SPTB vs. SCHQ

Last updated Jun 23, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past year, SPTB returned 3.31% vs 4.37% for SCHQ. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

SPTB vs. SCHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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 SCHQ's 0.37% return.

SPTB

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

SCHQ

• 1D: -0.67%
• 1M: 1.95%
• YTD: 0.37%
• 6M: 0.37%
• 1Y: 4.37%
• 3Y*: -0.77%
• 5Y*: -5.56%
• 10Y*: —

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

SPTB vs. SCHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.08%	6.14%	2.17%
SCHQ Schwab Long-Term U.S. Treasury ETF	0.37%	5.50%	-0.75%

Correlation

The correlation between SPTB and SCHQ 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 21, 2024	0.94

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

Return for Risk

SPTB vs. SCHQ — 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

SCHQ

SCHQ Risk / Return Rank: 15
SCHQ Sharpe Ratio Rank: 16
SCHQ Sortino Ratio Rank: 15
SCHQ Omega Ratio Rank: 14
SCHQ Calmar Ratio Rank: 16
SCHQ Martin Ratio Rank: 16

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. SCHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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	SCHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.51	+0.43
Sortino ratio: Return per unit of downside risk	1.42	0.79	+0.62
Omega ratio: Gain probability vs. loss probability	1.16	1.09	+0.07
Calmar ratio: Return relative to maximum drawdown	1.14	0.63	+0.52
Martin ratio: Return relative to average drawdown	3.15	1.55	+1.60

SPTB vs. SCHQ - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 0.93, which is higher than the SCHQ Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of SPTB and SCHQ, 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. SCHQ - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for SPTB and SCHQ.

Drawdown Indicators

	SPTB	SCHQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-46.13%	+41.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-7.01%	+4.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.93%	—
Current Drawdown Current decline from peak	-1.80%	-36.31%	+34.51%
Average Drawdown Average peak-to-trough decline	-1.33%	-26.42%	+25.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.83%	-1.78%

Volatility

SPTB vs. SCHQ - Volatility Comparison

The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 0.95%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.09%. This indicates that SPTB experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTB	SCHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.09%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	6.08%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	8.66%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	14.49%	-10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	15.29%	-10.89%

SPTB vs. SCHQ - Expense Ratio Comparison

Both SPTB and SCHQ have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPTB vs. SCHQ - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, less than SCHQ's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SCHQ Schwab Long-Term U.S. Treasury ETF	4.75%	4.54%	4.58%	3.79%	2.88%	1.69%	1.51%	0.44%
SPTB State Street SPDR Portfolio Treasury ETF	4.19%	4.23%	2.76%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPTB and SCHQ in my portfolio?

With a correlation of 0.94, SPTB and SCHQ 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 SCHQ?

SCHQ has higher volatility (2.09%) compared to SPTB (0.95%). In terms of maximum drawdown, SPTB dropped -4.96% vs SCHQ's -46.13%.

Which ETF is better, SPTB or SCHQ?

On 1-year performance, SCHQ leads with 4.37% vs 3.31% for SPTB. Both ETFs have the same 0.03% expense ratio. On volatility, SPTB has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or SCHQ?

Over the 1-year period, SCHQ has performed better with a 4.37% 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 SCHQ?

SPTB and SCHQ have the same expense ratio: 0.03% per year.

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

SCHQ has the higher dividend yield at 4.75%, compared with 4.19% for SPTB.

What is the main difference between SPTB and SCHQ?

SPTB tracks Bloomberg U.S. Treasury Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: State Street and Charles Schwab.

Which has better risk-adjusted returns?

SPTB currently has the higher Sharpe Ratio (0.93 vs 0.51), 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.