/yr for SPY. At a correlation of -0.26, they often move in opposite directions. GOVI charges 0.15%/yr vs 0.09%/yr for SPY.
Performance
GOVI vs. SPY - 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 SPY's 9.74% return. Over the past 10 years, GOVI has underperformed SPY with an annualized return of -0.20%, while SPY has yielded a comparatively higher 15.70% annualized 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%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
GOVI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.10% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between GOVI and SPY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | -0.26 |
The correlation between GOVI and SPY shifts across timeframes, from -0.26 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GOVI vs. SPY — Risk / Return Rank
GOVI
SPY
GOVI vs. SPY - 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 S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.39 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 3.01 | -2.35 |
| Martin ratioReturn relative to average drawdown | 1.75 | 13.54 | -11.78 |
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Drawdowns
GOVI vs. SPY - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GOVI and SPY.
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Drawdown Indicators
| GOVI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -55.19% | +22.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -8.88% | +3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -18.76% | +7.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -24.50% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -33.72% | +1.02% |
Current DrawdownCurrent decline from peak | -22.04% | -1.75% | -20.29% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -9.04% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.97% | +0.09% |
Volatility
GOVI vs. SPY - Volatility Comparison
The current volatility for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) is 1.62%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GOVI experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 4.64% | -3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 9.75% | -5.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.43% | 12.43% | -6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.85% | 17.14% | -7.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 17.99% | -8.89% |
GOVI vs. SPY - Expense Ratio Comparison
GOVI has a 0.15% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 4.16%, more than SPY's 1.01% 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% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
GOVI and SPY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to GOVI (1.62%). In terms of maximum drawdown, GOVI dropped -32.70% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -0.20% for GOVI. On fees, SPY is cheaper at 0.09% per year. On volatility, GOVI has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for GOVI.
GOVI has the higher dividend yield at 4.16%, compared with 1.01% for SPY.
GOVI is categorized as Government Bonds, while SPY is S&P 500. GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for GOVI and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 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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