GOVI vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Equal Weight 0-30 Years Treasury ETF (GOVI) and State Street SPDR S&P 500 ETF (SPY).

GOVI and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GOVI is a passively managed fund by Invesco that tracks the performance of the ICE BofA Laddered Maturity US Treasury (1-30 Y). It was launched on Oct 11, 2007. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both GOVI and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GOVI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equal Weight 0-30 Years Treasury ETF (GOVI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

GOVI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOVI Invesco Equal Weight 0-30 Years Treasury ETF	-0.26%	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	-3.65%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, GOVI achieves a -0.26% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, GOVI has underperformed SPY with an annualized return of 0.08%, while SPY has yielded a comparatively higher 14.06% annualized return.

GOVI

• 1D: -0.20%
• 1M: -2.46%
• YTD: -0.26%
• 6M: -0.32%
• 1Y: 1.09%
• 3Y*: 0.32%
• 5Y*: -2.44%
• 10Y*: 0.08%

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.

GOVI

Invesco Equal Weight 0-30 Years Treasury ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

GOVI vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOVI

GOVI Risk / Return Rank: 15
GOVI Sharpe Ratio Rank: 15
GOVI Sortino Ratio Rank: 13
GOVI Omega Ratio Rank: 13
GOVI Calmar Ratio Rank: 17
GOVI Martin Ratio Rank: 16

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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.

GOVI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Years 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.

	GOVI	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.15	0.96	-0.81
Sortino ratio Return per unit of downside risk	0.25	1.49	-1.24
Omega ratio Gain probability vs. loss probability	1.03	1.23	-0.20
Calmar ratio Return relative to maximum drawdown	0.28	1.53	-1.25
Martin ratio Return relative to average drawdown	0.65	7.27	-6.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVI vs. SPY - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.15, which is lower than the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of GOVI and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GOVI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	0.96	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.70	-0.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.79	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.56	-0.25

Correlation

The correlation between GOVI and SPY is -0.27. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GOVI vs. SPY - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 3.82%, more than SPY's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOVI Invesco Equal Weight 0-30 Years Treasury ETF	3.82%	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	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

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.

Drawdown Indicators

	GOVI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-55.19%	+22.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-12.05%	+6.22%
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 Drawdown Current decline from peak	-22.15%	-5.53%	-16.62%
Average Drawdown Average peak-to-trough decline	-9.53%	-9.09%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.54%	-0.02%

Volatility

GOVI vs. SPY - Volatility Comparison

The current volatility for Invesco Equal Weight 0-30 Years Treasury ETF (GOVI) is 2.69%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. 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.

Volatility by Period

	GOVI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	5.35%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	9.50%	-5.07%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	19.06%	-11.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.85%	17.06%	-7.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	17.92%	-8.82%