IEF vs. SPTB
IEF (iShares 7-10 Year Treasury Bond ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, IEF returned 3.44% vs 3.36% for SPTB. With a 0.98 correlation, they move nearly in lockstep. IEF charges 0.15%/yr vs 0.03%/yr for SPTB.
Performance
IEF vs. SPTB - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.53% return, which is significantly lower than SPTB's 0.04% return.
IEF
- 1D
- 0.13%
- 1M
- -0.10%
- YTD
- -0.53%
- 6M
- -0.73%
- 1Y
- 3.44%
- 3Y*
- 2.52%
- 5Y*
- -1.11%
- 10Y*
- 0.67%
SPTB
- 1D
- 0.11%
- 1M
- 0.04%
- YTD
- 0.04%
- 6M
- 0.00%
- 1Y
- 3.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEF vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.53% | 8.03% | 1.63% |
SPTB State Street SPDR Portfolio Treasury ETF | 0.04% | 6.14% | 2.17% |
Correlation
The correlation between IEF 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 May 22, 2024 | 0.98 |
The correlation between IEF and SPTB has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
IEF vs. SPTB — Risk / Return Rank
IEF
SPTB
IEF vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.16 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.16 | -0.32 |
| Martin ratioReturn relative to average drawdown | 2.50 | 3.43 | -0.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEF | SPTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.94 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.93 | -0.43 |
Drawdowns
IEF vs. SPTB - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for IEF and SPTB.
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Drawdown Indicators
| IEF | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -4.96% | -18.97% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -2.90% | -1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.23% | -1.84% | -9.39% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -1.32% | -4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.98% | +0.40% |
Volatility
IEF vs. SPTB - Volatility Comparison
iShares 7-10 Year Treasury Bond ETF (IEF) has a higher volatility of 1.54% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 1.11%. This indicates that IEF'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.
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Volatility by Period
| IEF | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.11% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.34% | 2.47% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 3.64% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 4.41% | +3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 4.41% | +2.21% |
IEF vs. SPTB - Expense Ratio Comparison
IEF has a 0.15% 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
IEF vs. SPTB - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.90%, less than SPTB's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
SPTB State Street SPDR Portfolio Treasury ETF | 4.20% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, IEF 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.
IEF has higher volatility (1.54%) compared to SPTB (1.11%). In terms of maximum drawdown, IEF dropped -23.93% vs SPTB's -4.96%.
On 1-year performance, IEF leads with 3.44% 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.
Over the 1-year period, IEF has performed better with a 3.44% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTB is cheaper with a 0.03% expense ratio, compared with 0.15% for IEF.
SPTB has the higher dividend yield at 4.20%, compared with 3.90% for IEF.
IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IEF and 0.03% for SPTB.
SPTB currently has the higher Sharpe Ratio (0.94 vs 0.73), 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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