SPLB vs. IEF
SPLB (SPDR Portfolio Long Term Corporate Bond ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, SPLB returned 2.20%/yr vs 0.59%/yr for IEF. A 0.75 correlation means they provide meaningful diversification when combined. SPLB charges 0.07%/yr vs 0.15%/yr for IEF.
Performance
SPLB vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPLB achieves a 1.42% return, which is significantly higher than IEF's -0.47% return. Over the past 10 years, SPLB has outperformed IEF with an annualized return of 2.20%, while IEF has yielded a comparatively lower 0.59% annualized return.
SPLB
- 1D
- -0.09%
- 1M
- 1.50%
- YTD
- 1.42%
- 6M
- 1.81%
- 1Y
- 5.82%
- 3Y*
- 4.70%
- 5Y*
- -2.10%
- 10Y*
- 2.20%
IEF
- 1D
- -0.17%
- 1M
- 0.19%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.39%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
SPLB vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 1.42% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between SPLB and IEF is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | 0.75 |
The correlation between SPLB and IEF shifts across timeframes, from 0.75 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPLB vs. IEF — Risk / Return Rank
SPLB
IEF
SPLB vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Corporate Bond ETF (SPLB) and iShares 7-10 Year Treasury Bond ETF (IEF). 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.
| SPLB | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.84 | +0.24 |
| Martin ratioReturn relative to average drawdown | 2.64 | 2.35 | +0.29 |
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Drawdowns
SPLB vs. IEF - Drawdown Comparison
The maximum SPLB drawdown since its inception was -34.46%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for SPLB and IEF.
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Drawdown Indicators
| SPLB | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.46% | -23.93% | -10.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -4.07% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -12.91% | -7.74% | -5.17% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -21.40% | -13.06% |
Max Drawdown (10Y)Largest decline over 10 years | -34.46% | -23.93% | -10.53% |
Current DrawdownCurrent decline from peak | -14.11% | -11.18% | -2.93% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -5.35% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.45% | +0.76% |
Volatility
SPLB vs. IEF - Volatility Comparison
SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a higher volatility of 2.50% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.62%. This indicates that SPLB's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLB | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 1.62% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 3.42% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 4.72% | +3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.71% | 7.71% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 6.63% | +6.32% |
SPLB vs. IEF - Expense Ratio Comparison
SPLB has a 0.07% expense ratio, which is lower than IEF's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPLB vs. IEF - Dividend Comparison
SPLB's dividend yield for the trailing twelve months is around 5.35%, more than IEF's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.35% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
SPLB and IEF have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLB has higher volatility (2.50%) compared to IEF (1.62%). In terms of maximum drawdown, SPLB dropped -34.46% vs IEF's -23.93%.
On 10-year performance, SPLB leads with 2.20% vs 0.59% for IEF. On fees, SPLB is cheaper at 0.07% per year. On volatility, IEF has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPLB has performed better with a 2.20% return vs 0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.15% for IEF.
SPLB has the higher dividend yield at 5.35%, compared with 3.89% for IEF.
SPLB is categorized as Corporate Bonds, while IEF is Government Bonds. SPLB tracks Bloomberg Barclays Long U.S. Corporate Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPLB and 0.15% for IEF.
SPLB currently has the higher Sharpe Ratio (0.73 vs 0.72), 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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