SPTB vs. TFLO

Last updated Jun 3, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past year, SPTB returned 4.02% vs 3.99% for TFLO. At a correlation of -0.02, they often move in opposite directions. SPTB charges 0.03%/yr vs 0.15%/yr for TFLO.

Performance

SPTB vs. TFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 lower than TFLO's 1.57% return.

SPTB

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

TFLO

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.57%
• 6M: 1.92%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.63%
• 10Y*: 2.37%

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

SPTB vs. TFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.15%	6.14%	2.17%
TFLO iShares Treasury Floating Rate Bond ETF	1.57%	4.22%	3.06%

Correlation

The correlation between SPTB and TFLO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since May 22, 2024	-0.02

Return for Risk

SPTB vs. TFLO — 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

TFLO

TFLO Risk / Return Rank: 100
TFLO Sharpe Ratio Rank: 100
TFLO Sortino Ratio Rank: 100
TFLO Omega Ratio Rank: 100
TFLO Calmar Ratio Rank: 100
TFLO Martin Ratio Rank: 100

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. TFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and iShares Treasury Floating Rate Bond ETF (TFLO). 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	TFLO	Difference
Sharpe ratio Return per unit of total volatility	1.11	14.11	-13.00
Sortino ratio Return per unit of downside risk	1.69	51.12	-49.44
Omega ratio Gain probability vs. loss probability	1.20	14.01	-12.81
Calmar ratio Return relative to maximum drawdown	1.29	202.40	-201.11
Martin ratio Return relative to average drawdown	3.87	829.74	-825.87
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. TFLO - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 1.11, which is lower than the TFLO Sharpe Ratio of 14.11. The chart below compares the historical Sharpe Ratios of SPTB and TFLO, 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	TFLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	14.11	-13.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	5.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.98	-0.04

Drawdowns

SPTB vs. TFLO - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, roughly equal to the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for SPTB and TFLO.

Drawdown Indicators

	SPTB	TFLO	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-5.01%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-0.02%	-2.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.16%	—
Current Drawdown Current decline from peak	-1.73%	0.00%	-1.73%
Average Drawdown Average peak-to-trough decline	-1.32%	-0.10%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.00%	+0.97%

Volatility

SPTB vs. TFLO - Volatility Comparison

State Street SPDR Portfolio Treasury ETF (SPTB) has a higher volatility of 1.13% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that SPTB's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTB	TFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.07%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	0.20%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	0.28%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	0.35%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	0.46%	+3.96%

SPTB vs. TFLO - Expense Ratio Comparison

SPTB has a 0.03% expense ratio, which is lower than TFLO'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. TFLO - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, more than TFLO's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TFLO iShares Treasury Floating Rate Bond ETF	3.90%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%

Frequently Asked Questions

Can I hold both SPTB and TFLO in my portfolio?

SPTB and TFLO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTB or TFLO?

SPTB has higher volatility (1.13%) compared to TFLO (0.07%). In terms of maximum drawdown, SPTB dropped -4.96% vs TFLO's -5.01%.

Which ETF is better, SPTB or TFLO?

On 1-year performance, SPTB leads with 4.02% vs 3.99% for TFLO. On fees, SPTB is cheaper at 0.03% per year. On volatility, TFLO has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or TFLO?

Over the 1-year period, SPTB has performed better with a 4.02% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or TFLO?

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

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

SPTB has the higher dividend yield at 4.19%, compared with 3.90% for TFLO.

What is the main difference between SPTB and TFLO?

SPTB tracks Bloomberg U.S. Treasury Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTB and 0.15% for TFLO.

Which has better risk-adjusted returns?

TFLO currently has the higher Sharpe Ratio (14.11 vs 1.11), 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.