SPTI vs. SPY
SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPTI returned 1.26%/yr vs 15.70%/yr for SPY. At a correlation of -0.23, they often move in opposite directions. SPTI charges 0.06%/yr vs 0.09%/yr for SPY.
Performance
SPTI vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, SPTI achieves a -0.52% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, SPTI has underperformed SPY with an annualized return of 1.26%, while SPY has yielded a comparatively higher 15.70% annualized return.
SPTI
- 1D
- -0.25%
- 1M
- 0.22%
- YTD
- -0.52%
- 6M
- -0.45%
- 1Y
- 2.88%
- 3Y*
- 3.52%
- 5Y*
- 0.07%
- 10Y*
- 1.26%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
SPTI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | -0.52% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | 7.70% | 6.01% | 2.27% | 1.04% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SPTI and SPY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.23 |
The correlation between SPTI and SPY shifts across timeframes, from -0.23 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPTI vs. SPY — Risk / Return Rank
SPTI
SPY
SPTI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) and State Street SPDR S&P 500 ETF (SPY). 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.
| SPTI | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.39 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 3.01 | -1.98 |
| Martin ratioReturn relative to average drawdown | 2.82 | 13.54 | -10.71 |
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Drawdowns
SPTI vs. SPY - Drawdown Comparison
The maximum SPTI drawdown since its inception was -16.12%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPTI and SPY.
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Drawdown Indicators
| SPTI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.12% | -55.19% | +39.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -8.88% | +6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.35% | -18.76% | +14.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.06% | -24.50% | +9.44% |
Max Drawdown (10Y)Largest decline over 10 years | -16.12% | -33.72% | +17.60% |
Current DrawdownCurrent decline from peak | -2.49% | -1.75% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -9.04% | +6.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.97% | -0.95% |
Volatility
SPTI vs. SPY - Volatility Comparison
The current volatility for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is 1.08%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SPTI experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 4.64% | -3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 9.75% | -7.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 12.43% | -9.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 17.14% | -11.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 17.99% | -13.61% |
SPTI vs. SPY - Expense Ratio Comparison
SPTI has a 0.06% expense ratio, which is lower than SPY's 0.09% 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
SPTI vs. SPY - Dividend Comparison
SPTI's dividend yield for the trailing twelve months is around 3.87%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.87% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPTI and SPY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to SPTI (1.08%). In terms of maximum drawdown, SPTI dropped -16.12% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 1.26% for SPTI. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTI is cheaper with a 0.06% expense ratio, compared with 0.09% for SPY.
SPTI has the higher dividend yield at 3.87%, compared with 1.01% for SPY.
SPTI is categorized as Government Bonds, while SPY is S&P 500. SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.06% for SPTI and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.85), 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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