GOVT vs. SPTB
GOVT (iShares U.S. Treasury Bond ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - GOVT tracks the ICE U.S. Treasury Core Bond Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, GOVT returned 1.07% vs 1.09% for SPTB. Their 0.97 correlation means they have historically moved very closely together. GOVT charges 0.05%/yr vs 0.03%/yr for SPTB.
Performance
GOVT vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, GOVT achieves a -0.74% return, which is significantly lower than SPTB's -0.64% return.
GOVT
- 1D
- -0.24%
- 1M
- -1.06%
- 6M
- -0.78%
- YTD
- -0.74%
- 1Y
- 1.07%
- 3Y*
- 3.05%
- 5Y*
- -0.94%
- 10Y*
- 0.68%
- ALL TIME*
- 1.18%
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $167.09M | $164.37M | $191.03M | |
| $554.84K | $766.31K | $2.41M |
GOVT vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | -0.74% | 3.77% | 4.66% |
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
Correlation
The correlation between GOVT and SPTB is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.97 |
The correlation between GOVT and SPTB has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
GOVT vs. SPTB — Risk / Return Rank
GOVT
SPTB
GOVT vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) 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.
| GOVT | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.10 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.70 | -0.02 |
| Martin ratioReturn relative to average drawdown | 1.61 | 1.66 | -0.05 |
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Drawdowns
GOVT vs. SPTB - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for GOVT and SPTB.
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Drawdown Indicators
| GOVT | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -4.96% | -14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -2.90% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.90% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -7.75% | -2.50% | -5.25% |
Average DrawdownAverage peak-to-trough decline | -5.27% | -1.36% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.21% | -0.01% |
Volatility
GOVT vs. SPTB - Volatility Comparison
iShares U.S. Treasury Bond ETF (GOVT) and State Street SPDR Portfolio Treasury ETF (SPTB) have volatilities of 0.95% and 0.94%, 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
| GOVT | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.94% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 2.69% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.55% | 3.52% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 4.36% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.21% | 4.36% | +0.85% |
GOVT vs. SPTB - Expense Ratio Comparison
GOVT has a 0.05% 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
GOVT vs. SPTB - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.63%, less than SPTB's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.33% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
SPTB State Street SPDR Portfolio Treasury ETF | 3.85% | 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 0.98, GOVT 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.
GOVT has higher volatility (0.95%) compared to SPTB (0.94%). In terms of maximum drawdown, GOVT dropped -19.07% vs SPTB's -4.96%.
On 1-year performance, SPTB leads with 1.09% vs 1.07% for GOVT. On fees, SPTB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPTB has performed better with a 1.09% return vs 1.07%. 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 0.05% for GOVT.
SPTB has the higher dividend yield at 3.85%, compared with 3.33% for GOVT.
GOVT tracks ICE U.S. Treasury Core Bond Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.05% for GOVT and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (0.57 vs 0.55), 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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