SPTL vs. BNDD
SPTL (SPDR Portfolio Long Term Treasury ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. SPTL is passively managed, while BNDD is actively managed. Over the past 3 years, SPTL returned -0.70%/yr vs -3.91%/yr for BNDD. A 0.73 correlation means they provide meaningful diversification when combined. SPTL charges 0.03%/yr vs 1.02%/yr for BNDD.
Performance
SPTL vs. BNDD - 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 BNDD's 4.32% 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%
BNDD
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.32%
- 6M
- 2.24%
- 1Y
- 3.39%
- 3Y*
- -3.91%
- 5Y*
- —
- 10Y*
- —
SPTL vs. BNDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -1.56% |
BNDD Quadratic Deflation ETF | 4.32% | -8.17% | -6.65% | 4.02% | -17.48% | 5.54% |
Correlation
The correlation between SPTL and BNDD is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.73 |
The correlation between SPTL and BNDD shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. BNDD — Risk / Return Rank
SPTL
BNDD
SPTL vs. BNDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Quadratic Deflation ETF (BNDD). 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 | BNDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.06 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.56 | +0.19 |
| Martin ratioReturn relative to average drawdown | 1.94 | 1.20 | +0.74 |
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 | BNDD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.32 | +0.27 |
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 | -0.33 | +0.57 |
Drawdowns
SPTL vs. BNDD - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for SPTL and BNDD.
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Drawdown Indicators
| SPTL | BNDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -30.87% | -15.33% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -6.09% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -20.75% | +3.20% |
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% | -26.51% | -10.36% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -19.34% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.83% | -0.14% |
Volatility
SPTL vs. BNDD - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.63% compared to Quadratic Deflation ETF (BNDD) at 2.21%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | BNDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.21% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 8.11% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 10.59% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 13.38% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 13.38% | +0.57% |
SPTL vs. BNDD - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than BNDD's 1.02% expense ratio.
Dividends
SPTL vs. BNDD - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, more than BNDD's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDD Quadratic Deflation ETF | 3.61% | 3.82% | 3.85% | 4.30% | 43.17% | 1.04% | 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
SPTL and BNDD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.63%) compared to BNDD (2.21%). In terms of maximum drawdown, SPTL dropped -46.20% vs BNDD's -30.87%.
On 3-year performance, SPTL leads with -0.70% vs -3.91% for BNDD. On fees, SPTL is cheaper at 0.03% per year. On volatility, BNDD has been the lower-risk option at 2.21%. 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 -3.91%. 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 1.02% for BNDD.
SPTL has the higher dividend yield at 4.21%, compared with 3.61% for BNDD.
They also come from different issuers: State Street and KraneShares. Their fees differ too: 0.03% for SPTL and 1.02% for BNDD.
SPTL currently has the higher Sharpe Ratio (0.59 vs 0.32), 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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