SPMB vs. TLT
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SPMB returned 1.08%/yr vs -2.38%/yr for TLT. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPMB charges 0.04%/yr vs 0.15%/yr for TLT.
Performance
SPMB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a -0.35% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, SPMB has outperformed TLT with an annualized return of 1.08%, while TLT has yielded a comparatively lower -2.38% annualized return.
SPMB
- 1D
- -0.45%
- 1M
- -1.26%
- 6M
- -0.73%
- YTD
- -0.35%
- 1Y
- 3.12%
- 3Y*
- 4.32%
- 5Y*
- 0.03%
- 10Y*
- 1.08%
- ALL TIME*
- 2.21%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $20.46M | $21.50M | $27.81M | |
| $2.33B | $2.02B | $2.19B |
SPMB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | -0.35% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SPMB and TLT is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.57 |
Over the past year, SPMB and TLT have become more correlated (0.86) than their long-term average of 0.57, meaning their price movements have been converging.
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Return for Risk
SPMB vs. TLT — Risk / Return Rank
SPMB
TLT
SPMB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| SPMB | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.99 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | -0.14 | +1.56 |
| Martin ratioReturn relative to average drawdown | 3.92 | -0.30 | +4.22 |
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Drawdowns
SPMB vs. TLT - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SPMB and TLT.
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Drawdown Indicators
| SPMB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -48.35% | +30.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -7.74% | +4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.50% | -14.79% | +8.29% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -43.70% | +26.21% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -48.35% | +30.32% |
Current DrawdownCurrent decline from peak | -2.43% | -42.36% | +39.93% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -13.99% | +11.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 3.57% | -2.52% |
Volatility
SPMB vs. TLT - Volatility Comparison
The current volatility for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) is 1.21%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that SPMB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 2.46% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 6.85% | -3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 9.32% | -5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 15.74% | -8.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.62% | 14.83% | -7.21% |
SPMB vs. TLT - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than TLT'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
SPMB vs. TLT - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.15%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 3.84% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
SPMB and TLT 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.
TLT has higher volatility (2.46%) compared to SPMB (1.21%). In terms of maximum drawdown, SPMB dropped -18.03% vs TLT's -48.35%.
On 10-year performance, SPMB leads with 1.08% vs -2.38% for TLT. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPMB has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMB has performed better with a 1.08% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.15% for TLT.
TLT has the higher dividend yield at 4.34%, compared with 3.84% for SPMB.
SPMB is categorized as Mortgage Backed Securities, while TLT is Government Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPMB and 0.15% for TLT.
SPMB currently has the higher Sharpe Ratio (0.98 vs -0.11), 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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