SPTI vs. TLT
SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds - SPTI tracks the Bloomberg 3-10 Year U.S. Treasury Bond Index while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SPTI returned 1.26%/yr vs -2.33%/yr for TLT. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SPTI charges 0.06%/yr vs 0.15%/yr for TLT.
Performance
SPTI vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SPTI achieves a -0.61% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, SPTI has outperformed TLT with an annualized return of 1.26%, while TLT has yielded a comparatively lower -2.33% annualized return.
SPTI
- 1D
- 0.16%
- 1M
- -0.59%
- 6M
- -0.45%
- YTD
- -0.61%
- 1Y
- 1.29%
- 3Y*
- 3.69%
- 5Y*
- -0.27%
- 10Y*
- 1.26%
- ALL TIME*
- 2.47%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.93M | $53.13M | $68.33M | |
| $2.39B | $2.06B | $2.20B |
SPTI vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | -0.61% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | 7.70% | 6.01% | 2.27% | 1.04% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SPTI and TLT is 0.82, 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. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.79 |
The correlation between SPTI and TLT has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
SPTI vs. TLT — Risk / Return Rank
SPTI
TLT
SPTI vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) 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.
| SPTI | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.97 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | -0.28 | +0.74 |
| Martin ratioReturn relative to average drawdown | 1.06 | -0.59 | +1.65 |
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Drawdowns
SPTI vs. TLT - Drawdown Comparison
The maximum SPTI drawdown since its inception was -16.12%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SPTI and TLT.
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Drawdown Indicators
| SPTI | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.12% | -48.35% | +32.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -7.74% | +4.94% |
Max Drawdown (3Y)Largest decline over 3 years | -4.35% | -14.79% | +10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -14.83% | -43.70% | +28.87% |
Max Drawdown (10Y)Largest decline over 10 years | -16.12% | -48.35% | +32.23% |
Current DrawdownCurrent decline from peak | -2.58% | -42.17% | +39.59% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -14.00% | +11.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 3.60% | -2.39% |
Volatility
SPTI vs. TLT - Volatility Comparison
The current volatility for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is 0.90%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that SPTI 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
| SPTI | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 2.51% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 6.84% | -4.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 9.24% | -5.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 15.74% | -10.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 14.83% | -10.45% |
SPTI vs. TLT - Expense Ratio Comparison
SPTI has a 0.06% 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
SPTI vs. TLT - Dividend Comparison
SPTI's dividend yield for the trailing twelve months is around 3.90%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.90% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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
SPTI and TLT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to SPTI (0.90%). In terms of maximum drawdown, SPTI dropped -16.12% vs TLT's -48.35%.
On 10-year performance, SPTI leads with 1.26% vs -2.33% for TLT. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTI has performed better with a 1.26% return vs -2.33%. 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 0.15% for TLT.
TLT has the higher dividend yield at 4.75%, compared with 3.90% for SPTI.
SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond 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: 0.06% for SPTI and 0.15% for TLT.
SPTI currently has the higher Sharpe Ratio (0.40 vs -0.23), 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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