GOVZ vs. SPTL
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.55%/yr vs -7.23%/yr for SPTL. Their 0.98 correlation means they have historically moved very closely together. GOVZ charges 0.15%/yr vs 0.03%/yr for SPTL.
Performance
GOVZ vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.61% return, which is significantly lower than SPTL's -2.92% return.
GOVZ
- 1D
- 0.34%
- 1M
- -6.59%
- 6M
- -5.59%
- YTD
- -6.61%
- 1Y
- -7.04%
- 3Y*
- -6.86%
- 5Y*
- -14.55%
- 10Y*
- —
- ALL TIME*
- -14.11%
SPTL
- 1D
- 0.37%
- 1M
- -3.14%
- 6M
- -2.52%
- YTD
- -2.92%
- 1Y
- -1.36%
- 3Y*
- -0.05%
- 5Y*
- -7.23%
- 10Y*
- -1.74%
- ALL TIME*
- 3.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.32M | $6.57M | $8.03M | |
| $143.80M | $126.21M | $144.82M |
GOVZ vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.61% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.92% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | -3.63% |
Correlation
The correlation between GOVZ and SPTL is 0.96 - 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. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.98 |
The correlation between GOVZ and SPTL has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
GOVZ vs. SPTL — Risk / Return Rank
GOVZ
SPTL
GOVZ vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
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.
| GOVZ | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.98 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.19 | -0.28 |
| Martin ratioReturn relative to average drawdown | -0.96 | -0.42 | -0.54 |
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Drawdowns
GOVZ vs. SPTL - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than SPTL's maximum drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for GOVZ and SPTL.
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Drawdown Indicators
| GOVZ | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -46.20% | -13.45% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -7.09% | -7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -13.39% | -13.03% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -41.02% | -16.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -58.96% | -38.48% | -20.48% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -14.43% | -25.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 3.23% | +4.10% |
Volatility
GOVZ vs. SPTL - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.53% compared to SPDR Portfolio Long Term Treasury ETF (SPTL) at 2.32%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier 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
| GOVZ | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.32% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 6.39% | +4.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 8.43% | +7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 14.50% | +9.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 13.88% | +9.29% |
GOVZ vs. SPTL - Expense Ratio Comparison
GOVZ has a 0.15% 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
GOVZ vs. SPTL - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, more than SPTL's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.53% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.36% | 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 0.96, GOVZ 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.
GOVZ has higher volatility (4.53%) compared to SPTL (2.32%). In terms of maximum drawdown, GOVZ dropped -59.65% vs SPTL's -46.20%.
On 5-year performance, SPTL leads with -7.23% vs -14.55% for GOVZ. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPTL has performed better with a -7.23% return vs -14.55%. 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 0.15% for GOVZ.
GOVZ has the higher dividend yield at 5.53%, compared with 4.36% for SPTL.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for GOVZ and 0.03% for SPTL.
SPTL currently has the higher Sharpe Ratio (-0.16 vs -0.46), 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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