SPTB vs. TRSY

Last updated Jun 21, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both Government Bonds funds - SPTB tracks the Bloomberg U.S. Treasury Index while TRSY tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, SPTB returned 3.56% vs 3.86% for TRSY. At a 0.13 correlation, their price movements are largely independent. SPTB charges 0.03%/yr vs 0.06%/yr for TRSY.

Performance

SPTB vs. TRSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and Xtrackers US 0-1 Year Treasury ETF (TRSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTB achieves a 0.32% return, which is significantly lower than TRSY's 1.60% return.

SPTB

• 1D: 0.19%
• 1M: 0.86%
• YTD: 0.32%
• 6M: 0.30%
• 1Y: 3.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRSY

• 1D: -0.05%
• 1M: 0.25%
• YTD: 1.60%
• 6M: 1.70%
• 1Y: 3.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPTB vs. TRSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.32%	6.14%	-1.94%
TRSY Xtrackers US 0-1 Year Treasury ETF	1.60%	4.22%	1.49%

Correlation

The correlation between SPTB and TRSY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 9, 2024	0.13

Return for Risk

SPTB vs. TRSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPTB

SPTB Risk / Return Rank: 28
SPTB Sharpe Ratio Rank: 29
SPTB Sortino Ratio Rank: 29
SPTB Omega Ratio Rank: 27
SPTB Calmar Ratio Rank: 26
SPTB Martin Ratio Rank: 26

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 99
TRSY 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. TRSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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	TRSY	Difference
Sharpe ratio: Return per unit of total volatility	1.02	10.14	-9.12
Sortino ratio: Return per unit of downside risk	1.55	26.20	-24.65
Omega ratio: Gain probability vs. loss probability	1.18	6.20	-5.03
Calmar ratio: Return relative to maximum drawdown	1.25	59.34	-58.10
Martin ratio: Return relative to average drawdown	3.45	359.88	-356.43

SPTB vs. TRSY - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 1.02, which is lower than the TRSY Sharpe Ratio of 10.14. The chart below compares the historical Sharpe Ratios of SPTB and TRSY, 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. TRSY - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for SPTB and TRSY.

Drawdown Indicators

	SPTB	TRSY	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-0.82%	-4.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-0.07%	-2.83%
Current Drawdown Current decline from peak	-1.56%	-0.05%	-1.51%
Average Drawdown Average peak-to-trough decline	-1.33%	-0.06%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.01%	+1.04%

Volatility

SPTB vs. TRSY - Volatility Comparison

State Street SPDR Portfolio Treasury ETF (SPTB) has a higher volatility of 0.98% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.13%. This indicates that SPTB's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTB	TRSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.13%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	0.25%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	3.55%	0.39%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	1.10%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	1.10%	+3.30%

SPTB vs. TRSY - Expense Ratio Comparison

SPTB has a 0.03% expense ratio, which is lower than TRSY's 0.06% 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. TRSY - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.18%, more than TRSY's 3.72% yield.

Position	TTM	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	4.18%	4.23%	2.76%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both SPTB and TRSY in my portfolio?

SPTB and TRSY have a correlation of 0.14, 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 TRSY?

SPTB has higher volatility (0.98%) compared to TRSY (0.13%). In terms of maximum drawdown, SPTB dropped -4.96% vs TRSY's -0.82%.

Which ETF is better, SPTB or TRSY?

On 1-year performance, TRSY leads with 3.86% vs 3.56% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, TRSY has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or TRSY?

Over the 1-year period, TRSY has performed better with a 3.86% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or TRSY?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.06% for TRSY.

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

SPTB has the higher dividend yield at 4.18%, compared with 3.72% for TRSY.

What is the main difference between SPTB and TRSY?

SPTB tracks Bloomberg U.S. Treasury Index, while TRSY tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.03% for SPTB and 0.06% for TRSY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.14 vs 1.02), 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.