SHY vs. SPTL

Last updated Jun 4, 2026

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 -1.12%/yr for SPTL. A 0.59 correlation means they provide meaningful diversification when combined. SHY charges 0.15%/yr vs 0.03%/yr for SPTL.

Performance

SHY vs. SPTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 1-3 Year Treasury Bond ETF (SHY) and SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHY achieves a 0.43% return, which is significantly higher than SPTL's -0.38% return. Over the past 10 years, SHY has outperformed SPTL with an annualized return of 1.65%, while SPTL has yielded a comparatively lower -1.12% annualized return.

SHY

• 1D: -0.05%
• 1M: 0.08%
• YTD: 0.43%
• 6M: 0.69%
• 1Y: 3.32%
• 3Y*: 4.03%
• 5Y*: 1.71%
• 10Y*: 1.65%

SPTL

• 1D: -0.38%
• 1M: 0.71%
• YTD: -0.38%
• 6M: -1.67%
• 1Y: 5.22%
• 3Y*: -0.70%
• 5Y*: -5.32%
• 10Y*: -1.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	0.43%	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	-0.38%	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 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 31, 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.

Return for Risk

SHY vs. SPTL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHY

SHY Risk / Return Rank: 79
SHY Sharpe Ratio Rank: 74
SHY Sortino Ratio Rank: 88
SHY Omega Ratio Rank: 82
SHY Calmar Ratio Rank: 73
SHY Martin Ratio Rank: 77

SPTL

SPTL Risk / Return Rank: 17
SPTL Sharpe Ratio Rank: 18
SPTL Sortino Ratio Rank: 17
SPTL Omega Ratio Rank: 16
SPTL Calmar Ratio Rank: 18
SPTL Martin Ratio Rank: 18

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.

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.

	SHY	SPTL	Difference
Sharpe ratio Return per unit of total volatility	2.49	0.59	+1.90
Sortino ratio Return per unit of downside risk	4.10	0.90	+3.20
Omega ratio Gain probability vs. loss probability	1.51	1.10	+0.40
Calmar ratio Return relative to maximum drawdown	3.75	0.74	+3.00
Martin ratio Return relative to average drawdown	15.21	1.94	+13.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHY vs. SPTL - Sharpe Ratio Comparison

The current SHY Sharpe Ratio is 2.49, which is higher than the SPTL Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of SHY and SPTL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHY	SPTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	0.59	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	-0.37	+1.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.06	-0.08	+1.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.24	+1.04

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.

Drawdown Indicators

	SHY	SPTL	Difference
Max Drawdown Largest peak-to-trough decline	-5.71%	-46.20%	+40.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-7.04%	+6.15%
Max Drawdown (3Y) Largest decline over 3 years	-0.97%	-17.55%	+16.58%
Max Drawdown (5Y) Largest decline over 5 years	-5.71%	-41.02%	+35.31%
Max Drawdown (10Y) Largest decline over 10 years	-5.71%	-46.20%	+40.49%
Current Drawdown Current decline from peak	-0.31%	-36.87%	+36.56%
Average Drawdown Average peak-to-trough decline	-0.52%	-14.24%	+13.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	2.69%	-2.47%

Volatility

SHY vs. SPTL - Volatility Comparison

The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.35%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.63%. 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.

Volatility by Period

	SHY	SPTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	2.63%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	5.97%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	8.92%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	14.63%	-12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	13.95%	-12.38%

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 3.68%, less than SPTL's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHY iShares 1-3 Year Treasury Bond ETF	3.68%	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	4.21%	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

Can I hold both SHY and SPTL in my portfolio?

SHY and SPTL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHY or SPTL?

SPTL has higher volatility (2.63%) compared to SHY (0.35%). In terms of maximum drawdown, SHY dropped -5.71% vs SPTL's -46.20%.

Which ETF is better, SHY or SPTL?

On 10-year performance, SHY leads with 1.65% vs -1.12% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SHY has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHY or SPTL?

Over the 10-year period, SHY has performed better with a 1.65% return vs -1.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHY or SPTL?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.15% for SHY.

Which ETF pays a higher dividend yield, SHY or SPTL?

SPTL has the higher dividend yield at 4.21%, compared with 3.68% for SHY.

What is the main difference between SHY and SPTL?

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.

Which has better risk-adjusted returns?

SHY currently has the higher Sharpe Ratio (2.49 vs 0.59), 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.