SPTB vs. BUCK

Last updated Jun 23, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and BUCK (Simplify Treasury Option Income ETF) are both Government Bonds funds. SPTB is passively managed, while BUCK is actively managed. Over the past year, SPTB returned 3.31% vs 6.97% for BUCK. At a 0.25 correlation, their price movements are largely independent. SPTB charges 0.03%/yr vs 0.35%/yr for BUCK.

Performance

SPTB vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTB achieves a 0.08% return, which is significantly lower than BUCK's 2.07% return.

SPTB

• 1D: -0.24%
• 1M: 0.42%
• YTD: 0.08%
• 6M: 0.14%
• 1Y: 3.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUCK

• 1D: -0.09%
• 1M: 0.17%
• YTD: 2.07%
• 6M: 2.14%
• 1Y: 6.97%
• 3Y*: 5.23%
• 5Y*: —
• 10Y*: —

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

SPTB vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.08%	6.14%	2.17%
BUCK Simplify Treasury Option Income ETF	2.07%	4.13%	4.56%

Correlation

The correlation between SPTB and BUCK is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.25

Return for Risk

SPTB vs. BUCK — Risk / Return Rank

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

SPTB

SPTB Risk / Return Rank: 25
SPTB Sharpe Ratio Rank: 27
SPTB Sortino Ratio Rank: 27
SPTB Omega Ratio Rank: 24
SPTB Calmar Ratio Rank: 24
SPTB Martin Ratio Rank: 24

BUCK

BUCK Risk / Return Rank: 86
BUCK Sharpe Ratio Rank: 77
BUCK Sortino Ratio Rank: 81
BUCK Omega Ratio Rank: 86
BUCK Calmar Ratio Rank: 90
BUCK Martin Ratio Rank: 95

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.

SPTB vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and Simplify Treasury Option Income ETF (BUCK). 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.

	SPTB	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	0.93	2.35	-1.42
Sortino ratio: Return per unit of downside risk	1.42	3.46	-2.04
Omega ratio: Gain probability vs. loss probability	1.16	1.50	-0.34
Calmar ratio: Return relative to maximum drawdown	1.14	5.35	-4.21
Martin ratio: Return relative to average drawdown	3.15	28.90	-25.75

SPTB vs. BUCK - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 0.93, which is lower than the BUCK Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SPTB and BUCK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPTB vs. BUCK - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum BUCK drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for SPTB and BUCK.

Drawdown Indicators

	SPTB	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-5.43%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-1.31%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-1.80%	-0.09%	-1.71%
Average Drawdown Average peak-to-trough decline	-1.33%	-0.49%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.24%	+0.81%

Volatility

SPTB vs. BUCK - Volatility Comparison

State Street SPDR Portfolio Treasury ETF (SPTB) has a higher volatility of 0.95% compared to Simplify Treasury Option Income ETF (BUCK) at 0.28%. This indicates that SPTB's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTB	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.28%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	1.38%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	2.98%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	3.46%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	3.46%	+0.94%

SPTB vs. BUCK - Expense Ratio Comparison

SPTB has a 0.03% expense ratio, which is lower than BUCK's 0.35% expense ratio.

Dividends

SPTB vs. BUCK - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, less than BUCK's 7.40% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.40%	7.59%	8.84%	4.84%	0.59%
SPTB State Street SPDR Portfolio Treasury ETF	4.19%	4.23%	2.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPTB and BUCK in my portfolio?

SPTB and BUCK have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTB or BUCK?

SPTB has higher volatility (0.95%) compared to BUCK (0.28%). In terms of maximum drawdown, SPTB dropped -4.96% vs BUCK's -5.43%.

Which ETF is better, SPTB or BUCK?

On 1-year performance, BUCK leads with 6.97% vs 3.31% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, BUCK has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or BUCK?

Over the 1-year period, BUCK has performed better with a 6.97% return vs 3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or BUCK?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.35% for BUCK.

Which ETF pays a higher dividend yield, SPTB or BUCK?

BUCK has the higher dividend yield at 7.40%, compared with 4.19% for SPTB.

What is the main difference between SPTB and BUCK?

They also come from different issuers: State Street and Simplify. Their fees differ too: 0.03% for SPTB and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.35 vs 0.93), 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.