SPTB vs. SPTL
SPTB (State Street SPDR Portfolio Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds from State Street - SPTB tracks the Bloomberg U.S. Treasury Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past year, SPTB returned 1.09% vs -1.73% for SPTL. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
SPTB vs. SPTL - 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 SPTL's -3.28% return.
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $554.84K | $766.31K | $2.41M | |
| $141.08M | $126.11M | $146.73M |
SPTB vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -0.55% |
Correlation
The correlation between SPTB and SPTL is 0.93, 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. | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.94 |
The correlation between SPTB and SPTL has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
SPTB vs. SPTL — Risk / Return Rank
SPTB
SPTL
SPTB vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and SPDR Portfolio Long Term Treasury ETF (SPTL). 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 | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.00 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | -0.06 | +0.76 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.14 | +1.80 |
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Drawdowns
SPTB vs. SPTL - Drawdown Comparison
The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for SPTB and SPTL.
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Drawdown Indicators
| SPTB | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.96% | -46.20% | +41.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -7.09% | +4.19% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -2.50% | -38.71% | +36.21% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -14.43% | +13.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 3.21% | -2.00% |
Volatility
SPTB vs. SPTL - Volatility Comparison
The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 0.94%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.26%. This indicates that SPTB experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTB | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 2.26% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 6.39% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 8.51% | -4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 14.50% | -10.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.36% | 13.88% | -9.52% |
SPTB vs. SPTL - Expense Ratio Comparison
Both SPTB and SPTL 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. SPTL - Dividend Comparison
SPTB's dividend yield for the trailing twelve months is around 4.22%, less than SPTL's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
With a correlation of 0.93, SPTB and SPTL 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.
SPTL has higher volatility (2.26%) compared to SPTB (0.94%). In terms of maximum drawdown, SPTB dropped -4.96% vs SPTL's -46.20%.
On 1-year performance, SPTB leads with 1.09% vs -1.73% for SPTL. Both ETFs have the same 0.03% expense ratio. 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 -1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTB and SPTL have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 3.99%, compared with 3.85% for SPTB.
SPTB tracks Bloomberg U.S. Treasury Index, while SPTL tracks Bloomberg Long U.S. Treasury Index.
SPTB currently has the higher Sharpe Ratio (0.57 vs -0.05), 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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