PLW vs. SPTL
PLW (Invesco 1-30 Laddered Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, PLW returned -0.41%/yr vs -1.66%/yr for SPTL. Their correlation of 0.95 means they have usually moved in the same direction. PLW charges 0.25%/yr vs 0.03%/yr for SPTL.
Performance
PLW vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, PLW achieves a -1.49% return, which is significantly higher than SPTL's -2.10% return. Over the past 10 years, PLW has outperformed SPTL with an annualized return of -0.41%, while SPTL has yielded a comparatively lower -1.66% annualized return.
PLW
- 1D
- 0.57%
- 1M
- -1.60%
- 6M
- -1.34%
- YTD
- -1.49%
- 1Y
- 0.11%
- 3Y*
- 1.52%
- 5Y*
- -3.79%
- 10Y*
- -0.41%
- ALL TIME*
- 2.91%
SPTL
- 1D
- 0.84%
- 1M
- -2.33%
- 6M
- -1.93%
- YTD
- -2.10%
- 1Y
- -0.80%
- 3Y*
- 0.23%
- 5Y*
- -6.98%
- 10Y*
- -1.66%
- ALL TIME*
- 3.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.68M | $4.78M | $7.09M | |
| $141.47M | $124.55M | $144.38M |
PLW vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -1.49% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.10% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between PLW and SPTL is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.95 |
The correlation between PLW and SPTL has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
PLW vs. SPTL — Risk / Return Rank
PLW
SPTL
PLW vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) 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.
| PLW | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.11 | +0.13 |
| Martin ratioReturn relative to average drawdown | 0.05 | -0.25 | +0.29 |
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Drawdowns
PLW vs. SPTL - Drawdown Comparison
The maximum PLW drawdown since its inception was -32.70%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for PLW and SPTL.
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Drawdown Indicators
| PLW | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -46.20% | +13.50% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -7.09% | +1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -9.49% | -13.39% | +3.90% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -41.02% | +12.72% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -46.20% | +13.50% |
Current DrawdownCurrent decline from peak | -23.12% | -37.96% | +14.84% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -14.44% | +4.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 3.26% | -0.86% |
Volatility
PLW vs. SPTL - Volatility Comparison
The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 1.78%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.52%. This indicates that PLW 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
| PLW | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 2.52% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 6.44% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 8.46% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.82% | 14.51% | -4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 13.88% | -4.81% |
PLW vs. SPTL - Expense Ratio Comparison
PLW has a 0.25% 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
PLW vs. SPTL - Dividend Comparison
PLW's dividend yield for the trailing twelve months is around 3.92%, less than SPTL's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.92% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.32% | 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 0.99, PLW 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 (2.52%) compared to PLW (1.78%). In terms of maximum drawdown, PLW dropped -32.70% vs SPTL's -46.20%.
On 10-year performance, PLW leads with -0.41% vs -1.66% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, PLW has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PLW has performed better with a -0.41% return vs -1.66%. 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 0.25% for PLW.
SPTL has the higher dividend yield at 4.32%, compared with 3.92% for PLW.
PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for PLW and 0.03% for SPTL.
PLW currently has the higher Sharpe Ratio (0.02 vs -0.09), 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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