SPTL vs. BLV
SPTL (SPDR Portfolio Long Term Treasury ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, SPTL returned -1.24%/yr vs 0.91%/yr for BLV. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SPTL vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a 0.39% return, which is significantly lower than BLV's 0.81% return. Over the past 10 years, SPTL has underperformed BLV with an annualized return of -1.24%, while BLV has yielded a comparatively higher 0.91% annualized return.
SPTL
- 1D
- -0.68%
- 1M
- 1.96%
- YTD
- 0.39%
- 6M
- 0.39%
- 1Y
- 4.40%
- 3Y*
- -0.77%
- 5Y*
- -5.60%
- 10Y*
- -1.24%
BLV
- 1D
- -0.55%
- 1M
- 1.61%
- YTD
- 0.81%
- 6M
- 0.84%
- 1Y
- 5.47%
- 3Y*
- 1.85%
- 5Y*
- -3.65%
- 10Y*
- 0.91%
SPTL vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 0.39% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
BLV Vanguard Long-Term Bond ETF | 0.81% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between SPTL and BLV is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.91 |
The correlation between SPTL and BLV has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
SPTL vs. BLV — Risk / Return Rank
SPTL
BLV
SPTL vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Vanguard Long-Term Bond ETF (BLV). 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.
| SPTL | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.12 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.96 | -0.33 |
| Martin ratioReturn relative to average drawdown | 1.56 | 2.34 | -0.78 |
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Drawdowns
SPTL vs. BLV - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than BLV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for SPTL and BLV.
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Drawdown Indicators
| SPTL | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -38.29% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -5.73% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -15.16% | -2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -36.27% | -4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -38.29% | -7.91% |
Current DrawdownCurrent decline from peak | -36.38% | -23.74% | -12.64% |
Average DrawdownAverage peak-to-trough decline | -14.29% | -9.55% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 2.34% | +0.49% |
Volatility
SPTL vs. BLV - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.10% compared to Vanguard Long-Term Bond ETF (BLV) at 1.97%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 1.97% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.13% | 5.76% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.68% | 7.98% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.58% | 12.93% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 11.99% | +1.96% |
SPTL vs. BLV - Expense Ratio Comparison
Both SPTL and BLV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPTL vs. BLV - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.18%, less than BLV's 4.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.78% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.18% | 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 0.98, SPTL and BLV 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.
SPTL has higher volatility (2.10%) compared to BLV (1.97%). In terms of maximum drawdown, SPTL dropped -46.20% vs BLV's -38.29%.
On 10-year performance, BLV leads with 0.91% vs -1.24% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, BLV has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BLV has performed better with a 0.91% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL and BLV have the same expense ratio: 0.03% per year.
BLV has the higher dividend yield at 4.78%, compared with 4.18% for SPTL.
SPTL is categorized as Government Bonds, while BLV is Long-Term Bond. SPTL tracks Bloomberg Long U.S. Treasury Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index. They also come from different issuers: State Street and Vanguard.
BLV currently has the higher Sharpe Ratio (0.69 vs 0.51), 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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