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IEF vs. SPYG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEF vs. SPYG

Last updated Jun 9, 2026

IEF (iShares 7-10 Year Treasury Bond ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, IEF returned 0.53%/yr vs 17.86%/yr for SPYG. At a correlation of -0.23, they often move in opposite directions. IEF charges 0.15%/yr vs 0.04%/yr for SPYG.

Performance

IEF vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 7-10 Year Treasury Bond ETF (IEF) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEF achieves a -1.16% return, which is significantly lower than SPYG's 10.10% return. Over the past 10 years, IEF has underperformed SPYG with an annualized return of 0.53%, while SPYG has yielded a comparatively higher 17.86% annualized return.

IEF

1D
-0.11%
1M
-1.19%
YTD
-1.16%
6M
-0.96%
1Y
3.91%
3Y*
2.43%
5Y*
-1.34%
10Y*
0.53%

SPYG

1D
0.66%
1M
-0.20%
YTD
10.10%
6M
9.48%
1Y
29.04%
3Y*
26.72%
5Y*
15.25%
10Y*
17.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEF vs. SPYG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEF
iShares 7-10 Year Treasury Bond ETF		-1.16%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		10.10%22.09%35.99%30.02%-29.41%32.01%33.46%30.84%-0.12%27.24%

Correlation

The correlation between IEF and SPYG is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Jul 29, 2002

-0.23

The correlation between IEF and SPYG shifts across timeframes, from -0.23 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares 7-10 Year Treasury Bond ETF

State Street SPDR Portfolio S&P 500 Growth ETF

Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. SHYIEF vs. BNDIEF vs. IEIIEF vs. TIP
Often compared with SPYG:
SPYG vs. SPYSPYG vs. SCHGSPYG vs. VOOSPYG vs. VUGSPYG vs. VOOGSPYG vs. SPYVSPYG vs. SPYM

Return for Risk

IEF vs. SPYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEF
IEF Risk / Return Rank: 2424
Overall Rank
IEF Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2525
Sortino Ratio Rank
IEF Omega Ratio Rank: 2323
Omega Ratio Rank
IEF Calmar Ratio Rank: 2323
Calmar Ratio Rank
IEF Martin Ratio Rank: 2323
Martin Ratio Rank
SPYG
SPYG Risk / Return Rank: 5454
Overall Rank
SPYG Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SPYG Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPYG Omega Ratio Rank: 5555
Omega Ratio Rank
SPYG Calmar Ratio Rank: 4747
Calmar Ratio Rank
SPYG Martin Ratio Rank: 5555
Martin Ratio Rank
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.

IEF vs. SPYG - 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 S&P 500 Growth ETF (SPYG). 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.

IEFSPYGDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.77

-0.93

Sortino ratioReturn per unit of downside risk
1.26
2.40

-1.14

Omega ratioGain probability vs. loss probability

1.14

1.31

-0.17

Calmar ratioReturn relative to maximum drawdown

0.96

2.12

-1.16

Martin ratioReturn relative to average drawdown

2.79

8.70

-5.91

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEF vs. SPYG - Sharpe Ratio Comparison

The current IEF Sharpe Ratio is 0.84, which is lower than the SPYG Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IEF and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEFSPYGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

1.77

-0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.17

0.72

-0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.08

0.87

-0.79

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.35

+0.15

Drawdowns

IEF vs. SPYG - Drawdown Comparison

The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for IEF and SPYG.

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Drawdown Indicators

IEFSPYGDifference

Max Drawdown

Largest peak-to-trough decline

-23.93%

-67.63%

+43.70%

Max Drawdown (1Y)

Largest decline over 1 year

-4.07%

-13.76%

+9.69%

Max Drawdown (3Y)

Largest decline over 3 years

-7.74%

-22.14%

+14.40%

Max Drawdown (5Y)

Largest decline over 5 years

-21.40%

-32.67%

+11.27%

Max Drawdown (10Y)

Largest decline over 10 years

-23.93%

-32.67%

+8.74%

Current Drawdown

Current decline from peak

-11.80%

-4.31%

-7.49%

Average Drawdown

Average peak-to-trough decline

-5.35%

-24.32%

+18.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

3.35%

-1.95%

Volatility

IEF vs. SPYG - Volatility Comparison

The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.51%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 5.67%. This indicates that IEF experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFSPYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.51%

5.67%

-4.16%

Volatility (6M)

Calculated over the trailing 6-month period

3.36%

13.10%

-9.74%

Volatility (1Y)

Calculated over the trailing 1-year period

4.69%

16.53%

-11.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.71%

21.24%

-13.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.63%

20.69%

-14.06%

IEF vs. SPYG - Expense Ratio Comparison

IEF has a 0.15% expense ratio, which is higher than SPYG's 0.04% 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. SPYG - Dividend Comparison

IEF's dividend yield for the trailing twelve months is around 3.92%, more than SPYG's 0.48% yield.

PositionTTM20252024202320222021202020192018201720162015
IEF
iShares 7-10 Year Treasury Bond ETF		3.92%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%
SPYG
State Street SPDR Portfolio S&P 500 Growth ETF		0.48%0.52%0.60%1.15%1.03%0.62%0.90%1.37%1.51%1.41%1.55%1.57%

Frequently Asked Questions

IEF and SPYG have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYG has higher volatility (5.67%) compared to IEF (1.51%). In terms of maximum drawdown, IEF dropped -23.93% vs SPYG's -67.63%.

On 10-year performance, SPYG leads with 17.86% vs 0.53% for IEF. On fees, SPYG is cheaper at 0.04% per year. On volatility, IEF has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYG has performed better with a 17.86% return vs 0.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYG is cheaper with a 0.04% expense ratio, compared with 0.15% for IEF.

IEF has the higher dividend yield at 3.92%, compared with 0.48% for SPYG.

IEF is categorized as Government Bonds, while SPYG is S&P 500. IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IEF and 0.04% for SPYG.

SPYG currently has the higher Sharpe Ratio (1.77 vs 0.84), 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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