SPTB vs. TLT
SPTB (State Street SPDR Portfolio Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past year, SPTB returned 1.09% vs -2.45% for TLT. Their correlation of 0.92 means they have usually moved in the same direction. SPTB charges 0.03%/yr vs 0.15%/yr for TLT.
Performance
SPTB vs. TLT - 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 TLT's -3.49% return.
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $554.84K | $766.31K | $2.41M | |
| $2.33B | $2.02B | $2.19B |
SPTB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -1.53% |
Correlation
The correlation between SPTB and TLT is 0.92, 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. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.92 |
The correlation between SPTB and TLT has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
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Return for Risk
SPTB vs. TLT — Risk / Return Rank
SPTB
TLT
SPTB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.99 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | -0.14 | +0.83 |
| Martin ratioReturn relative to average drawdown | 1.66 | -0.30 | +1.96 |
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Drawdowns
SPTB vs. TLT - Drawdown Comparison
The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SPTB and TLT.
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Drawdown Indicators
| SPTB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.96% | -48.35% | +43.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -7.74% | +4.84% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -2.50% | -42.36% | +39.86% |
Average DrawdownAverage peak-to-trough decline | -1.36% | -13.99% | +12.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 3.57% | -2.36% |
Volatility
SPTB vs. TLT - Volatility Comparison
The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 0.94%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that SPTB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 2.46% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 6.85% | -4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 9.32% | -5.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 15.74% | -11.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.36% | 14.83% | -10.47% |
SPTB vs. TLT - Expense Ratio Comparison
SPTB has a 0.03% expense ratio, which is lower than TLT'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. TLT - Dividend Comparison
SPTB's dividend yield for the trailing twelve months is around 4.22%, less than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
With a correlation of 0.92, SPTB and TLT 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.
TLT has higher volatility (2.46%) compared to SPTB (0.94%). In terms of maximum drawdown, SPTB dropped -4.96% vs TLT's -48.35%.
On 1-year performance, SPTB leads with 1.09% vs -2.45% for TLT. On fees, SPTB is cheaper at 0.03% per year. 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 -2.45%. 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 TLT.
TLT has the higher dividend yield at 4.34%, compared with 3.85% for SPTB.
SPTB tracks Bloomberg U.S. Treasury Index, while TLT tracks ICE U.S. Treasury 20+ 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 TLT.
SPTB currently has the higher Sharpe Ratio (0.57 vs -0.11), 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.
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