GOVZ vs. SPTB
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, GOVZ returned 3.91% vs 3.87% for SPTB. Their correlation of 0.87 suggests significant overlap in exposure. GOVZ charges 0.15%/yr vs 0.03%/yr for SPTB.
Performance
GOVZ vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -0.94% return, which is significantly lower than SPTB's -0.07% return.
GOVZ
- 1D
- -0.50%
- 1M
- 1.73%
- YTD
- -0.94%
- 6M
- -4.35%
- 1Y
- 3.91%
- 3Y*
- -7.43%
- 5Y*
- -11.53%
- 10Y*
- —
SPTB
- 1D
- -0.22%
- 1M
- 0.08%
- YTD
- -0.07%
- 6M
- -0.37%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GOVZ vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -0.94% | -1.81% | -5.47% |
SPTB State Street SPDR Portfolio Treasury ETF | -0.07% | 6.14% | 2.17% |
Correlation
The correlation between GOVZ and SPTB is 0.87, 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 | 0.87 |
Correlation (All Time) Calculated using the full available price history since May 22, 2024 | 0.87 |
The correlation between GOVZ and SPTB has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.
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Return for Risk
GOVZ vs. SPTB — Risk / Return Rank
GOVZ
SPTB
GOVZ vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 1.34 | -1.06 |
| Martin ratioReturn relative to average drawdown | 0.63 | 3.98 | -3.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOVZ | SPTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 1.07 | -0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | 0.92 | -1.50 |
Drawdowns
GOVZ vs. SPTB - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for GOVZ and SPTB.
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Drawdown Indicators
| GOVZ | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -4.96% | -54.69% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -2.90% | -11.26% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | — | — |
Current DrawdownCurrent decline from peak | -56.47% | -1.94% | -54.53% |
Average DrawdownAverage peak-to-trough decline | -39.91% | -1.32% | -38.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.21% | 0.98% | +5.23% |
Volatility
GOVZ vs. SPTB - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.27% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 1.11%. This indicates that GOVZ'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
| GOVZ | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 1.11% | +3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.50% | 2.47% | +8.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.26% | 3.64% | +12.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.93% | 4.42% | +19.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.35% | 4.42% | +18.93% |
GOVZ vs. SPTB - Expense Ratio Comparison
GOVZ 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
GOVZ vs. SPTB - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.18%, more than SPTB's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.18% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% |
SPTB State Street SPDR Portfolio Treasury ETF | 4.20% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVZ and SPTB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVZ has higher volatility (4.27%) compared to SPTB (1.11%). In terms of maximum drawdown, GOVZ dropped -59.65% vs SPTB's -4.96%.
On 1-year performance, GOVZ leads with 3.91% vs 3.87% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GOVZ has performed better with a 3.91% return vs 3.87%. 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 GOVZ.
GOVZ has the higher dividend yield at 5.18%, compared with 4.20% for SPTB.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for GOVZ and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (1.07 vs 0.24), 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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