SPTL vs. FBND
SPTL (SPDR Portfolio Long Term Treasury ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. SPTL is passively managed, while FBND is actively managed. Over the past 10 years, SPTL returned -1.20%/yr vs 2.57%/yr for FBND. A 0.77 correlation means they provide meaningful diversification when combined. SPTL charges 0.03%/yr vs 0.36%/yr for FBND.
Performance
SPTL vs. FBND - 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 FBND's 0.97% return. Over the past 10 years, SPTL has underperformed FBND with an annualized return of -1.20%, while FBND has yielded a comparatively higher 2.57% 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%
FBND
- 1D
- 0.15%
- 1M
- 1.34%
- YTD
- 0.97%
- 6M
- 1.02%
- 1Y
- 5.73%
- 3Y*
- 4.82%
- 5Y*
- 0.87%
- 10Y*
- 2.57%
SPTL vs. FBND - 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% |
FBND Fidelity Total Bond ETF | 0.97% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between SPTL and FBND 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.77 |
The correlation between SPTL and FBND shifts across timeframes, from 0.77 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. FBND — Risk / Return Rank
SPTL
FBND
SPTL vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Fidelity Total Bond ETF (FBND). 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 | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.27 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 2.16 | -1.35 |
| Martin ratioReturn relative to average drawdown | 2.04 | 6.26 | -4.22 |
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Drawdowns
SPTL vs. FBND - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for SPTL and FBND.
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Drawdown Indicators
| SPTL | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -17.25% | -28.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -2.66% | -4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -5.94% | -11.61% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -17.25% | -23.77% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -17.25% | -28.95% |
Current DrawdownCurrent decline from peak | -36.24% | -0.97% | -35.27% |
Average DrawdownAverage peak-to-trough decline | -14.28% | -3.34% | -10.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 0.92% | +1.88% |
Volatility
SPTL vs. FBND - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.24% compared to Fidelity Total Bond ETF (FBND) at 1.17%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 1.17% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.09% | 2.80% | +3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.73% | 3.80% | +4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.62% | 5.92% | +8.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 6.10% | +7.85% |
SPTL vs. FBND - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
SPTL vs. FBND - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.17%, less than FBND's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.68% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
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 FBND 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 FBND (1.17%). In terms of maximum drawdown, SPTL dropped -46.20% vs FBND's -17.25%.
On 10-year performance, FBND leads with 2.57% vs -1.20% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, FBND has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FBND has performed better with a 2.57% return vs -1.20%. 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 0.36% for FBND.
FBND has the higher dividend yield at 4.68%, compared with 4.17% for SPTL.
SPTL is categorized as Government Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.03% for SPTL and 0.36% for FBND.
FBND currently has the higher Sharpe Ratio (1.51 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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