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GOVT vs. SPTL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GOVT vs. SPTL

Last updated Jun 4, 2026

GOVT (iShares U.S. Treasury Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - GOVT tracks the ICE U.S. Treasury Core Bond Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, GOVT returned 0.87%/yr vs -1.12%/yr for SPTL. Their correlation of 0.92 suggests significant overlap in exposure. GOVT charges 0.05%/yr vs 0.03%/yr for SPTL.

Performance

GOVT vs. SPTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Treasury Bond ETF (GOVT) and SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GOVT achieves a -0.11% return, which is significantly higher than SPTL's -0.38% return. Over the past 10 years, GOVT has outperformed SPTL with an annualized return of 0.87%, while SPTL has yielded a comparatively lower -1.12% annualized return.

GOVT

1D
-0.18%
1M
0.11%
YTD
-0.11%
6M
-0.34%
1Y
3.87%
3Y*
2.83%
5Y*
-0.45%
10Y*
0.87%

SPTL

1D
-0.38%
1M
0.71%
YTD
-0.38%
6M
-1.67%
1Y
5.22%
3Y*
-0.70%
5Y*
-5.32%
10Y*
-1.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVT vs. SPTL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GOVT
iShares U.S. Treasury Bond ETF		-0.11%3.77%2.95%4.17%-13.39%-1.11%7.28%7.36%0.26%2.19%
SPTL
SPDR Portfolio Long Term Treasury ETF		-0.38%5.28%-6.23%3.30%-29.44%-4.99%18.07%13.74%-1.57%9.01%

Correlation

The correlation between GOVT and SPTL is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Feb 27, 2012

0.92

The correlation between GOVT and SPTL has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares U.S. Treasury Bond ETF

SPDR Portfolio Long Term Treasury ETF

Often compared with GOVT:
GOVT vs. VGITGOVT vs. BNDGOVT vs. TLTGOVT vs. IEFGOVT vs. SHVGOVT vs. VTGGOVT vs. GOVZ
Often compared with SPTL:
SPTL vs. TLTSPTL vs. VGLTSPTL vs. EDVSPTL vs. SCHQSPTL vs. TLHSPTL vs. BNDSPTL vs. VUSTX

Return for Risk

GOVT vs. SPTL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GOVT
GOVT Risk / Return Rank: 2828
Overall Rank
GOVT Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
GOVT Sortino Ratio Rank: 2929
Sortino Ratio Rank
GOVT Omega Ratio Rank: 2727
Omega Ratio Rank
GOVT Calmar Ratio Rank: 2828
Calmar Ratio Rank
GOVT Martin Ratio Rank: 2828
Martin Ratio Rank
SPTL
SPTL Risk / Return Rank: 1717
Overall Rank
SPTL Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPTL Sortino Ratio Rank: 1717
Sortino Ratio Rank
SPTL Omega Ratio Rank: 1616
Omega Ratio Rank
SPTL Calmar Ratio Rank: 1818
Calmar Ratio Rank
SPTL Martin Ratio Rank: 1818
Martin Ratio Rank
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.

GOVT vs. SPTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) 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.

GOVTSPTLDifference

Sharpe ratio

Return per unit of total volatility

1.07

0.59

+0.48

Sortino ratio

Return per unit of downside risk

1.62

0.90

+0.72

Omega ratio

Gain probability vs. loss probability

1.18

1.10

+0.08

Calmar ratio

Return relative to maximum drawdown

1.36

0.74

+0.62

Martin ratio

Return relative to average drawdown

4.01

1.94

+2.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVT vs. SPTL - Sharpe Ratio Comparison

The current GOVT Sharpe Ratio is 1.07, which is higher than the SPTL Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of GOVT and SPTL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GOVTSPTLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.07

0.59

+0.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

-0.37

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

-0.08

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.24

+0.02

Drawdowns

GOVT vs. SPTL - Drawdown Comparison

The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for GOVT and SPTL.

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Drawdown Indicators

GOVTSPTLDifference

Max Drawdown

Largest peak-to-trough decline

-19.07%

-46.20%

+27.13%

Max Drawdown (1Y)

Largest decline over 1 year

-2.85%

-7.04%

+4.19%

Max Drawdown (3Y)

Largest decline over 3 years

-5.43%

-17.55%

+12.12%

Max Drawdown (5Y)

Largest decline over 5 years

-16.60%

-41.02%

+24.42%

Max Drawdown (10Y)

Largest decline over 10 years

-19.07%

-46.20%

+27.13%

Current Drawdown

Current decline from peak

-7.17%

-36.87%

+29.70%

Average Drawdown

Average peak-to-trough decline

-5.25%

-14.24%

+8.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.97%

2.69%

-1.72%

Volatility

GOVT vs. SPTL - Volatility Comparison

The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 1.09%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.63%. This indicates that GOVT 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

GOVTSPTLDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.09%

2.63%

-1.54%

Volatility (6M)

Calculated over the trailing 6-month period

2.51%

5.97%

-3.46%

Volatility (1Y)

Calculated over the trailing 1-year period

3.63%

8.92%

-5.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.04%

14.63%

-8.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.22%

13.95%

-8.73%

GOVT vs. SPTL - Expense Ratio Comparison

GOVT has a 0.05% expense ratio, which is higher than SPTL'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. SPTL - Dividend Comparison

GOVT's dividend yield for the trailing twelve months is around 3.59%, less than SPTL's 4.21% yield.

PositionTTM20252024202320222021202020192018201720162015
GOVT
iShares U.S. Treasury Bond ETF		3.59%3.49%3.14%2.65%1.77%0.96%2.17%1.98%1.97%1.57%1.40%1.25%
SPTL
SPDR Portfolio Long Term Treasury ETF		4.21%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

With a correlation of 0.95, GOVT and SPTL 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.

SPTL has higher volatility (2.63%) compared to GOVT (1.09%). In terms of maximum drawdown, GOVT dropped -19.07% vs SPTL's -46.20%.

On 10-year performance, GOVT leads with 0.87% vs -1.12% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, GOVT has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GOVT has performed better with a 0.87% return vs -1.12%. 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 0.05% for GOVT.

SPTL has the higher dividend yield at 4.21%, compared with 3.59% for GOVT.

GOVT tracks ICE U.S. Treasury Core Bond Index, while SPTL tracks Bloomberg Long 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 SPTL.

GOVT currently has the higher Sharpe Ratio (1.07 vs 0.59), 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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