SPTB vs. XLK

Last updated Jun 3, 2026

SPTB (State Street SPDR Portfolio Treasury ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - SPTB is a Government Bonds fund tracking the Bloomberg U.S. Treasury Index, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past year, SPTB returned 4.02% vs 71.15% for XLK. At a 0.01 correlation, their price movements are largely independent. SPTB charges 0.03%/yr vs 0.08%/yr for XLK.

Performance

SPTB vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Treasury ETF (SPTB) and State Street Technology Select Sector SPDR ETF (XLK). 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 XLK's 37.85% return.

SPTB

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

XLK

• 1D: 1.25%
• 1M: 22.45%
• YTD: 37.85%
• 6M: 37.41%
• 1Y: 71.15%
• 3Y*: 34.35%
• 5Y*: 24.55%
• 10Y*: 25.97%

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

SPTB vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	0.15%	6.14%	2.17%
XLK State Street Technology Select Sector SPDR ETF	37.85%	24.61%	8.88%

Correlation

The correlation between SPTB and XLK is 0.08, 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	0.08
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.01

Return for Risk

SPTB vs. XLK — 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

XLK

XLK Risk / Return Rank: 86
XLK Sharpe Ratio Rank: 93
XLK Sortino Ratio Rank: 89
XLK Omega Ratio Rank: 87
XLK Calmar Ratio Rank: 84
XLK Martin Ratio Rank: 78

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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Treasury ETF (SPTB) and State Street Technology Select Sector SPDR ETF (XLK). 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	XLK	Difference
Sharpe ratio Return per unit of total volatility	1.11	3.44	-2.33
Sortino ratio Return per unit of downside risk	1.69	4.12	-2.43
Omega ratio Gain probability vs. loss probability	1.20	1.55	-0.35
Calmar ratio Return relative to maximum drawdown	1.29	4.56	-3.27
Martin ratio Return relative to average drawdown	3.87	15.32	-11.45
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. XLK - Sharpe Ratio Comparison

The current SPTB Sharpe Ratio is 1.11, which is lower than the XLK Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of SPTB and XLK, 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	XLK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	3.44	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.42	+0.53

Drawdowns

SPTB vs. XLK - Drawdown Comparison

The maximum SPTB drawdown since its inception was -4.96%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for SPTB and XLK.

Drawdown Indicators

	SPTB	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-4.96%	-82.05%	+77.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-15.92%	+13.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.56%	—
Current Drawdown Current decline from peak	-1.73%	0.00%	-1.73%
Average Drawdown Average peak-to-trough decline	-1.32%	-34.96%	+33.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	4.74%	-3.77%

Volatility

SPTB vs. XLK - Volatility Comparison

The current volatility for State Street SPDR Portfolio Treasury ETF (SPTB) is 1.13%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 6.74%. This indicates that SPTB experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTB	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	6.74%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	16.64%	-14.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	20.80%	-17.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	24.90%	-20.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	24.49%	-20.07%

SPTB vs. XLK - Expense Ratio Comparison

SPTB has a 0.03% expense ratio, which is lower than XLK's 0.08% 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. XLK - Dividend Comparison

SPTB's dividend yield for the trailing twelve months is around 4.19%, more than XLK's 0.39% 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%
XLK State Street Technology Select Sector SPDR ETF	0.39%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both SPTB and XLK in my portfolio?

SPTB and XLK have a correlation of 0.08, 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 XLK?

XLK has higher volatility (6.74%) compared to SPTB (1.13%). In terms of maximum drawdown, SPTB dropped -4.96% vs XLK's -82.05%.

Which ETF is better, SPTB or XLK?

On 1-year performance, XLK leads with 71.15% vs 4.02% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTB or XLK?

Over the 1-year period, XLK has performed better with a 71.15% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTB or XLK?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.08% for XLK.

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

SPTB has the higher dividend yield at 4.19%, compared with 0.39% for XLK.

What is the main difference between SPTB and XLK?

SPTB is categorized as Government Bonds, while XLK is Technology Equities. SPTB tracks Bloomberg U.S. Treasury Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. Their fees differ too: 0.03% for SPTB and 0.08% for XLK.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (3.44 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.