IEI vs. SPTS
IEI (iShares 3-7 Year Treasury Bond ETF) and SPTS (SPDR Portfolio Short Term Treasury ETF) are both Government Bonds funds - IEI tracks the ICE U.S. Treasury 3-7 Year Bond Index while SPTS tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, IEI returned 1.28%/yr vs 1.67%/yr for SPTS. A 0.70 correlation means they provide meaningful diversification when combined. IEI charges 0.15%/yr vs 0.03%/yr for SPTS.
Performance
IEI vs. SPTS - Performance Comparison
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Returns By Period
In the year-to-date period, IEI achieves a -0.42% return, which is significantly lower than SPTS's 0.45% return. Over the past 10 years, IEI has underperformed SPTS with an annualized return of 1.28%, while SPTS has yielded a comparatively higher 1.67% annualized return.
IEI
- 1D
- -0.13%
- 1M
- -0.17%
- YTD
- -0.42%
- 6M
- -0.49%
- 1Y
- 3.28%
- 3Y*
- 3.52%
- 5Y*
- 0.23%
- 10Y*
- 1.28%
SPTS
- 1D
- -0.07%
- 1M
- 0.05%
- YTD
- 0.45%
- 6M
- 0.77%
- 1Y
- 3.45%
- 3Y*
- 4.18%
- 5Y*
- 1.81%
- 10Y*
- 1.67%
IEI vs. SPTS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | -0.42% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
SPTS SPDR Portfolio Short Term Treasury ETF | 0.45% | 5.05% | 4.20% | 4.27% | -3.86% | -0.72% | 3.23% | 3.56% | 1.08% | 0.59% |
Correlation
The correlation between IEI and SPTS is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2011 | 0.70 |
Over the past year, IEI and SPTS have become more correlated (0.90) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
IEI vs. SPTS — Risk / Return Rank
IEI
SPTS
IEI vs. SPTS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 3-7 Year Treasury Bond ETF (IEI) and SPDR Portfolio Short Term Treasury ETF (SPTS). 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.
| IEI | SPTS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.55 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 4.13 | -2.81 |
| Martin ratioReturn relative to average drawdown | 3.96 | 16.52 | -12.57 |
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
| IEI | SPTS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | 2.63 | -1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.92 | -0.87 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.98 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.49 | +0.21 |
Drawdowns
IEI vs. SPTS - Drawdown Comparison
The maximum IEI drawdown since its inception was -14.60%, which is greater than SPTS's maximum drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for IEI and SPTS.
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Drawdown Indicators
| IEI | SPTS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.60% | -5.83% | -8.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -0.84% | -1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -0.96% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -5.71% | -8.17% |
Max Drawdown (10Y)Largest decline over 10 years | -14.60% | -5.71% | -8.89% |
Current DrawdownCurrent decline from peak | -1.85% | -0.28% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -1.72% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.21% | +0.62% |
Volatility
IEI vs. SPTS - Volatility Comparison
iShares 3-7 Year Treasury Bond ETF (IEI) has a higher volatility of 0.91% compared to SPDR Portfolio Short Term Treasury ETF (SPTS) at 0.34%. This indicates that IEI's price experiences larger fluctuations and is considered to be riskier than SPTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEI | SPTS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.34% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.13% | 0.86% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 1.32% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 1.98% | +2.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 1.72% | +2.21% |
IEI vs. SPTS - Expense Ratio Comparison
IEI has a 0.15% expense ratio, which is higher than SPTS'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
IEI vs. SPTS - Dividend Comparison
IEI's dividend yield for the trailing twelve months is around 3.64%, less than SPTS's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
SPTS SPDR Portfolio Short Term Treasury ETF | 3.91% | 3.99% | 4.25% | 3.61% | 1.27% | 0.19% | 0.70% | 2.21% | 2.04% | 1.20% | 0.95% | 0.83% |
Frequently Asked Questions
With a correlation of 0.90, IEI and SPTS 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.
IEI has higher volatility (0.91%) compared to SPTS (0.34%). In terms of maximum drawdown, IEI dropped -14.60% vs SPTS's -5.83%.
On 10-year performance, SPTS leads with 1.67% vs 1.28% for IEI. On fees, SPTS is cheaper at 0.03% per year. On volatility, SPTS has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTS has performed better with a 1.67% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTS is cheaper with a 0.03% expense ratio, compared with 0.15% for IEI.
SPTS has the higher dividend yield at 3.91%, compared with 3.64% for IEI.
IEI tracks ICE U.S. Treasury 3-7 Year Bond Index, while SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IEI and 0.03% for SPTS.
SPTS currently has the higher Sharpe Ratio (2.63 vs 1.09), 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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