SPTL vs. BND
SPTL (SPDR Portfolio Long Term Treasury ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, SPTL returned -1.20%/yr vs 1.59%/yr for BND. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SPTL vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a 0.62% return, which is significantly lower than BND's 0.75% return. Over the past 10 years, SPTL has underperformed BND with an annualized return of -1.20%, while BND has yielded a comparatively higher 1.59% annualized return.
SPTL
- 1D
- 0.58%
- 1M
- 3.24%
- YTD
- 0.62%
- 6M
- 0.44%
- 1Y
- 5.69%
- 3Y*
- -0.48%
- 5Y*
- -5.52%
- 10Y*
- -1.20%
BND
- 1D
- 0.15%
- 1M
- 1.26%
- YTD
- 0.75%
- 6M
- 0.83%
- 1Y
- 5.22%
- 3Y*
- 4.09%
- 5Y*
- 0.12%
- 10Y*
- 1.59%
SPTL vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 0.62% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
BND Vanguard Total Bond Market ETF | 0.75% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SPTL and BND is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.85 |
The correlation between SPTL and BND shifts across timeframes, from 0.85 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. BND — Risk / Return Rank
SPTL
BND
SPTL vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.25 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 1.96 | -1.15 |
| Martin ratioReturn relative to average drawdown | 2.04 | 5.67 | -3.63 |
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Drawdowns
SPTL vs. BND - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SPTL and BND.
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Drawdown Indicators
| SPTL | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -18.58% | -27.62% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -2.68% | -4.36% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -5.92% | -11.63% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -17.91% | -23.11% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -18.58% | -27.62% |
Current DrawdownCurrent decline from peak | -36.24% | -1.90% | -34.34% |
Average DrawdownAverage peak-to-trough decline | -14.28% | -3.06% | -11.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 0.92% | +1.88% |
Volatility
SPTL vs. BND - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.24% compared to Vanguard Total Bond Market ETF (BND) at 1.12%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 1.12% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.09% | 2.73% | +3.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.73% | 3.71% | +5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.62% | 6.03% | +8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 5.53% | +8.42% |
SPTL vs. BND - Expense Ratio Comparison
Both SPTL and BND 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. BND - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.17%, more than BND's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.17% | 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 0.94, SPTL and BND 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 (2.24%) compared to BND (1.12%). In terms of maximum drawdown, SPTL dropped -46.20% vs BND's -18.58%.
On 10-year performance, BND leads with 1.59% vs -1.20% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, BND has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.59% return vs -1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL and BND have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 4.17%, compared with 3.95% for BND.
SPTL is categorized as Government Bonds, while BND is Total Bond Market. SPTL tracks Bloomberg Long U.S. Treasury Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: State Street and Vanguard.
BND currently has the higher Sharpe Ratio (1.41 vs 0.66), 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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