SPTL vs. GOVI
SPTL (SPDR Portfolio Long Term Treasury ETF) and GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while GOVI tracks the ICE 1-30 Year Laddered Maturity U.S. Treasury Index. Both are passively managed. Over the past 10 years, SPTL returned -1.12%/yr vs -0.10%/yr for GOVI. Their correlation of 0.95 suggests significant overlap in exposure. SPTL charges 0.03%/yr vs 0.15%/yr for GOVI.
Performance
SPTL vs. GOVI - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly higher than GOVI's -0.55% return. Over the past 10 years, SPTL has underperformed GOVI with an annualized return of -1.12%, while GOVI has yielded a comparatively higher -0.10% annualized 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%
GOVI
- 1D
- -0.33%
- 1M
- 0.34%
- YTD
- -0.55%
- 6M
- -1.32%
- 1Y
- 4.34%
- 3Y*
- 0.89%
- 5Y*
- -2.77%
- 10Y*
- -0.10%
SPTL vs. GOVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.55% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
Correlation
The correlation between SPTL and GOVI is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.95 |
The correlation between SPTL and GOVI has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
SPTL vs. GOVI — Risk / Return Rank
SPTL
GOVI
SPTL vs. GOVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Invesco Equal Weight 0-30 Year Treasury ETF (GOVI). 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 | GOVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.11 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.80 | -0.06 |
| Martin ratioReturn relative to average drawdown | 1.94 | 2.24 | -0.30 |
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 | GOVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.66 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.28 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | -0.01 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.31 | -0.07 |
Drawdowns
SPTL vs. GOVI - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than GOVI's maximum drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for SPTL and GOVI.
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Drawdown Indicators
| SPTL | GOVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -32.70% | -13.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -5.45% | -1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -11.58% | -5.97% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -28.30% | -12.72% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -32.70% | -13.50% |
Current DrawdownCurrent decline from peak | -36.87% | -22.38% | -14.49% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -9.65% | -4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 1.94% | +0.75% |
Volatility
SPTL vs. GOVI - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.63% compared to Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) at 2.04%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than GOVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | GOVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.04% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 4.53% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 6.58% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 9.86% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 9.10% | +4.85% |
SPTL vs. GOVI - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than GOVI's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPTL vs. GOVI - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, more than GOVI's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.83% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
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
With a correlation of 0.99, SPTL and GOVI 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 (2.63%) compared to GOVI (2.04%). In terms of maximum drawdown, SPTL dropped -46.20% vs GOVI's -32.70%.
On 10-year performance, GOVI leads with -0.10% vs -1.12% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, GOVI has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOVI has performed better with a -0.10% return vs -1.12%. 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 0.15% for GOVI.
SPTL has the higher dividend yield at 4.21%, compared with 3.83% for GOVI.
SPTL tracks Bloomberg Long U.S. Treasury Index, while GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPTL and 0.15% for GOVI.
GOVI currently has the higher Sharpe Ratio (0.66 vs 0.59), 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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