SPTB vs. IEI

Last updated Jun 3, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while IEI tracks the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past year, SPTB returned 4.02% vs 3.33% for IEI. Their correlation of 0.95 suggests significant overlap in exposure. SPTB charges 0.03%/yr vs 0.15%/yr for IEI.

Performance

SPTB vs. IEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and iShares 3-7 Year Treasury Bond ETF (IEI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTB achieves a 0.15% return, which is significantly higher than IEI's -0.29% return.

SPTB

• 1D: 0.05%
• 1M: 0.00%
• YTD: 0.15%
• 6M: -0.01%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEI

• 1D: -0.01%
• 1M: -0.27%
• YTD: -0.29%
• 6M: -0.24%
• 1Y: 3.33%
• 3Y*: 3.57%
• 5Y*: 0.31%
• 10Y*: 1.29%

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

SPTB vs. IEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.15%	6.14%	2.17%
IEI iShares 3-7 Year Treasury Bond ETF	-0.29%	6.96%	2.75%

Correlation

The correlation between SPTB and IEI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.95

The correlation between SPTB and IEI has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

SPTB vs. IEI — Risk / Return Rank

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

SPTB

SPTB Risk / Return Rank: 29
SPTB Sharpe Ratio Rank: 30
SPTB Sortino Ratio Rank: 31
SPTB Omega Ratio Rank: 29
SPTB Calmar Ratio Rank: 26
SPTB Martin Ratio Rank: 27

IEI

IEI Risk / Return Rank: 29
IEI Sharpe Ratio Rank: 31
IEI Sortino Ratio Rank: 31
IEI Omega Ratio Rank: 29
IEI Calmar Ratio Rank: 26
IEI Martin Ratio Rank: 26

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. IEI - Risk-Adjusted Trends Comparison

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

	SPTB	IEI	Difference
Sharpe ratio Return per unit of total volatility	1.11	1.10	+0.01
Sortino ratio Return per unit of downside risk	1.69	1.67	+0.01
Omega ratio Gain probability vs. loss probability	1.20	1.19	0.00
Calmar ratio Return relative to maximum drawdown	1.29	1.25	+0.04
Martin ratio Return relative to average drawdown	3.87	3.78	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPTB vs. IEI - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 1.11, which is comparable to the IEI Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of SPTB and IEI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPTB	IEI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.10	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.07	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.70	+0.25

Drawdowns

SPTB vs. IEI - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum IEI drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for SPTB and IEI.

Drawdown Indicators

	SPTB	IEI	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-14.60%	+9.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.50%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.60%	—
Current Drawdown Current decline from peak	-1.73%	-1.73%	0.00%
Average Drawdown Average peak-to-trough decline	-1.32%	-2.67%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.82%	+0.15%

Volatility

SPTB vs. IEI - Volatility Comparison

State Street SPDR Portfolio Treasury ETF (SPTB) has a higher volatility of 1.13% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.92%. This indicates that SPTB'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.

Volatility by Period

	SPTB	IEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.92%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	2.15%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.04%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	4.77%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	3.93%	+0.49%

SPTB vs. IEI - Expense Ratio Comparison

SPTB has a 0.03% 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

SPTB vs. IEI - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, 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%
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

Can I hold both SPTB and IEI in my portfolio?

With a correlation of 0.94, SPTB and IEI 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.

Which is riskier, SPTB or IEI?

SPTB has higher volatility (1.13%) compared to IEI (0.92%). In terms of maximum drawdown, SPTB dropped -4.96% vs IEI's -14.60%.

Which ETF is better, SPTB or IEI?

On 1-year performance, SPTB leads with 4.02% vs 3.33% for IEI. On fees, SPTB is cheaper at 0.03% per year. On volatility, IEI has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or IEI?

Over the 1-year period, SPTB has performed better with a 4.02% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or IEI?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.15% for IEI.

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

SPTB has the higher dividend yield at 4.19%, compared with 3.64% for IEI.

What is the main difference between SPTB and IEI?

SPTB tracks Bloomberg U.S. Treasury 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: 0.03% for SPTB and 0.15% for IEI.

Which has better risk-adjusted returns?

SPTB currently has the higher Sharpe Ratio (1.11 vs 1.10), 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.