IBTL vs. SPTL

Last updated Jun 4, 2026

IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - IBTL tracks the ICE 2031 Maturity US Treasury Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 3 years, IBTL returned 2.83%/yr vs -0.70%/yr for SPTL. Their correlation of 0.85 suggests significant overlap in exposure. IBTL charges 0.07%/yr vs 0.03%/yr for SPTL.

Performance

IBTL vs. SPTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2031 Term Treasury ETF (IBTL) and SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTL achieves a -0.47% return, which is significantly lower than SPTL's -0.38% return.

IBTL

• 1D: -0.15%
• 1M: -0.21%
• YTD: -0.47%
• 6M: -0.69%
• 1Y: 3.77%
• 3Y*: 2.83%
• 5Y*: —
• 10Y*: —

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)

IBTL vs. SPTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBTL iShares iBonds Dec 2031 Term Treasury ETF	-0.47%	7.85%	0.36%	3.60%	-15.60%	-1.37%
SPTL SPDR Portfolio Long Term Treasury ETF	-0.38%	5.28%	-6.23%	3.30%	-29.44%	-0.87%

Correlation

The correlation between IBTL and SPTL is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021	0.85

The correlation between IBTL and SPTL has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

IBTL vs. SPTL — Risk / Return Rank

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

IBTL

IBTL Risk / Return Rank: 28
IBTL Sharpe Ratio Rank: 28
IBTL Sortino Ratio Rank: 29
IBTL Omega Ratio Rank: 27
IBTL Calmar Ratio Rank: 27
IBTL Martin Ratio Rank: 28

SPTL

SPTL Risk / Return Rank: 17
SPTL Sharpe Ratio Rank: 18
SPTL Sortino Ratio Rank: 17
SPTL Omega Ratio Rank: 16
SPTL Calmar Ratio Rank: 18
SPTL Martin Ratio Rank: 18

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.

IBTL vs. SPTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) 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.

	IBTL	SPTL	Difference
Sharpe ratio Return per unit of total volatility	1.05	0.59	+0.46
Sortino ratio Return per unit of downside risk	1.60	0.90	+0.70
Omega ratio Gain probability vs. loss probability	1.18	1.10	+0.08
Calmar ratio Return relative to maximum drawdown	1.34	0.74	+0.59
Martin ratio Return relative to average drawdown	3.90	1.94	+1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL vs. SPTL - Sharpe Ratio Comparison

The current IBTL Sharpe Ratio is 1.05, which is higher than the SPTL Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of IBTL 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.

Sharpe Ratios by Period

	IBTL	SPTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.59	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.24	-0.45

Drawdowns

IBTL vs. SPTL - Drawdown Comparison

The maximum IBTL drawdown since its inception was -20.93%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for IBTL and SPTL.

Drawdown Indicators

	IBTL	SPTL	Difference
Max Drawdown Largest peak-to-trough decline	-20.93%	-46.20%	+25.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-7.04%	+4.21%
Max Drawdown (3Y) Largest decline over 3 years	-7.38%	-17.55%	+10.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	-7.25%	-36.87%	+29.62%
Average Drawdown Average peak-to-trough decline	-11.47%	-14.24%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.69%	-1.72%

Volatility

IBTL vs. SPTL - Volatility Comparison

The current volatility for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) is 1.08%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.63%. This indicates that IBTL 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.

Volatility by Period

	IBTL	SPTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.63%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	5.97%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	8.92%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	14.63%	-7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	13.95%	-6.49%

IBTL vs. SPTL - Expense Ratio Comparison

IBTL has a 0.07% 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

IBTL vs. SPTL - Dividend Comparison

IBTL's dividend yield for the trailing twelve months is around 3.97%, less than SPTL's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTL iShares iBonds Dec 2031 Term Treasury ETF	3.97%	3.93%	4.07%	3.04%	2.36%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both IBTL and SPTL in my portfolio?

IBTL and SPTL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTL or SPTL?

SPTL has higher volatility (2.63%) compared to IBTL (1.08%). In terms of maximum drawdown, IBTL dropped -20.93% vs SPTL's -46.20%.

Which ETF is better, IBTL or SPTL?

On 3-year performance, IBTL leads with 2.83% vs -0.70% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, IBTL has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTL or SPTL?

Over the 3-year period, IBTL has performed better with a 2.83% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTL or SPTL?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.07% for IBTL.

Which ETF pays a higher dividend yield, IBTL or SPTL?

SPTL has the higher dividend yield at 4.21%, compared with 3.97% for IBTL.

What is the main difference between IBTL and SPTL?

IBTL tracks ICE 2031 Maturity US Treasury Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTL and 0.03% for SPTL.

Which has better risk-adjusted returns?

IBTL currently has the higher Sharpe Ratio (1.05 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.