SPTB vs. GOVT
SPTB (State Street SPDR Portfolio Treasury ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while GOVT tracks the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past year, SPTB returned 3.31% vs 3.26% for GOVT. With a 0.97 correlation, they move nearly in lockstep. SPTB charges 0.03%/yr vs 0.05%/yr for GOVT.
Performance
SPTB vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, SPTB achieves a 0.08% return, which is significantly higher than GOVT's -0.02% return.
SPTB
- 1D
- -0.24%
- 1M
- 0.42%
- YTD
- 0.08%
- 6M
- 0.14%
- 1Y
- 3.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GOVT
- 1D
- -0.29%
- 1M
- 0.45%
- YTD
- -0.02%
- 6M
- 0.07%
- 1Y
- 3.26%
- 3Y*
- 2.88%
- 5Y*
- -0.49%
- 10Y*
- 0.79%
SPTB vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | 0.08% | 6.14% | 2.17% |
GOVT iShares U.S. Treasury Bond ETF | -0.02% | 3.77% | 4.66% |
Correlation
The correlation between SPTB and GOVT is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.97 |
The correlation between SPTB and GOVT has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
SPTB vs. GOVT — Risk / Return Rank
SPTB
GOVT
SPTB vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and iShares U.S. Treasury Bond ETF (GOVT). 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 | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.15 | 0.00 |
| Martin ratioReturn relative to average drawdown | 3.15 | 3.13 | +0.02 |
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Drawdowns
SPTB vs. GOVT - Drawdown Comparison
The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum GOVT drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for SPTB and GOVT.
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Drawdown Indicators
| SPTB | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.96% | -19.07% | +14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.85% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.43% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -1.80% | -7.09% | +5.29% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -5.26% | +3.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.04% | +0.01% |
Volatility
SPTB vs. GOVT - Volatility Comparison
State Street SPDR Portfolio Treasury ETF (SPTB) and iShares U.S. Treasury Bond ETF (GOVT) have volatilities of 0.95% and 0.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTB | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.97% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 2.60% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 3.58% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 6.04% | -1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.40% | 5.23% | -0.83% |
SPTB vs. GOVT - Expense Ratio Comparison
SPTB has a 0.03% expense ratio, which is lower than GOVT's 0.05% 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
SPTB vs. GOVT - Dividend Comparison
SPTB's dividend yield for the trailing twelve months is around 4.19%, more than GOVT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.58% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
SPTB State Street SPDR Portfolio Treasury ETF | 4.19% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, SPTB and GOVT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GOVT has higher volatility (0.97%) compared to SPTB (0.95%). In terms of maximum drawdown, SPTB dropped -4.96% vs GOVT's -19.07%.
On 1-year performance, SPTB leads with 3.31% vs 3.26% for GOVT. On fees, SPTB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPTB has performed better with a 3.31% return vs 3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTB is cheaper with a 0.03% expense ratio, compared with 0.05% for GOVT.
SPTB has the higher dividend yield at 4.19%, compared with 3.58% for GOVT.
SPTB tracks Bloomberg U.S. Treasury Index, while GOVT tracks ICE U.S. Treasury Core Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTB and 0.05% for GOVT.
SPTB currently has the higher Sharpe Ratio (0.93 vs 0.92), 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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