IBTJ vs. SPTB

Last updated Jun 26, 2026

IBTJ (iShares iBonds Dec 2029 Term Treasury ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - IBTJ tracks the ICE 2029 Maturity US Treasury Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, IBTJ returned 2.81% vs 3.35% for SPTB. Their correlation of 0.92 suggests significant overlap in exposure. IBTJ charges 0.07%/yr vs 0.03%/yr for SPTB.

Performance

IBTJ vs. SPTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) and State Street SPDR Portfolio Treasury ETF (SPTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTJ achieves a 0.18% return, which is significantly lower than SPTB's 0.68% return.

IBTJ

• 1D: 0.05%
• 1M: 0.27%
• YTD: 0.18%
• 6M: 0.31%
• 1Y: 2.81%
• 3Y*: 3.67%
• 5Y*: 0.01%
• 10Y*: —

SPTB

• 1D: 0.02%
• 1M: 0.87%
• YTD: 0.68%
• 6M: 0.54%
• 1Y: 3.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTJ vs. SPTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBTJ iShares iBonds Dec 2029 Term Treasury ETF	0.18%	6.89%	3.07%
SPTB State Street SPDR Portfolio Treasury ETF	0.68%	6.14%	2.17%

Correlation

The correlation between IBTJ and SPTB is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.92

The correlation between IBTJ and SPTB has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

IBTJ vs. SPTB — Risk / Return Rank

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

IBTJ

IBTJ Risk / Return Rank: 36
IBTJ Sharpe Ratio Rank: 36
IBTJ Sortino Ratio Rank: 38
IBTJ Omega Ratio Rank: 34
IBTJ Calmar Ratio Rank: 38
IBTJ Martin Ratio Rank: 33

SPTB

SPTB Risk / Return Rank: 26
SPTB Sharpe Ratio Rank: 28
SPTB Sortino Ratio Rank: 28
SPTB Omega Ratio Rank: 25
SPTB Calmar Ratio Rank: 26
SPTB Martin Ratio Rank: 25

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.

IBTJ vs. SPTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) 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.

	IBTJ	SPTB	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.94	+0.24
Sortino ratio: Return per unit of downside risk	1.81	1.43	+0.38
Omega ratio: Gain probability vs. loss probability	1.21	1.16	+0.05
Calmar ratio: Return relative to maximum drawdown	1.74	1.16	+0.58
Martin ratio: Return relative to average drawdown	4.49	3.16	+1.33

IBTJ vs. SPTB - Sharpe Ratio Comparison

The current IBTJ Sharpe Ratio is 1.18, which is comparable to the SPTB Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of IBTJ and SPTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBTJ vs. SPTB - Drawdown Comparison

The maximum IBTJ drawdown since its inception was -20.19%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for IBTJ and SPTB.

Drawdown Indicators

	IBTJ	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-20.19%	-4.96%	-15.23%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-2.90%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.21%	—	—
Current Drawdown Current decline from peak	-6.04%	-1.21%	-4.83%
Average Drawdown Average peak-to-trough decline	-9.69%	-1.33%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.06%	-0.43%

Volatility

IBTJ vs. SPTB - Volatility Comparison

The current volatility for iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) is 0.73%, while State Street SPDR Portfolio Treasury ETF (SPTB) has a volatility of 1.03%. This indicates that IBTJ experiences smaller price fluctuations and is considered to be less risky than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTJ	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.03%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	2.58%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	3.57%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	4.40%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.97%	4.40%	+1.57%

IBTJ vs. SPTB - Expense Ratio Comparison

IBTJ has a 0.07% 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

IBTJ vs. SPTB - Dividend Comparison

IBTJ's dividend yield for the trailing twelve months is around 3.80%, less than SPTB's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
IBTJ iShares iBonds Dec 2029 Term Treasury ETF	3.80%	3.78%	3.95%	3.48%	1.86%	0.74%	0.61%
SPTB State Street SPDR Portfolio Treasury ETF	4.17%	4.23%	2.76%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTJ and SPTB in my portfolio?

With a correlation of 0.90, IBTJ 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.

Which is riskier, IBTJ or SPTB?

SPTB has higher volatility (1.03%) compared to IBTJ (0.73%). In terms of maximum drawdown, IBTJ dropped -20.19% vs SPTB's -4.96%.

Which ETF is better, IBTJ or SPTB?

On 1-year performance, SPTB leads with 3.35% vs 2.81% for IBTJ. On fees, SPTB is cheaper at 0.03% per year. On volatility, IBTJ has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTJ or SPTB?

Over the 1-year period, SPTB has performed better with a 3.35% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTJ or SPTB?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.07% for IBTJ.

Which ETF pays a higher dividend yield, IBTJ or SPTB?

SPTB has the higher dividend yield at 4.17%, compared with 3.80% for IBTJ.

What is the main difference between IBTJ and SPTB?

IBTJ tracks ICE 2029 Maturity US Treasury Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTJ and 0.03% for SPTB.

Which has better risk-adjusted returns?

IBTJ currently has the higher Sharpe Ratio (1.18 vs 0.94), 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.