SHY vs. SPTL
SHY (iShares 1-3 Year Treasury Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - SHY tracks the ICE US Treasury 1-3 Year Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, SHY returned 1.65%/yr vs -1.81%/yr for SPTL. Their 0.59 correlation means they have sometimes moved together and sometimes differently. SHY charges 0.15%/yr vs 0.03%/yr for SPTL.
Performance
SHY vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.76% return, which is significantly higher than SPTL's -3.28% return. Over the past 10 years, SHY has outperformed SPTL with an annualized return of 1.65%, while SPTL has yielded a comparatively lower -1.81% annualized return.
SHY
- 1D
- -0.01%
- 1M
- 0.07%
- 6M
- 0.55%
- YTD
- 0.76%
- 1Y
- 2.53%
- 3Y*
- 4.19%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
- ALL TIME*
- 1.95%
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $257.73M | $267.74M | $273.79M | |
| $141.08M | $126.11M | $146.73M |
SHY vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between SHY and SPTL is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.59 |
The correlation between SHY and SPTL has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
SHY vs. SPTL — Risk / Return Rank
SHY
SPTL
SHY vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) 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.
| SHY | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.00 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | -0.06 | +3.49 |
| Martin ratioReturn relative to average drawdown | 13.40 | -0.14 | +13.54 |
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Drawdowns
SHY vs. SPTL - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for SHY and SPTL.
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Drawdown Indicators
| SHY | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -46.20% | +40.49% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -7.09% | +6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -13.39% | +12.42% |
Max Drawdown (5Y)Largest decline over 5 years | -5.67% | -41.02% | +35.35% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -46.20% | +40.49% |
Current DrawdownCurrent decline from peak | -0.01% | -38.71% | +38.70% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -14.43% | +13.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 3.21% | -2.98% |
Volatility
SHY vs. SPTL - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.38%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.26%. This indicates that SHY 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
| SHY | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 2.26% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 6.39% | -5.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 8.51% | -7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 14.50% | -12.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 13.88% | -12.31% |
SHY vs. SPTL - Expense Ratio Comparison
SHY has a 0.15% 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
SHY vs. SPTL - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.65%, less than SPTL's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.32% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 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
SHY and SPTL have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.26%) compared to SHY (0.38%). In terms of maximum drawdown, SHY dropped -5.71% vs SPTL's -46.20%.
On 10-year performance, SHY leads with 1.65% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SHY has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHY has performed better with a 1.65% return vs -1.81%. 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 0.15% for SHY.
SPTL has the higher dividend yield at 3.99%, compared with 3.32% for SHY.
SHY tracks ICE US Treasury 1-3 Year Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for SHY and 0.03% for SPTL.
SHY currently has the higher Sharpe Ratio (2.21 vs -0.05), 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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