SPTB vs. GOVZ
SPTB (State Street SPDR Portfolio Treasury ETF) and GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index. Both are passively managed. Over the past year, SPTB returned 1.09% vs -7.36% for GOVZ. Their correlation of 0.86 means they have usually moved in the same direction. SPTB charges 0.03%/yr vs 0.15%/yr for GOVZ.
Performance
SPTB vs. GOVZ - Performance Comparison
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Returns By Period
In the year-to-date period, SPTB achieves a -0.64% return, which is significantly higher than GOVZ's -6.93% return.
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
GOVZ
- 1D
- -1.06%
- 1M
- -6.91%
- 6M
- -6.43%
- YTD
- -6.93%
- 1Y
- -7.36%
- 3Y*
- -8.06%
- 5Y*
- -14.32%
- 10Y*
- —
- ALL TIME*
- -14.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.61M | $6.41M | $8.12M | |
| $554.84K | $766.31K | $2.41M |
SPTB vs. GOVZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.93% | -1.81% | -4.68% |
Correlation
The correlation between SPTB and GOVZ is 0.84, 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. | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.86 |
The correlation between SPTB and GOVZ has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.
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Return for Risk
SPTB vs. GOVZ — Risk / Return Rank
SPTB
GOVZ
SPTB vs. GOVZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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 | GOVZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.95 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | -0.40 | +1.09 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.81 | +2.47 |
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Drawdowns
SPTB vs. GOVZ - Drawdown Comparison
The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum GOVZ drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for SPTB and GOVZ.
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Drawdown Indicators
| SPTB | GOVZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.96% | -59.65% | +54.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -14.87% | +11.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -57.63% | — |
Current DrawdownCurrent decline from peak | -2.50% | -59.10% | +56.60% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -40.34% | +38.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 7.27% | -6.06% |
Volatility
SPTB vs. GOVZ - Volatility Comparison
The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 0.94%, while iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a volatility of 4.48%. This indicates that SPTB experiences smaller price fluctuations and is considered to be less risky than GOVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTB | GOVZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 4.48% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 11.11% | -8.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 15.58% | -12.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 23.80% | -19.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.36% | 23.18% | -18.82% |
SPTB vs. GOVZ - Expense Ratio Comparison
SPTB has a 0.03% expense ratio, which is lower than GOVZ'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
SPTB vs. GOVZ - Dividend Comparison
SPTB's dividend yield for the trailing twelve months is around 4.22%, less than GOVZ's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.06% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% |
SPTB State Street SPDR Portfolio Treasury ETF | 3.85% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPTB and GOVZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVZ has higher volatility (4.48%) compared to SPTB (0.94%). In terms of maximum drawdown, SPTB dropped -4.96% vs GOVZ's -59.65%.
On 1-year performance, SPTB leads with 1.09% vs -7.36% for GOVZ. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 0.94%. 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 1.09% return vs -7.36%. 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 0.15% for GOVZ.
GOVZ has the higher dividend yield at 5.06%, compared with 3.85% for SPTB.
SPTB tracks Bloomberg U.S. Treasury Index, while GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTB and 0.15% for GOVZ.
SPTB currently has the higher Sharpe Ratio (0.57 vs -0.38), 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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