IBTL vs. SPTL
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 2.92%/yr vs -0.74%/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
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Returns By Period
In the year-to-date period, IBTL achieves a -0.47% return, which is significantly lower than SPTL's 0.46% return.
IBTL
- 1D
- 0.17%
- 1M
- 0.34%
- YTD
- -0.47%
- 6M
- -0.30%
- 1Y
- 2.75%
- 3Y*
- 2.92%
- 5Y*
- —
- 10Y*
- —
SPTL
- 1D
- 0.08%
- 1M
- 2.04%
- YTD
- 0.46%
- 6M
- 0.31%
- 1Y
- 4.00%
- 3Y*
- -0.74%
- 5Y*
- -5.61%
- 10Y*
- -1.23%
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% | -1.22% |
SPTL SPDR Portfolio Long Term Treasury ETF | 0.46% | 5.28% | -6.23% | 3.30% | -29.44% | -0.59% |
Correlation
The correlation between IBTL and SPTL is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021 | 0.85 |
The correlation between IBTL and SPTL has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
IBTL vs. SPTL — Risk / Return Rank
IBTL
SPTL
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.
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.
| IBTL | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.08 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 0.57 | +0.40 |
| Martin ratioReturn relative to average drawdown | 2.56 | 1.41 | +1.14 |
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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.
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Drawdown Indicators
| IBTL | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -7.25% | -36.33% | +29.08% |
Average DrawdownAverage peak-to-trough decline | -11.41% | -14.30% | +2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.84% | -1.76% |
Volatility
IBTL vs. SPTL - Volatility Comparison
The current volatility for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) is 1.07%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.09%. 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.
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Volatility by Period
| IBTL | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.09% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 6.11% | -3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 8.67% | -5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.43% | 14.58% | -7.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.43% | 13.93% | -6.50% |
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 4.18% 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 | 4.18% | 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
IBTL and SPTL have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.09%) compared to IBTL (1.07%). In terms of maximum drawdown, IBTL dropped -20.93% vs SPTL's -46.20%.
On 3-year performance, IBTL leads with 2.92% vs -0.74% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, IBTL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBTL has performed better with a 2.92% return vs -0.74%. 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 0.07% for IBTL.
SPTL has the higher dividend yield at 4.18%, compared with 3.97% for IBTL.
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.
IBTL currently has the higher Sharpe Ratio (0.79 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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