SPLB vs. IEI
SPLB (SPDR Portfolio Long Term Corporate Bond ETF) and IEI (iShares 3-7 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 IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, SPLB returned 2.20%/yr vs 1.24%/yr for IEI. A 0.67 correlation means they provide meaningful diversification when combined. SPLB charges 0.07%/yr vs 0.15%/yr for IEI.
Performance
SPLB vs. IEI - 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 IEI's -0.30% return. Over the past 10 years, SPLB has outperformed IEI with an annualized return of 2.20%, while IEI has yielded a comparatively lower 1.24% 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%
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
SPLB vs. IEI - 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% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
Correlation
The correlation between SPLB and IEI is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | 0.67 |
The correlation between SPLB and IEI shifts across timeframes, from 0.67 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPLB vs. IEI — Risk / Return Rank
SPLB
IEI
SPLB vs. IEI - 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 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.19 | -0.12 |
| Martin ratioReturn relative to average drawdown | 2.64 | 3.35 | -0.71 |
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Drawdowns
SPLB vs. IEI - Drawdown Comparison
The maximum SPLB drawdown since its inception was -34.46%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for SPLB and IEI.
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Drawdown Indicators
| SPLB | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.46% | -14.60% | -19.86% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -2.50% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -12.91% | -3.66% | -9.25% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -13.88% | -20.58% |
Max Drawdown (10Y)Largest decline over 10 years | -34.46% | -14.60% | -19.86% |
Current DrawdownCurrent decline from peak | -14.11% | -1.74% | -12.37% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -2.67% | -5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.89% | +1.32% |
Volatility
SPLB vs. IEI - Volatility Comparison
SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a higher volatility of 2.50% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. This indicates that SPLB's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLB | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 0.98% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 2.18% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 3.00% | +5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.71% | 4.78% | +7.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 3.93% | +9.02% |
SPLB vs. IEI - Expense Ratio Comparison
SPLB has a 0.07% expense ratio, which is lower than IEI'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. IEI - Dividend Comparison
SPLB's dividend yield for the trailing twelve months is around 5.35%, more than IEI's 3.64% 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% |
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 IEI have a correlation of 0.76, 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 IEI (0.98%). In terms of maximum drawdown, SPLB dropped -34.46% vs IEI's -14.60%.
On 10-year performance, SPLB leads with 2.20% vs 1.24% for IEI. On fees, SPLB is cheaper at 0.07% per year. On volatility, IEI has been the lower-risk option at 0.98%. 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 1.24%. 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 IEI.
SPLB has the higher dividend yield at 5.35%, compared with 3.64% for IEI.
SPLB is categorized as Corporate Bonds, while IEI is Government Bonds. SPLB tracks Bloomberg Barclays Long U.S. Corporate Index, while IEI tracks ICE U.S. Treasury 3-7 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 IEI.
IEI currently has the higher Sharpe Ratio (1.00 vs 0.73), 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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