IBTQ vs. SPTB

Last updated Jun 5, 2026

IBTQ (iShares iBonds Dec 2035 Term Treasury ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - IBTQ tracks the ICE 2035 Maturity US Treasury Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, IBTQ returned 3.71% vs 3.36% for SPTB. With a 0.98 correlation, they move nearly in lockstep. IBTQ charges 0.07%/yr vs 0.03%/yr for SPTB.

Performance

IBTQ vs. SPTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) 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, IBTQ achieves a -0.52% return, which is significantly lower than SPTB's 0.04% return.

IBTQ

• 1D: 0.16%
• 1M: -0.07%
• YTD: -0.52%
• 6M: -0.70%
• 1Y: 3.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTB

• 1D: 0.11%
• 1M: 0.04%
• YTD: 0.04%
• 6M: 0.00%
• 1Y: 3.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTQ vs. SPTB - Yearly Performance Comparison

	2026 (YTD)	2025
IBTQ iShares iBonds Dec 2035 Term Treasury ETF	-0.52%	5.09%
SPTB State Street SPDR Portfolio Treasury ETF	0.04%	3.97%

Correlation

The correlation between IBTQ and SPTB is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.98

The correlation between IBTQ and SPTB has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

IBTQ vs. SPTB — Risk / Return Rank

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

IBTQ

IBTQ Risk / Return Rank: 21
IBTQ Sharpe Ratio Rank: 22
IBTQ Sortino Ratio Rank: 22
IBTQ Omega Ratio Rank: 20
IBTQ Calmar Ratio Rank: 21
IBTQ Martin Ratio Rank: 22

SPTB

SPTB Risk / Return Rank: 26
SPTB Sharpe Ratio Rank: 26
SPTB Sortino Ratio Rank: 26
SPTB Omega Ratio Rank: 24
SPTB Calmar Ratio Rank: 25
SPTB Martin Ratio Rank: 26

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.

IBTQ vs. SPTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) 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.

	IBTQ	SPTB	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.94	-0.19
Sortino ratio: Return per unit of downside risk	1.13	1.41	-0.29
Omega ratio: Gain probability vs. loss probability	1.13	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	0.87	1.16	-0.29
Martin ratio: Return relative to average drawdown	2.60	3.43	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTQ vs. SPTB - Sharpe Ratio Comparison

The current IBTQ Sharpe Ratio is 0.75, which is comparable to the SPTB Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of IBTQ 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.

Sharpe Ratios by Period

	IBTQ	SPTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.94	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.93	-0.25

Drawdowns

IBTQ vs. SPTB - Drawdown Comparison

The maximum IBTQ drawdown since its inception was -4.27%, smaller than the maximum SPTB drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for IBTQ and SPTB.

Drawdown Indicators

	IBTQ	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-4.27%	-4.96%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-2.90%	-1.37%
Current Drawdown Current decline from peak	-2.76%	-1.84%	-0.92%
Average Drawdown Average peak-to-trough decline	-1.41%	-1.32%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.98%	+0.46%

Volatility

IBTQ vs. SPTB - Volatility Comparison

iShares iBonds Dec 2035 Term Treasury ETF (IBTQ) has a higher volatility of 1.60% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 1.11%. This indicates that IBTQ's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTQ	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.11%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	3.47%	2.47%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	3.64%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	4.41%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.61%	4.41%	+1.20%

IBTQ vs. SPTB - Expense Ratio Comparison

IBTQ 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

IBTQ vs. SPTB - Dividend Comparison

IBTQ's dividend yield for the trailing twelve months is around 3.72%, less than SPTB's 4.20% yield.

Position	TTM	2025	2024
IBTQ iShares iBonds Dec 2035 Term Treasury ETF	3.72%	2.80%	0.00%
SPTB State Street SPDR Portfolio Treasury ETF	4.20%	4.23%	2.76%

Frequently Asked Questions

Can I hold both IBTQ and SPTB in my portfolio?

With a correlation of 0.98, IBTQ 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, IBTQ or SPTB?

IBTQ has higher volatility (1.60%) compared to SPTB (1.11%). In terms of maximum drawdown, IBTQ dropped -4.27% vs SPTB's -4.96%.

Which ETF is better, IBTQ or SPTB?

On 1-year performance, IBTQ leads with 3.71% vs 3.36% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTQ or SPTB?

Over the 1-year period, IBTQ has performed better with a 3.71% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTQ or SPTB?

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

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

SPTB has the higher dividend yield at 4.20%, compared with 3.72% for IBTQ.

What is the main difference between IBTQ and SPTB?

IBTQ tracks ICE 2035 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 IBTQ and 0.03% for SPTB.

Which has better risk-adjusted returns?

SPTB currently has the higher Sharpe Ratio (0.94 vs 0.75), 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.