IBTP vs. SPTL
IBTP (iShares iBonds Dec 2034 Term Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - IBTP tracks the ICE 2034 Maturity US Treasury Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past year, IBTP returned 0.81% vs -1.73% for SPTL. Their correlation of 0.93 means they have usually moved in the same direction. IBTP charges 0.07%/yr vs 0.03%/yr for SPTL.
Performance
IBTP vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, IBTP achieves a -1.35% return, which is significantly higher than SPTL's -3.28% return.
IBTP
- 1D
- -0.34%
- 1M
- -1.20%
- 6M
- -1.18%
- YTD
- -1.35%
- 1Y
- 0.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.03%
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.61M | $1.28M | $1.38M | |
| $141.08M | $126.11M | $146.73M |
IBTP vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBTP iShares iBonds Dec 2034 Term Treasury ETF | -1.35% | 8.16% | -0.12% |
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -1.53% |
Correlation
The correlation between IBTP and SPTL is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.93 |
The correlation between IBTP and SPTL has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.
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Return for Risk
IBTP vs. SPTL — Risk / Return Rank
IBTP
SPTL
IBTP vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) 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.
| IBTP | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.00 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.06 | +0.56 |
| Martin ratioReturn relative to average drawdown | 1.16 | -0.14 | +1.30 |
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Drawdowns
IBTP vs. SPTL - Drawdown Comparison
The maximum IBTP drawdown since its inception was -7.40%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for IBTP and SPTL.
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Drawdown Indicators
| IBTP | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.40% | -46.20% | +38.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -7.09% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.39% | — |
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 | -3.52% | -38.71% | +35.19% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -14.43% | +12.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 3.21% | -1.50% |
Volatility
IBTP vs. SPTL - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) is 1.16%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.26%. This indicates that IBTP 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
| IBTP | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 2.26% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.55% | 6.39% | -2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.62% | 8.51% | -3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.88% | 14.50% | -8.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 13.88% | -8.00% |
IBTP vs. SPTL - Expense Ratio Comparison
IBTP 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
IBTP vs. SPTL - Dividend Comparison
IBTP's dividend yield for the trailing twelve months is around 4.10%, less than SPTL's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTP iShares iBonds Dec 2034 Term Treasury ETF | 3.74% | 3.92% | 1.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 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 0.92, IBTP 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.
SPTL has higher volatility (2.26%) compared to IBTP (1.16%). In terms of maximum drawdown, IBTP dropped -7.40% vs SPTL's -46.20%.
On 1-year performance, IBTP leads with 0.81% vs -1.73% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, IBTP has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBTP has performed better with a 0.81% return vs -1.73%. 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 IBTP.
SPTL has the higher dividend yield at 3.99%, compared with 3.74% for IBTP.
IBTP tracks ICE 2034 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 IBTP and 0.03% for SPTL.
IBTP currently has the higher Sharpe Ratio (0.43 vs -0.05), 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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