SPTB vs. SHY
SPTB (State Street SPDR Portfolio Treasury ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while SHY tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past year, SPTB returned 1.09% vs 2.53% for SHY. Their correlation of 0.82 means they have usually moved in the same direction. SPTB charges 0.03%/yr vs 0.15%/yr for SHY.
Performance
SPTB vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, SPTB achieves a -0.64% return, which is significantly lower than SHY's 0.76% return.
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
SHY
- 1D
- -0.01%
- 1M
- 0.07%
- 6M
- 0.55%
- YTD
- 0.76%
- 1Y
- 2.53%
- 3Y*
- 4.19%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
- ALL TIME*
- 1.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $257.73M | $267.74M | $273.79M | |
| $554.84K | $766.31K | $2.41M |
SPTB vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.44% |
Correlation
The correlation between SPTB and SHY is 0.80, 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. | 0.80 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.82 |
The correlation between SPTB and SHY has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.
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Return for Risk
SPTB vs. SHY — Risk / Return Rank
SPTB
SHY
SPTB vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.45 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 3.43 | -2.74 |
| Martin ratioReturn relative to average drawdown | 1.66 | 13.40 | -11.74 |
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Drawdowns
SPTB vs. SHY - Drawdown Comparison
The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum SHY drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for SPTB and SHY.
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Drawdown Indicators
| SPTB | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.96% | -5.71% | +0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -0.89% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.97% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.71% | — |
Current DrawdownCurrent decline from peak | -2.50% | -0.01% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -0.52% | -0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.23% | +0.98% |
Volatility
SPTB vs. SHY - Volatility Comparison
State Street SPDR Portfolio Treasury ETF (SPTB) has a higher volatility of 0.94% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.38%. This indicates that SPTB's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTB | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.38% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 1.07% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 1.38% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 2.00% | +2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.36% | 1.57% | +2.79% |
SPTB vs. SHY - Expense Ratio Comparison
SPTB has a 0.03% expense ratio, which is lower than SHY'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. SHY - Dividend Comparison
SPTB's dividend yield for the trailing twelve months is around 4.22%, more than SHY's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.32% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
SPTB State Street SPDR Portfolio Treasury ETF | 3.85% | 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
SPTB and SHY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTB has higher volatility (0.94%) compared to SHY (0.38%). In terms of maximum drawdown, SPTB dropped -4.96% vs SHY's -5.71%.
On 1-year performance, SHY leads with 2.53% vs 1.09% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SHY has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHY has performed better with a 2.53% return vs 1.09%. 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 SHY.
SPTB has the higher dividend yield at 3.85%, compared with 3.32% for SHY.
SPTB tracks Bloomberg U.S. Treasury Index, while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTB and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.21 vs 0.57), 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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