SPTL vs. BBLB
SPTL (SPDR Portfolio Long Term Treasury ETF) and BBLB (JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while BBLB tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, SPTL returned -0.70%/yr vs -1.70%/yr for BBLB. With a 1.00 correlation, they move nearly in lockstep. SPTL charges 0.03%/yr vs 0.04%/yr for BBLB.
Performance
SPTL vs. BBLB - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly lower than BBLB's -0.36% return.
SPTL
- 1D
- -0.38%
- 1M
- 0.71%
- YTD
- -0.38%
- 6M
- -1.67%
- 1Y
- 5.22%
- 3Y*
- -0.70%
- 5Y*
- -5.32%
- 10Y*
- -1.12%
BBLB
- 1D
- -0.40%
- 1M
- 0.77%
- YTD
- -0.36%
- 6M
- -1.96%
- 1Y
- 5.09%
- 3Y*
- -1.70%
- 5Y*
- —
- 10Y*
- —
SPTL vs. BBLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | -2.49% |
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | -0.36% | 4.26% | -7.84% | -2.91% |
Correlation
The correlation between SPTL and BBLB is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2023 | 1.00 |
The correlation between SPTL and BBLB has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPTL vs. BBLB — Risk / Return Rank
SPTL
BBLB
SPTL vs. BBLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB). 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.
| SPTL | BBLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.68 | +0.06 |
| Martin ratioReturn relative to average drawdown | 1.94 | 1.70 | +0.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPTL | BBLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.52 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | -0.17 | +0.41 |
Drawdowns
SPTL vs. BBLB - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than BBLB's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for SPTL and BBLB.
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Drawdown Indicators
| SPTL | BBLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -21.06% | -25.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -7.53% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -18.95% | +1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | — | — |
Current DrawdownCurrent decline from peak | -36.87% | -8.93% | -27.94% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -8.94% | -5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 3.00% | -0.31% |
Volatility
SPTL vs. BBLB - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.63%, while JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) has a volatility of 2.90%. This indicates that SPTL experiences smaller price fluctuations and is considered to be less risky than BBLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | BBLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.90% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 6.55% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 9.80% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 13.83% | +0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 13.83% | +0.12% |
SPTL vs. BBLB - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than BBLB's 0.04% 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
SPTL vs. BBLB - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, less than BBLB's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF | 5.00% | 5.03% | 5.34% | 2.82% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.21% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
With a correlation of 0.99, SPTL and BBLB 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.
BBLB has higher volatility (2.90%) compared to SPTL (2.63%). In terms of maximum drawdown, SPTL dropped -46.20% vs BBLB's -21.06%.
On 3-year performance, SPTL leads with -0.70% vs -1.70% for BBLB. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPTL has performed better with a -0.70% return vs -1.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.04% for BBLB.
BBLB has the higher dividend yield at 5.00%, compared with 4.21% for SPTL.
SPTL tracks Bloomberg Long U.S. Treasury Index, while BBLB tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.03% for SPTL and 0.04% for BBLB.
SPTL currently has the higher Sharpe Ratio (0.59 vs 0.52), 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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