SPTL vs. GGOV
SPTL (SPDR Portfolio Long Term Treasury ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while GGOV is a Global Bonds fund actively managed by iShares. SPTL is passively managed, while GGOV is actively managed. Over the past year, SPTL returned -1.73% vs -0.54% for GGOV. Their 0.62 correlation means they have sometimes moved together and sometimes differently. SPTL charges 0.03%/yr vs 0.39%/yr for GGOV.
Performance
SPTL vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -3.28% return, which is significantly lower than GGOV's 2.49% return.
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
GGOV
- 1D
- 0.00%
- 1M
- -0.22%
- 6M
- 2.93%
- YTD
- 2.49%
- 1Y
- -0.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $61.82M | $62.54M | $76.81M | |
| $141.08M | $126.11M | $146.73M |
SPTL vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 2.89% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.49% | -2.80% |
Correlation
The correlation between SPTL and GGOV is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.62 |
The correlation between SPTL and GGOV has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.
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Return for Risk
SPTL vs. GGOV — Risk / Return Rank
SPTL
GGOV
SPTL vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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 | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.01 | -0.08 |
| Martin ratioReturn relative to average drawdown | -0.14 | 0.03 | -0.17 |
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Drawdowns
SPTL vs. GGOV - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for SPTL and GGOV.
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Drawdown Indicators
| SPTL | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -4.69% | -41.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -4.69% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | — | — |
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 | -38.71% | -1.32% | -37.39% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -1.54% | -12.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.15% | +1.06% |
Volatility
SPTL vs. GGOV - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.26% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.77%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 0.77% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 3.57% | +2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 5.25% | +3.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 5.09% | +9.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 5.09% | +8.79% |
SPTL vs. GGOV - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
SPTL vs. GGOV - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 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 GGOV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.26%) compared to GGOV (0.77%). In terms of maximum drawdown, SPTL dropped -46.20% vs GGOV's -4.69%.
On 1-year performance, GGOV leads with -0.54% vs -1.73% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, GGOV has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GGOV has performed better with a -0.54% return vs -1.73%. 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 0.39% for GGOV.
SPTL has the higher dividend yield at 3.99%, compared with 0.00% for GGOV.
SPTL is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTL and 0.39% for GGOV.
GGOV currently has the higher Sharpe Ratio (0.01 vs -0.05), 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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